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9971000 4626000 59515000 8549000 97875000 14059000 25000000 3591000 2071948000 297617000 36142000 5191000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization and principal activities</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vipshop Holdings Limited (the “Company”) was incorporated in the Cayman Islands on August 27, 2010. The Company, through its subsidiaries, its variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively, the “Group”), operate online platforms that offer high-quality branded products to consumers in the People’s Republic of China (the “PRC”) through flash sales on its vipshop.com, vip.com online platforms. Flash sale represents an online retail format combining the advantages of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">e-commerce</div> and discount sales through selling a finite quantity of discounted products or services online for a limited period of time. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group also operates retail stores in China to supplement its online growth strategy. In July 2019, the Group acquired Shan Shan Outlets, a leading player in the outlets industry in China, to gain presence in the offline outlet business in China.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; padding-left: 0px; vertical-align: top; white-space: nowrap;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2. </div></div></div> </td> <td style="text-align: left; padding-left: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Summary of significant accounting policies</div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-bottom: 0px; margin-top: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> </td> <td style="width: 4%; padding-left: 0px; vertical-align: top;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) </div></div></div> </td> <td style="text-align: left; padding-left: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of presentation</div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="font-family: &quot;Times New Roman&quot;; margin-left: 8%; text-align: left; text-indent: 0%; font-size: 10pt; margin-bottom: 0pt; margin-top: 6pt; line-height: 12pt;">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</div> <div style="font-family: &quot;Times New Roman&quot;; margin-left: 8%; text-align: left; text-indent: 0%; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; text-align: left; width: 39%; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; border: 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="break-inside: avoid;"> <td style="width: 31.8182px; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 31.8182px; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(b)</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: left; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Principles of consolidation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family:Times New Roman;margin-left:8%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:6pt">The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. All intercompany transactions, balances and unrealized profit and losses have been eliminated <div style="letter-spacing: 0px; top: 0px;;display:inline;">up</div>on consolidation.</div> <div style="font-family:Times New Roman;margin-left:8%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Group evaluates the need to consolidate its VIEs and VIEs’ subsidiaries in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As foreign-invested companies engaged in internet-based businesses is subject to significant restrictions under current PRC laws and regulations, the Group and its PRC subsidiary, Vipshop (China) Co., Ltd. (“Vipshop China”), as a wholly foreign owned enterprise (“WFOE”), is restricted from holding the licenses that are necessary for the online operation in China. To comply with these restrictions, the Group conducts the Internet-related operations in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”). </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In order to exercise effective control over these PRC domestic companies, the Group, through the WFOE, entered into a series of contractual arrangements with these PRC domestic companies and the Nominee Shareholders, pursuant to which the Group is entitled to receive effectively all economic benefits generated from the Nominee Shareholders’ equity interests in these PRC domestic companies. By entering into a series of contractual arrangements, the Group established four sets of VIEs: (i) Vipshop China, Guangzhou Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce </div> Co., Ltd. (“Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce”) </div> and shareholders of Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce;</div> (ii) Vipshop China, Vipshop Information Technology Co., Ltd. (“Vipshop Information”) and shareholders of Vipshop Information; (iii) Lefeng (Shanghai) Information Technology Co., Ltd. ( “Lefeng Shanghai”, or “Lefeng Information”), Tianjin Pinjian <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce </div> Co., Ltd. (“Tianjin Pinjian”) and shareholders of Tianjin Pinjian; and (iv) Vipshop China, Pin Jun Tong Enterprise Management &amp; Consulting Co., Ltd. (“Pin Jun Tong”) and shareholders of Pin Jun Tong. </div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group has concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through the WFOE, entered into with the consolidated VIEs and their Nominee Shareholders: </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity Interest Pledge Agreements </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies pledged all their equity interests in these PRC domestic companies as collateral to ensure that these PRC domestic companies fully performs its obligations under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Loan Agreement, and pays the consulting and service fees and repays the loan and the accrued interests to the WFOE when the same becomes due. The agreement will remain in effect until all of the obligations of these PRC domestic companies under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Loan Agreement have been duly performed or terminated. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Exclusive Option Agreement </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies granted the WFOE an irrevocable and exclusive right to purchase, or designate one or more persons to purchase, their equity interest in these PRC domestic companies at the WFOE’s sole and absolute discretion to the extent permitted by the PRC laws. The purchase price is equal to the higher of: (i) the amount of registered capital actually contributed by the equity holder; or (ii) a minimum price permitted by applicable PRC laws. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Power of Attorney Agreements </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies irrevocably authorized the WFOE to exercise the rights related to their shareholdings, including attending shareholders’ meetings and voting on their behalf on all matters, including but not limited to matters related to the transfer, pledge or disposition of their respective equity interests in these PRC domestic companies, and appointment of the executive directors and senior management of these PRC domestic companies. The WFOE has the right to appoint any individual or entity to exercise the power of attorney on its behalf. Each power of attorney will remain in effect until the shareholder ceases to hold any equity interest in these PRC domestic companies. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Exclusive Business Cooperation Agreement </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The WFOE entered into an agreement with these PRC domestic companies to provide these PRC domestic companies with technical, consulting and other services. In consideration of these services, these PRC domestic companies shall pay the WFOE fees equal to 100% of its net income of these PRC domestic companies, provided that the WFOE, at its sole discretion, shall have the right to adjust the rate of the service through written notice. The WFOE will exclusively own any intellectual property arising from the performance of this agreement. These PRC domestic companies has no right to terminate this agreement unless the WFOE commits gross negligence or fraud. </div></div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loan Agreement </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The WFOE entered into a loan agreement with the Nominee Shareholders, to provided them loans solely for the purpose of contribution or increase of registered capital or working capital of these PRC domestic companies. The WFOE has the sole discretion to determine the method of repayment, including requiring the Nominee Shareholders to transfer their equity interests in these PRC domestic companies to the WFOE or its designated person. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> was established by Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong on June 22, 2017. As of December 31, 2019, shareholders of Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;">are</div> Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong, holding 66.67% and 33.33% of the total equity interests in Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce,</div> respectively. Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> holds the licenses necessary to conduct the Internet-related operations of <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">vipshop.com</div></div> and <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">vip.com</div></div> in China.</div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risks in relation to the VIE structure </div></div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group believes that the VIE arrangements are in compliance with PRC law and are legally enforceable. The equity holders of the VIEs are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are certain risks related to the Contractual Agreements, which include but are not limited to the following: </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">If the Group’s ownership structure, are found to be in violation of any existing or future PRC laws or regulations, the relevant governmental authorities, including the China Securities Regulatory Commission, would have broad discretion in dealing with such violation, including levying fines, confiscating its income or the income of the WFOE, Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce,</div> Vipshop Information, Pin Jun Tong, Lefeng Information, revoking the business licenses or operating licenses of the WFOE, Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce,</div> Vipshop Information, Pin Jun Tong, Lefeng Shanghai, or Lefeng Information, shutting down the Group’s servers or blocking the Group’s websites, discontinuing or placing restrictions or onerous conditions on the Group’s operations, requiring the Group to undergo a costly and disruptive restructuring, restricting or prohibiting the Group’s use of various funding to finance its business and operations in China, and taking other regulatory or enforcement actions that could be harmful to the Group’s business;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group relies on the Contractual Arrangements with the VIEs and their equity holders for a majority all of its PRC operations, which may not be as effective as direct ownership in providing operational control;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group may have to incur significant cost to enforce, or may not be able to effectively enforce, the Contractual Arrangements with the VIEs and their equity holders in the event of a breach or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compliance</div> by the VIEs or their equity holders;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of the VIEs are also directors of the Group or its subsidiaries, and has a duty of care and loyalty to the Group and its shareholders as a whole under Cayman Islands law. Under the Contractual Arrangements with the VIEs and the Nominee Shareholders, (a) the Group may replace any such individual as a shareholder of the VIEs at the Group’s discretion, and (b) each of these individuals has executed a power of attorney to appoint the WFOE or its designated third party to vote on their behalf and exercise shareholder rights of the VIE. However, the Group cannot assure that these individuals will act in the best interests of the Group should </div></td></tr></table><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">any conflicts of interest arise, or that any conflicts of interest will be resolved in the Group’s favor. These individuals may breach or cause the VIE to breach the existing contractual arrangements. If the Group cannot resolve any conflicts of interest or disputes between the Group and any of these individuals, the Group would have to rely on legal proceedings, which may be expensive, time-consuming and disruptive to its operations. There is also substantial uncertainty as to the outcome of any such legal proceedings. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">There are, however, substantial uncertainties regarding the interpretation and application of current or future PRC laws and regulations. On March 15, 2019, the National People’s Congress approved the PRC Foreign Investment Law, which became effective on January 1, 2020 and replace the existing laws regulating foreign investment in China. The PRC Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. Under the newly enacted PRC Foreign Investment Law, there are substantial uncertainties relating to its interpretation and implementation. It is possible that future legislations promulgated by the State Council may provide for contractual arrangements as a form of foreign investment and subject to foreign investment restrictions. It is therefore uncertain whether the Group’s corporate structure may be deemed as violating the foreign investment restrictions in China. If the Group fails to take appropriate and timely measures to comply with any of these or similar regulatory compliance requirements, the Group’s current corporate structure, corporate governance, and business operations could be materially and adversely affected.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The financial information of the Group’s VIEs and VIEs’ subsidiaries, including total assets, total liabilities, net revenues, total operating expenses, net loss and cash flows after intercompany eliminations are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,974,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,388,986</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgba(255, 255, 255, 0);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total current liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,753,295</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(3,957,003</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,757,210</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(4,002,131</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside:avoid;font-size:8pt;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1px solid black; padding-bottom: 0in;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="padding-bottom: 0.5px;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,583,466 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,455,488 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,613,683</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total operating expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,243,573</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,826,283</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(6,095,095</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Net loss</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,784,932</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,531,460</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,270</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="line-height: 4.5pt; font-size: 4.5pt;"> </div> <div style="margin-top: 0pt; line-height: 0pt;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 84%; font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 60%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31,</div> </div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash (used in) provided by operating activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(801,931</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(294,853</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,807,929</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) investing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,435,001</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(48,162</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,121</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) financing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,144,728</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(17,698</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(13,125</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations or are restricted solely to settle the VIEs’ obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(c) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of estimates</div></div></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires management of the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. The Group’s management based their estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group’s financial statements include inventory write-down, valuation of goodwill and </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">assets acquired in business acquisition, valuation of other investments and valuation of <div style="letter-spacing: 0px; top: 0px;;display:inline;">account </div>receivables arising from consumer financing. Changes in facts and circumstances may result in revised estimates.</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(d) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Cash and cash equivalents</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents are placed with financial institutions with high-credit ratings and quality. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(e) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted cash</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s restricted cash mainly represents: (1) deposits held in a designated bank account under the cooperative lending arrangement with a bank in which the Group is required to maintain at all times a certain percentage of the outstanding principal of total lending amount with a bank, (2) deposits held in a designated account in the People’s Bank of China related to online payments service. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(f) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-term investments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments consist primarily of time deposits and financial products offered by commercial banks in the PRC with fixed maturity dates ranging from three months to one year.</div></div></div> <div style="line-height: 2pt; font-size: 2pt;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(g) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Inventories</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventories consisting of products available for sales are valued at the lower of cost or net realizable value with cost determined using the weighted average cost method. Net realizable value is based on estimated selling prices in the ordinary course of business, less reasonably predictable transportation cost. Adjustments are recorded when future estimated net realizable value is less than cost. Write-downs are recorded in cost of revenues in the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">To determine the write-down relating to different categories, the Group applies a certain writedown percentage based on aging and condition of the merchandises within each category. The Group developed these write-down percentages based on historical trends, inventory aging, historical and forecasted demands, expected selling prices and future promotional events.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; margin-top: 0px; margin-bottom: 0px; margin-left: 8%; line-height: 18pt; font-size: 18pt;"><div style="font-size:18pt;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 18pt;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(h) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Accounts receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable are mainly receivables from consumer financing business, which are stated at the historical carrying amount net of 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 customers. 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 that is not probable for the balance to be collected. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable expected to be settled more than one year as of the balance sheet date are classified into other long-term assets on the consolidated balance sheets. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(i) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Loan receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loan receivables mainly represent the microcredit business made to qualified individual customers who are the end users of the Group’s online marketplace business. The loan periods extended by the Group to the individual customers mainly range from 3 months to 24 months. The loan receivables are stated at the historical carrying amount net of allowance for uncollectible loan receivables. The Group establishes an allowance for uncollectible loan receivable based on estimates, historical experience and other factors surrounding the credit risk of specific customers. Uncollectible loan receivables are written off when the Group has <div style="letter-spacing: 0px; top: 0px;;display:inline;">exhausted all efforts and </div>determined the balance will not be collected. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The loan receivables expected to be settled more than one year as of balance sheet date are classified into other long-term assets on the consolidated balance sheets. </div> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2018 and 2019, the Group recorded allowance of RMB3,789 and RMB63,833 for both current and non-current loan receivables.</div></div></div> <div style="margin-top: 0px; background: none;"/>   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(j) </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Other receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other receivables mainly consisted of advances to supplier, VAT recoverable, loans to staff and others, which are stated at the historical carrying amounts. The Group establishes an allowance for uncollectible other receivables based on estimates, historical experience and other factors surrounding the credit risk of specific accounts. Uncollectible other receivables are written off when a settlement is </div></div></div> <div style="text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; text-align: center;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">reached for an amount that is less than the outstanding historical balance or when the Group has determined the balance will not be collected. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(k) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property and equipment, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are stated at cost less accumulated depreciation and impairment losses. Gains or losses on dispositions of property and equipment are included in other operating income. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.</div></div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Depreciation and amortization are provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows: </div></div></div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="break-inside: avoid; font-size: 0px;"> <td style="width: 4%; text-align: left; padding: 0px;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px;width: 84%;font-size: 10pt;border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 67%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated useful life </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Buildings </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">20 <div style="letter-spacing: 0px; top: 0px;;display:inline;">t<div style="letter-spacing: 0px; top: 0px;;display:inline;">o 30 </div></div>years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixtures and equipment </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2 to 10 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shorter of lease term or the estimated useful life of lease improvements </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4 to 5 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Software </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Direct and incremental costs related to the construction of assets, including costs under the construction contracts, duties and tariffs, equipment installation and shipping costs, are capitalized. Management estimates the residual value of its furniture, fixtures and equipment and motor vehicles to be 5%.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(l) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Capitalization of interest</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;">Interest and amortization of deferred financing costs incurred on funds used to construct the Group’s warehouses during the active construction period are capitalized. Interest subject to capitalization primarily includes interest paid or payable on the Group’s convertible senior notes due<div style="letter-spacing: 0px; top: 0px;;display:inline;"> in</div> 2019 at interest of 1.5%. The capitalization of interest and amortization of deferred financing costs ceases once a project is substantially completed or development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Group’s outstanding borrowings to the average amount of accumulated capital expenditures for assets under construction during the year and is added to the cost of the underlying assets and amortized over their respective useful lives. Total interest expenses incurred amounted to<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB97,024<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> RMB</div>165,618<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and R<div style="letter-spacing: 0px; top: 0px;;display:inline;">MB87,631</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>of which </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div>14,589<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>RMB</div>5,874<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">and RMB1,627 </div>were capitalized for the years ended December </div>31<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, respectively.</div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"> </div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(m) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Land use rights, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The land use rights represent the amounts paid and relevant costs incurred for the Group’s leases for the right of use for lands located in PRC and are recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the terms of the respective land use right agreement. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;">(n) </div></div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;">Intangible assets, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Acquired intangible assets mainly consist of domain names, customer relationships, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compete </div> agreements, trademarks and payment license acquired from third parties and from business combination. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names and trademarks </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain name and trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives of approximately two to five years. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets arising from business combination </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Identifiable intangibles assets are required to be determined separately from goodwill based on their fair values. In particular, an intangible asset acquired in a business combination should be recognized as an asset separate from goodwill if it satisfies either the “contractual-legal” or “separability” criterion. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with a definite economic life are carried at cost less accumulated amortization. Amortization for identifiable intangibles assets are computed using the straight-line method over the intangible assets’ economic lives. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Alternatively, intangible assets acquired in a business combination with indefinite lives are carried out cost less than subsequent accumulated impairment loss. Cost to renew or extend the term of a recognized intangible asset is charged to profit or loss as incurred in the consolidated statements of income and comprehensive income. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated economic lives of the intangible assets are as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%; padding: 0px;"/> <td style="width: 11%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated economic life </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Customer relationships </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">4-14</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Trademarks </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-5</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-compete</div> agreement</div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-3</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment license </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Indefinite life </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px;"/><div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(o) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Investments in equity method investees</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in equity method investees consist of: </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investments in affiliated companies and joint ventures, over which the Group has significant influence but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence, as well as other factors including but not limited to, representation on the investee’s board of directors, voting rights, etc.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Limited partnerships when the Group has more than minor ownership interest or more than a minor influence. The Group generally considers investment in limited partnerships of 3 to 5 percent to be more than minor.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in equity method investees are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of the equity method investees is</div></div></div> <div style="line-height: 4.5pt; font-size: 4.5pt;"> </div><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">recognized in the statement of income and comprehensive income and its share of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its equity method investees are eliminated to the extent of the Group’s interest in the equity method investees; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an equity method investee equals or exceeds its interest in the equity method investees, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated investee. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;">The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investments that is other than temporary. The Group assess its equity investments for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">other-than-temporary</div> impairment by considering all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">company-specific</div> information such as financing needs, the Group’s intent and ability to retain the investments for a period of time sufficient to allow for any anticipated recovery in market value, and the severity and duration of the impairment.</div><div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(p) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Other investments</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other investments consist of: </div></div><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(1)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in equity securities that have readily determinable fair values and for which the Group does not have the ability to exercise significant influence are reported at fair value with unrealized gains and losses included in net income.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(2)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in debt securities other than trading securities <div style="letter-spacing: 0px; top: 0px;;display:inline;">or </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div> securities are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> investments and reported at fair value with unrealized gain and losses included in accumulated other comprehensive loss in shareholders’ equity.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(3)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in equity securities without readily determinable fair values are accounted for at cost, adjusted for impairments and observable price changes in orderly transactions for the identical or similar investments of the same issuer.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">For <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities, in <div style="letter-spacing: 0px; top: 0px;;display:inline;">the </div>event of a decline in<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>fair value that is other-than-temporary, the cost basis of the individual security is written down to fair value as a new cost basis and the amount of the write-down is accounted for as a realized loss charged in the consolidated statement of income and comprehensive income. The fair values of the investments would not be adjusted for subsequent recoveries in fair values.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For equity securities without readily determinable fair values, at each reporting period, the Group makes qualitative assessment considering impairment indicators to evaluate whether the other investment is impaired. Impairment indicators that the Group considers include, but are not limited to, the following: </div></div></div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="margin-top: 1pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="line-height: 4.5pt; font-size: 4.5pt;"> </div><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">b. </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">a significant adverse change in the regulatory, economic, or technological environment of the investee;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">c. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">d. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">e. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The respective investment shall be written down to its fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. The impairment loss is recorded in net income equal to the difference between the fair value of the investment and its carrying amount. </div></div></div><div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(q) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Impairment of long-lived assets (other than goodwill and intangible assets with indefinite life)</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When these events occur, the Group assesses the recoverability of these long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the future undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment equal to the difference between the carrying amount and fair value of these assets. The Group recorded an impairment of nil, nil and RMB537,579 for the years ended December 31, 2017, 2018 and 2019, respectively, in general and administrative expenses on the consolidated statements of income and comprehensive income. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(r) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Goodwill</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Goodwill is not amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Group assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> quantitative impairment test is mandatory. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit and their carrying amounts will be recorded. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Application of impairment test for goodwill requires significant management judgment, including the identification of the reporting unit, assigning assets, liabilities and goodwill to each reporting unit, and</div></div></div> <div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">determining the fair value of each reporting unit. The fair value of each reporting unit is determined by analysis of discounted cash flows. The significant assumptions regarding the reporting unit’s future operating performance are revenue growth rates, costs of goods and operating expenses growth rates, discount rates and terminal values. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.</div></div></div><div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;">In 2017 and 2018, management has conducted the qualitative impairment test to compare the carrying value of the reporting units, including assigned goodwill, to its respective fair value. Based on the qualitative impairment assessment, it was determined that it is more likely than not the fair values of the reporting units tested ex<div style="letter-spacing: 0px; top: 0px;;display:inline;">c</div>eeded their carrying amounts and, therefore a quantitative impairment test for goodwill were not required.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2019, the Group has outsourced all delivery activities to third party couriers and ceased the operations of its logistic services unit. Accordingly, the Group has impaired all goodwill related to its logistic business in the amount of </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div>278,263<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(s) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Intangible assets with indefinite lives</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with indefinite lives represents primarily the payment license acquired in a business combination in 2016. In determining its indefinite life, the Group considered the following: the expected use of the intangible; the longevity of the license; the legal, regulatory and contractual provisions that affect their maximum useful life; the Group’s ability to renew or extend the asset’s legal or contractual life without substantial costs; effects of the regulatory environment; maintenance expenditures required to obtain the expected future cash flows from the asset; and considerations for obsolescence, demand, competition and other economic factors. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with indefinite lives is not amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2018 and 2019, management has conducted the qualitative impairment test and the qualitative assessment and no impairment indicators identified. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(t) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Business combinations and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Group to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests. The excess of (i) the total costs of acquisition, fair value of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Group. Consolidated net income on the consolidated statements of income and comprehensive income includes the net income (loss) attributable to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests. The cumulative results of operations attributable to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests, are recorded as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests on the Group’s consolidated balance sheets.</div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor;width: 100%;text-align: left;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-weight: normal;margin-top: 18pt;margin-bottom: 0pt;border-collapse: collapse;border-spacing: 0px;table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(u) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securitization debt</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 0pt; margin-bottom: 0px; padding-top: 0pt; line-height: 12pt;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The securitization debt securities issued to investors are collateralized by the specified pool of accounts receivable and are payable only out of collections on their respective underlying collateralized assets and guaranteed by the WFOE. The securities can be retained in the form of senior or subordinated securities. The Group holds 100% of the subordinated securities. The securitization securities are reported as current and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> liabilities in the consolidated balance sheets based on their respective expected repayment dates. The debt was fully repaid during the year ended December 31, 2019.</div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor;width: 100%;text-align: left;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-weight: normal;margin-top: 18pt;margin-bottom: 0pt;border-collapse: collapse;border-spacing: 0px;table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">(v) </div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Leases</div> </div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 0pt; margin-bottom: 0px; padding-top: 0pt; line-height: 12pt;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, which supersedes existing guidance on accounting for leases in ASC Topic 840—Leases (“ASC 840”) and generally requires all leases, including operating leases, to be recognized in the statement of financial position of lessees as right-of-use (“ROU”) assets and lease liabilities, with certain practical expedients available.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group adopted ASC Topic 842—Leases (“ASC 842”) on January 1, 2019 using the modified retrospective transition approach, applying the new standard to leases existing at the date of initial adoption. The Group elected to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods were not restated. Upon adoption, the Group elected the practical expedients available under ASC 842, which permits the Group to not reassess the lease identification, lease classification and initial direct costs associated with any expired or existing contracts as of the date of adoption, as well as using hindsight in determining the lease term and in assessing impairment of the Group’s ROU assets. In connection with the adoption of ASC 842, the Group made an accounting policy election for all lease related asset classes, to account for the lease and non-lease components as a single lease component. The Group has also made an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet. Short-term leases are not significant in comparison to the Group’s overall lease portfolio. Payments related to those leases continue to be recognized in the consolidated statement of income and comprehensive income on a straight-line basis over the lease term.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="font-size: 10pt; letter-spacing: 0px;;display:inline;">The scope of ASC 842 also includes land use right and the accounting policy is included in Note 2(m).</div></div> <div style="text-align: left;text-indent: 0%;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-style: normal;margin-top: 18pt;margin-bottom: 0px;margin-left: 8%;padding-top: 0;line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">From the Perspective of Lessee</div></div> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;">  </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis and incorporating lease term, currency risk, credit risk and an adjustment for collateral. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured based on the reasonably certain decision.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon adoption of ASU 2016-02 on January 01, 2019, the Group elected to use the remaining lease term as of January 1, 2019 in the estimation of the applicable discount rate for leases that were in place at adoption.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the initial measurement of the lease liabilities for leases commencing after January 1, 2019, the Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as operating lease liabilities, current and operating lease liabilities, non-current, respectively, in the consolidated balance sheets.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The ROU asset is measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Variable lease expenses includes rent contingent payments based on percentages of revenue as defined in the lease. It is not included in lease expenses before it incurs or becomes probable.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Repayments of operating liabilities, variable lease payments and short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term lease payments will be classified in operating activities. If payments made for operating leases represent the costs of bringing another asset to the condition and location necessary for its intended use, such amounts will be classified as investing activities.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the adoption, the Group recognized approximately RMB451,390 ROU assets recorded in ROU assets and corresponding lease liability in operating lease liabilities on the consolidated balance sheet as of January 1, 2019. The adoption had no material impact on the Group’s consolidated statements of income and comprehensive income for the year ended December 31, 2019 or the opening balance of retained earnings as of January 1, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">From the Perspective of Lessor</div></div> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group does not have material lessor contracts before the acquisition of Shan Shan Outlets. Shan Shan Outlets leases shop spaces in outlet malls to brand shops to conduct commercial selling activities under operating </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">leases <div style="letter-spacing: 0px; top: 0px;;display:inline;">from</div> </div>3<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">to</div> </div>5<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> years.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under ASC 842, which created a practical expedient that provides lessors an option not to separate lease and non-lease components if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the </div></div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Group determined that the lease arrangements meet the criteria taking the practical expedient and to account for the lease and non-lease components as a single lease component under ASC 842. The Group recognized consideration received from the leases, together with other non-lease components including common area maintenance arrangements on a straight-line basis as the lease component is the predominant component of the combined component.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group, as a lessor, retain substantially all of the risks and benefits of ownership of the properties and continue to account for its leases as operating leases. There’s no terms and conditions exist to grant the option for the tenant to purchase the properties upon termination of the lease. Renewal of the leases are on a negotiation basis before termination and penalty is imposed if the lessees early terminate the leases. The majority of the Group’s lease contracts are based on the higher of 1) fixed lease payment and 2) variable lease payment based on percentage of gross revenue generated by each tenant. The Group recognizes fixed lease income on a straight-line basis over the terms of the leases and variable lease income are recognized when incurred, both included in other revenues on the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The lessees are generally required to provide the Group with a deposit, which is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. Pursuant to the term of membership agreement, the amount of deposit may be applied if any damage caused to the Group. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The residual value of the Group’s lease assets represents the fair value of the leased assets at the end of the lease terms. The Group relies on industry data, historical experience, independent appraisals and the experience of the management team to value lease residuals. </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">w</div>) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue recognition</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effective with the adoption of Accounting Standards Update (“ASU”) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2014-09,</div> “Revenue from Contracts with Customers (Topic 606),” and the associated ASUs (collectively, “Topic 606”) on January 1, 2018, the Group recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Group determines are within the scope of Topic 606, the Group performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 4 for additional information.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In periods prior to the adoption of Topic 606, the Group’s accounting policy was to recognize revenue when persuasive evidence of an arrangement exists, products are delivered, the price to the buyer is fixed or determinable and collectability is reasonably assured.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(x) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cost of revenues</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consists primarily of cost of merchandise sold, inventory write-down, cost relating to logistics service rendered to external customers, occupancy cost for retail shops including rental cost,</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">maintenance costs, depreciation cost and utility cost of the outlets. The amounts of inventory write-down were RMB206,733, RMB440,823 and RMB347,498 for the years ended December 31, 2017, 2018 and 2019, respectively. Cost of revenues does not include fulfillment expenses, therefore the Group’s cost of revenues may not be comparable to other companies which include such expenses in their cost of revenues. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides financing to some of its suppliers by advancing them cash for portions of accounts payables the Group owes to them, and receives interest over the financing periods which is presented as a reduction to cost of revenues. The advances to these suppliers related to the Group’s financing activities have no offsetting rights against the Group’s accounts payables to these suppliers, and are presented as part of other receivables and prepayments in the consolidated balance sheets Note 6. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(y) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fulfillment expenses</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses primarily consist of payroll, bonus and benefits of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses. In 2019, the Group has ceased its logistics delivery operations and outsourced all of its delivery activities to third party couriers. Costs paid to the third party couriers are included in fulfilment expenses.</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin: 18pt auto 0in 0px; border-collapse: collapse; table-layout: fixed; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> <div style="top: 0px; letter-spacing: 0px; display: inline;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> </div> </td> <td style="width: 4%; vertical-align: top;"> <div style="top: 0px; letter-spacing: 0px; display: inline;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(z) </div></div></div> </div> </td> <td style="text-align: left; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"> <div style="top: 0px; text-align: left; color: rgb(0, 0, 0); text-transform: none; letter-spacing: 0px; font-family: 'Times New Roman'; font-size: 13.33px; font-style: normal; font-weight: 700; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses</div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"> <div style="top: 0px; text-align: left; color: rgb(0, 0, 0); text-transform: none; text-indent: 0%; letter-spacing: 0px; font-family: 'Times New Roman'; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Marketing expenses primarily consist of payroll, bonus and benefits of marketing staff, advertising costs, agency fees and costs for promotional materials.</div> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">Advertising expenses are charged to the statements of income and comprehensive income in the period incurred. The amounts of advertising expenses incurred were RMB1,526,815, RMB1,651,996 and RMB2,234,291 for the years ended December 31, 2017, 2018 and 2019, respectively.<div style="font-size: 4.5pt;;display:inline;"> </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Technology and content expenses</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses primarily consist of payroll, bonus and benefits of the staff in the technology and system department, telecommunications expenses, model fees and photography expenses. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">b</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">General and administrative expenses</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses primarily consist of payroll, bonus and benefit costs for retail and corporate employees, legal, finance, information systems, rental expenses and other corporate overhead costs. In November 2019, the Group has ceased its logistic operation. Severance payments of RMB652.0 million and asset impairment of RMB154.2 million are recorded in general and administrative expenses for year ended December 31, 2019.</div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">c</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Foreign currency transactions and translations</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The functional currency of the Company, Vipshop HK, Lefeng.com Limited (“Lefeng.com”) and other offshores subsidiaries is the United States dollar (“US dollar”). The functional currency of all the other </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">significant subsidiaries and the VIEs is RMB. Foreign currency denominated monetary assets and liabilities have been translated into the functional currency at the prevailing exchange rates as of the balance sheet date. Transactions in foreign currencies have been translated into the functional currency at the applicable rates of exchange prevailing on the date transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The RMB is not a freely convertible currency. The PRC 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 the 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 Group’s cash, cash equivalents and restricted cash denominated in RMB amounted to RMB6,615,216 and RMB7,565,817 at December 31, 2018 and 2019, respectively. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a<div style="letter-spacing: 0px; top: 0px;;display:inline;">d</div></div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Convenience translation</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the consolidated balance sheets, consolidated statements of income and comprehensive income, and consolidated statements of cash flows from RMB into US dollar as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of 6.9618 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US dollar at that rate on December 31, 2019, or at any other rate. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> </td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ae) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Taxation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Group is required to estimate its income taxes in each of the jurisdictions in which it operates. The Group accounts for income taxes using the liability method. Under this method, deferred income taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">year-end</div> and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a<div style="letter-spacing: 0px; top: 0px;;display:inline;">f</div></div>) </div></div></td> <td style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value added taxes (“VAT”)</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s PRC subsidiaries are subject to VAT at rates ranged from 6% to 16% before <div style="letter-spacing: 0px; top: 0px;;display:inline;">April</div> 2019 and 3% to 13%<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">since April 2019, compared with VAT at rates ranged from 6% to 17% before May 2018 and 6% to 16% since May </div></div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">2018, on proceeds received from customers, and are entitled to a deduction for VAT already paid or borne on the goods purchased by it and utilized in the production of goods that have generated the gross sales proceeds and service incurred. The VAT balance is recorded either in other current liabilities or other current receivables on the consolidated balance sheets.</div><div style="font-size: 4.5pt;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ag) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Comprehensive income (loss)</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. During the periods presented, comprehensive income (loss) is reported in the consolidated statements of income and comprehensive income, and other comprehensive income (loss) includes foreign currency translation adjustments, unrealized gain or loss of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt investments and reclassification adjustments of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale </div> investments prior to adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-01</div> in 2018.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin: 18pt auto 0in 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ah) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of credit <div style="letter-spacing: 0px; top: 0px;;display:inline;">risk</div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, net, short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments, amounts due from related parties, loan receivables, net and other receivables. The Group places its cash and cash equivalents, restricted cash and short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments with financial institutions with high-credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from product delivery service providers and receivables from consumer financing services. There are no significant credit risk concentrated with any specific delivery service providers, end customers under consumer financing, microcredit loans or suppliers under financing service arrangements. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Account receivables from product delivery service providers relates to amounts collected from customers by the service providers when products are delivered. The Group conducts a credit evaluations on these service providers and require certain amounts of security deposits from them to manage its credit risk. Amounts due from related parties are prepayments related to purchases of goods and services from the entities controlled by shareholders of the Company. Due to the nature of the relationship, the Group considers there to be no collection risks in regard to amounts due from related parties. With respect to advances to product suppliers, the Group performs <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">on-going</div> credit evaluations of the financial condition of its suppliers. The Group establishes an allowance for doubtful accounts based upon estimates of various factors surrounding the credit risk of delivery service providers, end customers and suppliers, such as credit rating, overdue date and collectability. </div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ai) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of financial instruments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value is considered to be 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 considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</div></div></div> <div style="line-height: 4.5pt; font-size: 4.5pt;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The three levels of inputs may be used to measure fair value include: </div></div></div> <div style="width: 100%; float: right;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt 0px 0px auto; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 7%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="width: 90%; padding: 0px;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 1 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. </div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 2 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">model-derived</div> valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. </div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 3 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none; margin-top: 18pt; line-height: 12pt;"/> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Measured at fair value on a recurring basis </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s financial assets and liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2018 and 2019 include equity investments with readily determinable fair value, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities, financial guarantee and share-based compensation liability. As of December 31, 2018 and 2019, information about inputs into the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 92%; font-size: 8pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Description </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">As of </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">December 31, </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">201<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Quoted Prices </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">in Active </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Markets for </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Identical Assets </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 1) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Observable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 2) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unobservable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 3) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other investments: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">- Equity investments with readily determinable<br/> fair value </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;">- <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 92%; font-size: 8pt; margin-right: 0px; margin-left: auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%; padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Description </div></div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Quoted Prices </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">in Active </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Markets for </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Identical Assets </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 1) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Other </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Observable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 2) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Unobservable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 3) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other investments: </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Equity investments with readily determinable fair value </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other liabilities:</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Financial guarantee</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">- Liability for cash-settled share-based compensation arrangements</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> </table> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The equity investments with readily determinable fair value are carried at fair values. The Group measures its listed equity securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities consist of investments in private companies’ redeemable debt that has stated maturity and pay a prospective fixed rate of return. The investments are recorded at fair value on a recurring basis. The fair value is measured using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such, they are classified in Level 2 measurement. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial guarantee assumed from the acquisition of Shan Shan Outlets, as disclosed in Note 3, is recorded as other liabilities on the consolidated balance sheets. Its fair value was estimated using the credit default method, with reference to the default and recovery rate of comparable guaranteed companies. The default and recovery rate applied are based on the default and recovery rate published by Standard &amp; Poor’s (“S&amp;P”) and Moody’s respectively, sorted by credit rating. As such, they are classified in Level 3 measurement.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of the liability on cash-settled share-based compensation arrangement was estimated using the Monte Carlo Simulation (Note 30 (c)), through simulation of the future net profits of the Shan Shan Outlets. As such, they are classified in Level 3 measurement.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The carrying values of the Group’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, net, other receivables, net, loan receivables, net, short-term investment, accounts payable, other current liabilities, advances from customers, amounts due from and to related parties, short-term loans and short-term securitization debt approximate their fair values due to the short-term nature of these instruments. The estimated fair value of convertible senior notes as of December 31, 2018 was approximately RMB4,260,195, as compared to its carrying value of RMB4,327,268. The Group fully redeemed the convertible senior notes in March, 2019. Fair value was estimated using quoted market prices and represented a Level 1 measurement. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Measured at fair value on a nonrecurring <div style="letter-spacing: 0px; top: 0px;;display:inline;">basis</div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The estimated fair values of equity method investments used in the impairment test were estimated by applying unobservable inputs to the discounted cash flow valuation methodology that are significant to the measurement of the fair value of these assets. The Group measures investment in equity method investees at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of equity investments without readily determinable fair value is estimated to be cost minus impairment, and if any, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other than the investments in equity method investees (Note 11) and the equity investments without readily determinable fair value (Note 12), the Group did not have any assets and liabilities that were measured at fair value on a nonrecurring basis. </div></div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; border-collapse: collapse; text-align: left; width: 100%; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; border: 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(aj)</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: left; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>compensation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Employee <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> payments made to employees, including equity-classified employee share options, liability-classified employee share options, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares issued to employees which the Group has a repurchase option, are recognized as compensation expenses over the requisite service periods. The Group measures the cost of employee services received in exchange for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation at the fair values of the awards, which are determined on the grant date and each reporting period end, respectively for equity-classified employee share options and liability-classified employee share options. The Group recognizes compensation expense on a straight-line basis over the requisite service period for the entire award with graded vesting provided that the amount of compensation cost recognized at any date must at least equal the portion of the fair value of the award that is vested at that date. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">catch-up</div> adjustment in the period of change and will also impact the amount of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation expense to be recognized in future periods. </div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-employee</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> compensation made to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employees</div> are recognized as compensation expenses ratably over the requisite service periods. The Group measures the cost of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employee</div> services received in exchange for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation based on the fair value of the equity instruments issued. The Group measures the fair value of the equity instruments in these transactions using the share price and other measurement assumptions on the measurement date, which is determined as the earlier of the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or the date at which the counterparty’s performance is complete. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As the quantity and terms of the equity instruments issued to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employees</div> are known up front, the Group recognizes the cost incurred during financial reporting periods before the measurement date. The Group measures the equity instruments at their then-current fair values at each of the financial reporting dates, and attributes the changes in those fair values over the future services period until the measurement date has been established. </div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Modifications of equity awards </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group treats a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">k</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Earnings per share</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Treasury shares</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;">Treasury shares represents ordinary shares repurchased by the Group that are no longer outstanding and are held by the Group. The repurchase of ordinary shares is accounted for under the cost method whereby the entire cost of the acquired share is recorded as treasury shares. The cost of treasury shares is transferred to “additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital” when it is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-issued</div> for the purpose of share options exercised and share awards.</div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">am</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Segment reporting</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the prior years, the Group has identified two major operating segments, Vip.com segment and internet finance, in which the CODM reviews its financial result on a regular basis. For the year ended December 31, 2019, the Group has determined it has four operating segments, Vip.com, internet finance, Shan Shan Outlets, and offline shops. Vip.com and Shan Shan Outlets have been identified as reportable segments. Internet finance and offline shops operating segments were aggregated as others because individually they do not exceed the 10% quantitative threshold. The financial information of the respective segments are disclosed in Note 31.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; margin-top: 0px; margin-bottom: 0px; margin-left: 8%; line-height: 18pt; font-size: 18pt;"><div style="font-size:18pt;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 18pt;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(an) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Accounting standards issued but not adopted at December 31, 2019</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, FASB issued ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities and purchased financial assets with credit deterioration. In April 2019, the FASB issued ASU 2019-04, clarify a variety of topics previously covered in Update 2016-13. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ACL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. The standard and the amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 4.5pt;;display:inline;"> </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2019, the FASB issued ASU 2019-05 “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief” to provide an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2019-05 is effective for fiscal years and interim periods beginning after December 15, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowance for available-for-sale debt securities.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the Group’s financial instruments and risk management policies as of December 31, 2019, application of the above ASUs in the future may have impact on the measurement of the Group’s financial assets. The expected credit loss model may result in earlier provision of credit losses which are not yet incurred in relation to the Group’s financial assets measured at amortized cost. The Group is in the process of evaluating the impact of the ASUs and expect there’s no material impact to the financial statements. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In January 2017, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2017-04,</div> “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The update simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The update also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The update should be applied on a prospective basis. The nature of and reason for the change in accounting principle should be disclosed upon transition. The update is effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The guidance should be applied prospectively upon its effective date. The Group is currently evaluating the impact of adopting this guidance. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In August 2018, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-13,</div> “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in Topic 820, “Fair Value Measurement.” The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements </div> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. The Group is currently evaluating the impact of adopting this guidance. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In October 2018, the FASB issued ASU No.<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"> 2018-17,</div> Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities, which modifies the guidance related to indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interest. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-17</div> is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted. The Group is currently evaluating the impact of adopting this guidance. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2019, the FASB issued ASU 2019-01, which added guidance to ASC 842 that is similar to the guidance in ASC 840-10-55-44 and states that, for lessors that are not manufacturers or dealers, the fair value of the underlying asset is its cost, less any volume or trade discounts, as long as there isn’t a significant amount of time between acquisition of the asset and lease commencement. The amendments also clarify that lessors in the scope of ASC 942 must classify principal payments received from sales-type and direct financing leases in investing activities in the statements of cash flows. In addition, the amendments clarify that entities are not subject to the transition disclosure requirements in ASC 250-10-50-3 related to the effect of an accounting change on certain interim period financial information. The Group anticipates that the adoption of ASU 2019-01 will not have material impact on the Group’s consolidated financial statements.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.”</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The ASU is expected to reduce cost and complexity related to the accounting for income taxes by removing specific exceptions to general principles in Topic 740 (eliminating the need for an organization to analyze whether certain exceptions apply in a given period) and improving financial statement preparers’ application of certain income tax-related guidance. This ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Group is currently assessing the impact that ASU 2019-12 will have on its consolidated financial statements.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> </td> <td style="width: 4%; padding-left: 0px; vertical-align: top;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) </div></div></div> </td> <td style="text-align: left; padding-left: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of presentation</div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="font-family: &quot;Times New Roman&quot;; margin-left: 8%; text-align: left; text-indent: 0%; font-size: 10pt; margin-bottom: 0pt; margin-top: 6pt; line-height: 12pt;">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; text-align: left; width: 39%; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; border: 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="break-inside: avoid;"> <td style="width: 31.8182px; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 31.8182px; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(b)</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: left; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Principles of consolidation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family:Times New Roman;margin-left:8%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:6pt">The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. All intercompany transactions, balances and unrealized profit and losses have been eliminated <div style="letter-spacing: 0px; top: 0px;;display:inline;">up</div>on consolidation.</div> <div style="font-family:Times New Roman;margin-left:8%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Group evaluates the need to consolidate its VIEs and VIEs’ subsidiaries in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As foreign-invested companies engaged in internet-based businesses is subject to significant restrictions under current PRC laws and regulations, the Group and its PRC subsidiary, Vipshop (China) Co., Ltd. (“Vipshop China”), as a wholly foreign owned enterprise (“WFOE”), is restricted from holding the licenses that are necessary for the online operation in China. To comply with these restrictions, the Group conducts the Internet-related operations in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”). </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In order to exercise effective control over these PRC domestic companies, the Group, through the WFOE, entered into a series of contractual arrangements with these PRC domestic companies and the Nominee Shareholders, pursuant to which the Group is entitled to receive effectively all economic benefits generated from the Nominee Shareholders’ equity interests in these PRC domestic companies. By entering into a series of contractual arrangements, the Group established four sets of VIEs: (i) Vipshop China, Guangzhou Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce </div> Co., Ltd. (“Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce”) </div> and shareholders of Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce;</div> (ii) Vipshop China, Vipshop Information Technology Co., Ltd. (“Vipshop Information”) and shareholders of Vipshop Information; (iii) Lefeng (Shanghai) Information Technology Co., Ltd. ( “Lefeng Shanghai”, or “Lefeng Information”), Tianjin Pinjian <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce </div> Co., Ltd. (“Tianjin Pinjian”) and shareholders of Tianjin Pinjian; and (iv) Vipshop China, Pin Jun Tong Enterprise Management &amp; Consulting Co., Ltd. (“Pin Jun Tong”) and shareholders of Pin Jun Tong. </div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group has concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through the WFOE, entered into with the consolidated VIEs and their Nominee Shareholders: </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity Interest Pledge Agreements </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies pledged all their equity interests in these PRC domestic companies as collateral to ensure that these PRC domestic companies fully performs its obligations under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Loan Agreement, and pays the consulting and service fees and repays the loan and the accrued interests to the WFOE when the same becomes due. The agreement will remain in effect until all of the obligations of these PRC domestic companies under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Loan Agreement have been duly performed or terminated. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Exclusive Option Agreement </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies granted the WFOE an irrevocable and exclusive right to purchase, or designate one or more persons to purchase, their equity interest in these PRC domestic companies at the WFOE’s sole and absolute discretion to the extent permitted by the PRC laws. The purchase price is equal to the higher of: (i) the amount of registered capital actually contributed by the equity holder; or (ii) a minimum price permitted by applicable PRC laws. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Power of Attorney Agreements </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of these PRC domestic companies irrevocably authorized the WFOE to exercise the rights related to their shareholdings, including attending shareholders’ meetings and voting on their behalf on all matters, including but not limited to matters related to the transfer, pledge or disposition of their respective equity interests in these PRC domestic companies, and appointment of the executive directors and senior management of these PRC domestic companies. The WFOE has the right to appoint any individual or entity to exercise the power of attorney on its behalf. Each power of attorney will remain in effect until the shareholder ceases to hold any equity interest in these PRC domestic companies. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Exclusive Business Cooperation Agreement </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The WFOE entered into an agreement with these PRC domestic companies to provide these PRC domestic companies with technical, consulting and other services. In consideration of these services, these PRC domestic companies shall pay the WFOE fees equal to 100% of its net income of these PRC domestic companies, provided that the WFOE, at its sole discretion, shall have the right to adjust the rate of the service through written notice. The WFOE will exclusively own any intellectual property arising from the performance of this agreement. These PRC domestic companies has no right to terminate this agreement unless the WFOE commits gross negligence or fraud. </div></div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loan Agreement </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The WFOE entered into a loan agreement with the Nominee Shareholders, to provided them loans solely for the purpose of contribution or increase of registered capital or working capital of these PRC domestic companies. The WFOE has the sole discretion to determine the method of repayment, including requiring the Nominee Shareholders to transfer their equity interests in these PRC domestic companies to the WFOE or its designated person. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> was established by Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong on June 22, 2017. As of December 31, 2019, shareholders of Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;">are</div> Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong, holding 66.67% and 33.33% of the total equity interests in Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce,</div> respectively. Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-Commerce</div> holds the licenses necessary to conduct the Internet-related operations of <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">vipshop.com</div></div> and <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">vip.com</div></div> in China.</div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risks in relation to the VIE structure </div></div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group believes that the VIE arrangements are in compliance with PRC law and are legally enforceable. The equity holders of the VIEs are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are certain risks related to the Contractual Agreements, which include but are not limited to the following: </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">If the Group’s ownership structure, are found to be in violation of any existing or future PRC laws or regulations, the relevant governmental authorities, including the China Securities Regulatory Commission, would have broad discretion in dealing with such violation, including levying fines, confiscating its income or the income of the WFOE, Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce,</div> Vipshop Information, Pin Jun Tong, Lefeng Information, revoking the business licenses or operating licenses of the WFOE, Vipshop <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce,</div> Vipshop Information, Pin Jun Tong, Lefeng Shanghai, or Lefeng Information, shutting down the Group’s servers or blocking the Group’s websites, discontinuing or placing restrictions or onerous conditions on the Group’s operations, requiring the Group to undergo a costly and disruptive restructuring, restricting or prohibiting the Group’s use of various funding to finance its business and operations in China, and taking other regulatory or enforcement actions that could be harmful to the Group’s business;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group relies on the Contractual Arrangements with the VIEs and their equity holders for a majority all of its PRC operations, which may not be as effective as direct ownership in providing operational control;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group may have to incur significant cost to enforce, or may not be able to effectively enforce, the Contractual Arrangements with the VIEs and their equity holders in the event of a breach or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compliance</div> by the VIEs or their equity holders;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Nominee Shareholders of the VIEs are also directors of the Group or its subsidiaries, and has a duty of care and loyalty to the Group and its shareholders as a whole under Cayman Islands law. Under the Contractual Arrangements with the VIEs and the Nominee Shareholders, (a) the Group may replace any such individual as a shareholder of the VIEs at the Group’s discretion, and (b) each of these individuals has executed a power of attorney to appoint the WFOE or its designated third party to vote on their behalf and exercise shareholder rights of the VIE. However, the Group cannot assure that these individuals will act in the best interests of the Group should </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">any conflicts of interest arise, or that any conflicts of interest will be resolved in the Group’s favor. These individuals may breach or cause the VIE to breach the existing contractual arrangements. If the Group cannot resolve any conflicts of interest or disputes between the Group and any of these individuals, the Group would have to rely on legal proceedings, which may be expensive, time-consuming and disruptive to its operations. There is also substantial uncertainty as to the outcome of any such legal proceedings. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 3%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">•</div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">There are, however, substantial uncertainties regarding the interpretation and application of current or future PRC laws and regulations. On March 15, 2019, the National People’s Congress approved the PRC Foreign Investment Law, which became effective on January 1, 2020 and replace the existing laws regulating foreign investment in China. The PRC Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. Under the newly enacted PRC Foreign Investment Law, there are substantial uncertainties relating to its interpretation and implementation. It is possible that future legislations promulgated by the State Council may provide for contractual arrangements as a form of foreign investment and subject to foreign investment restrictions. It is therefore uncertain whether the Group’s corporate structure may be deemed as violating the foreign investment restrictions in China. If the Group fails to take appropriate and timely measures to comply with any of these or similar regulatory compliance requirements, the Group’s current corporate structure, corporate governance, and business operations could be materially and adversely affected.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The financial information of the Group’s VIEs and VIEs’ subsidiaries, including total assets, total liabilities, net revenues, total operating expenses, net loss and cash flows after intercompany eliminations are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,974,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,388,986</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgba(255, 255, 255, 0);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total current liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,753,295</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(3,957,003</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,757,210</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(4,002,131</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside:avoid;font-size:8pt;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1px solid black; padding-bottom: 0in;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="padding-bottom: 0.5px;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,583,466 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,455,488 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,613,683</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total operating expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,243,573</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,826,283</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(6,095,095</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Net loss</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,784,932</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,531,460</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,270</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="line-height: 4.5pt; font-size: 4.5pt;"> </div> <div style="margin-top: 0pt; line-height: 0pt;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 84%; font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 60%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31,</div> </div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash (used in) provided by operating activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(801,931</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(294,853</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,807,929</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) investing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,435,001</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(48,162</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,121</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) financing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,144,728</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(17,698</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(13,125</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations or are restricted solely to settle the VIEs’ obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs. </div></div></div> 0.6667 0.3333 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,974,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,388,986</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgba(255, 255, 255, 0);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total current liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,753,295</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(3,957,003</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,757,210</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(4,002,131</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside:avoid;font-size:8pt;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1px solid black; padding-bottom: 0in;;width:;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="padding-bottom: 0.5px;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,583,466 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,455,488 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,613,683</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total operating expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,243,573</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,826,283</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(6,095,095</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Net loss</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,784,932</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,531,460</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,270</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="line-height: 4.5pt; font-size: 4.5pt;"> </div> <div style="margin-top: 0pt; line-height: 0pt;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 84%; font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 60%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31,</div> </div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash (used in) provided by operating activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(801,931</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(294,853</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,807,929</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) investing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,435,001</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(48,162</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(2,206,121</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) financing activities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,144,728</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(17,698</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(13,125</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> 5974238000 10388986000 3753295000 3957003000 3757210000 4002131000 1583466000 2455488000 3613683000 5243573000 5826283000 6095095000 -3784932000 -3531460000 -2206270000 -801931000 -294853000 4807929000 1435001000 -48162000 -2206121000 1144728000 -17698000 -13125000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(c) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of estimates</div></div></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires management of the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. The Group’s management based their estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group’s financial statements include inventory write-down, valuation of goodwill and </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">assets acquired in business acquisition, valuation of other investments and valuation of <div style="letter-spacing: 0px; top: 0px;;display:inline;">account </div>receivables arising from consumer financing. Changes in facts and circumstances may result in revised estimates.</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(d) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Cash and cash equivalents</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents are placed with financial institutions with high-credit ratings and quality. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(e) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted cash</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s restricted cash mainly represents: (1) deposits held in a designated bank account under the cooperative lending arrangement with a bank in which the Group is required to maintain at all times a certain percentage of the outstanding principal of total lending amount with a bank, (2) deposits held in a designated account in the People’s Bank of China related to online payments service. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(f) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-term investments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments consist primarily of time deposits and financial products offered by commercial banks in the PRC with fixed maturity dates ranging from three months to one year.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(g) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Inventories</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventories consisting of products available for sales are valued at the lower of cost or net realizable value with cost determined using the weighted average cost method. Net realizable value is based on estimated selling prices in the ordinary course of business, less reasonably predictable transportation cost. Adjustments are recorded when future estimated net realizable value is less than cost. Write-downs are recorded in cost of revenues in the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">To determine the write-down relating to different categories, the Group applies a certain writedown percentage based on aging and condition of the merchandises within each category. The Group developed these write-down percentages based on historical trends, inventory aging, historical and forecasted demands, expected selling prices and future promotional events.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(h) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Accounts receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable are mainly receivables from consumer financing business, which are stated at the historical carrying amount net of 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 customers. 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 that is not probable for the balance to be collected. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable expected to be settled more than one year as of the balance sheet date are classified into other long-term assets on the consolidated balance sheets. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(i) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Loan receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loan receivables mainly represent the microcredit business made to qualified individual customers who are the end users of the Group’s online marketplace business. The loan periods extended by the Group to the individual customers mainly range from 3 months to 24 months. The loan receivables are stated at the historical carrying amount net of allowance for uncollectible loan receivables. The Group establishes an allowance for uncollectible loan receivable based on estimates, historical experience and other factors surrounding the credit risk of specific customers. Uncollectible loan receivables are written off when the Group has <div style="letter-spacing: 0px; top: 0px;;display:inline;">exhausted all efforts and </div>determined the balance will not be collected. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The loan receivables expected to be settled more than one year as of balance sheet date are classified into other long-term assets on the consolidated balance sheets. </div> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2018 and 2019, the Group recorded allowance of RMB3,789 and RMB63,833 for both current and non-current loan receivables.</div></div></div> P3M P24M 3789000 63833000 <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(j) </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Other receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other receivables mainly consisted of advances to supplier, VAT recoverable, loans to staff and others, which are stated at the historical carrying amounts. The Group establishes an allowance for uncollectible other receivables based on estimates, historical experience and other factors surrounding the credit risk of specific accounts. Uncollectible other receivables are written off when a settlement is </div></div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">reached for an amount that is less than the outstanding historical balance or when the Group has determined the balance will not be collected. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(k) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property and equipment, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are stated at cost less accumulated depreciation and impairment losses. Gains or losses on dispositions of property and equipment are included in other operating income. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.</div></div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Depreciation and amortization are provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows: </div></div></div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="break-inside: avoid; font-size: 0px;"> <td style="width: 4%; text-align: left; padding: 0px;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px;width: 84%;font-size: 10pt;border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 67%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated useful life </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Buildings </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">20 <div style="letter-spacing: 0px; top: 0px;;display:inline;">t<div style="letter-spacing: 0px; top: 0px;;display:inline;">o 30 </div></div>years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixtures and equipment </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2 to 10 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shorter of lease term or the estimated useful life of lease improvements </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4 to 5 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Software </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Direct and incremental costs related to the construction of assets, including costs under the construction contracts, duties and tariffs, equipment installation and shipping costs, are capitalized. Management estimates the residual value of its furniture, fixtures and equipment and motor vehicles to be 5%.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px;width: 84%;font-size: 10pt;border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 67%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated useful life </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Buildings </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">20 <div style="letter-spacing: 0px; top: 0px;;display:inline;">t<div style="letter-spacing: 0px; top: 0px;;display:inline;">o 30 </div></div>years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixtures and equipment </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2 to 10 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shorter of lease term or the estimated useful life of lease improvements </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4 to 5 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Software </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> P20Y P30Y P2Y P10Y P4Y P5Y P3Y 0.05 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(l) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Capitalization of interest</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;">Interest and amortization of deferred financing costs incurred on funds used to construct the Group’s warehouses during the active construction period are capitalized. Interest subject to capitalization primarily includes interest paid or payable on the Group’s convertible senior notes due<div style="letter-spacing: 0px; top: 0px;;display:inline;"> in</div> 2019 at interest of 1.5%. The capitalization of interest and amortization of deferred financing costs ceases once a project is substantially completed or development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Group’s outstanding borrowings to the average amount of accumulated capital expenditures for assets under construction during the year and is added to the cost of the underlying assets and amortized over their respective useful lives. Total interest expenses incurred amounted to<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB97,024<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> RMB</div>165,618<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and R<div style="letter-spacing: 0px; top: 0px;;display:inline;">MB87,631</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>of which </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div>14,589<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>RMB</div>5,874<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">and RMB1,627 </div>were capitalized for the years ended December </div>31<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, respectively.</div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"> </div> 0.015 97024000 165618000 87631000 14589000 5874000 1627000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(m) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Land use rights, net</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The land use rights represent the amounts paid and relevant costs incurred for the Group’s leases for the right of use for lands located in PRC and are recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the terms of the respective land use right agreement. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;">(n) </div></div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-weight:bold;display:inline;">Intangible assets, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Acquired intangible assets mainly consist of domain names, customer relationships, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compete </div> agreements, trademarks and payment license acquired from third parties and from business combination. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names and trademarks </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain name and trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives of approximately two to five years. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets arising from business combination </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Identifiable intangibles assets are required to be determined separately from goodwill based on their fair values. In particular, an intangible asset acquired in a business combination should be recognized as an asset separate from goodwill if it satisfies either the “contractual-legal” or “separability” criterion. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with a definite economic life are carried at cost less accumulated amortization. Amortization for identifiable intangibles assets are computed using the straight-line method over the intangible assets’ economic lives. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Alternatively, intangible assets acquired in a business combination with indefinite lives are carried out cost less than subsequent accumulated impairment loss. Cost to renew or extend the term of a recognized intangible asset is charged to profit or loss as incurred in the consolidated statements of income and comprehensive income. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated economic lives of the intangible assets are as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%; padding: 0px;"/> <td style="width: 11%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated economic life </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Customer relationships </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">4-14</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Trademarks </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-5</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-compete</div> agreement</div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-3</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment license </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Indefinite life </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%; padding: 0px;"/> <td style="width: 11%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Classification </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Estimated economic life </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Customer relationships </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">4-14</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Trademarks </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-5</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-compete</div> agreement</div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2-3</div> years</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment license </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Indefinite life </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> P4Y P14Y P2Y P5Y P3Y P2Y P3Y <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(o) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Investments in equity method investees</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in equity method investees consist of: </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investments in affiliated companies and joint ventures, over which the Group has significant influence but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence, as well as other factors including but not limited to, representation on the investee’s board of directors, voting rights, etc.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Limited partnerships when the Group has more than minor ownership interest or more than a minor influence. The Group generally considers investment in limited partnerships of 3 to 5 percent to be more than minor.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in equity method investees are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of the equity method investees is</div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">recognized in the statement of income and comprehensive income and its share of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its equity method investees are eliminated to the extent of the Group’s interest in the equity method investees; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an equity method investee equals or exceeds its interest in the equity method investees, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated investee. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;">The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investments that is other than temporary. The Group assess its equity investments for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">other-than-temporary</div> impairment by considering all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">company-specific</div> information such as financing needs, the Group’s intent and ability to retain the investments for a period of time sufficient to allow for any anticipated recovery in market value, and the severity and duration of the impairment.</div><div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(p) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Other investments</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other investments consist of: </div></div><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(1)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in equity securities that have readily determinable fair values and for which the Group does not have the ability to exercise significant influence are reported at fair value with unrealized gains and losses included in net income.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(2)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in debt securities other than trading securities <div style="letter-spacing: 0px; top: 0px;;display:inline;">or </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div> securities are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> investments and reported at fair value with unrealized gain and losses included in accumulated other comprehensive loss in shareholders’ equity.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(3)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Investments in equity securities without readily determinable fair values are accounted for at cost, adjusted for impairments and observable price changes in orderly transactions for the identical or similar investments of the same issuer.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">For <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities, in <div style="letter-spacing: 0px; top: 0px;;display:inline;">the </div>event of a decline in<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>fair value that is other-than-temporary, the cost basis of the individual security is written down to fair value as a new cost basis and the amount of the write-down is accounted for as a realized loss charged in the consolidated statement of income and comprehensive income. The fair values of the investments would not be adjusted for subsequent recoveries in fair values.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For equity securities without readily determinable fair values, at each reporting period, the Group makes qualitative assessment considering impairment indicators to evaluate whether the other investment is impaired. Impairment indicators that the Group considers include, but are not limited to, the following: </div></div></div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="margin-top: 1pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="line-height: 4.5pt; font-size: 4.5pt;"> </div><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">b. </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">a significant adverse change in the regulatory, economic, or technological environment of the investee;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">c. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">d. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment;</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">e. </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The respective investment shall be written down to its fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. The impairment loss is recorded in net income equal to the difference between the fair value of the investment and its carrying amount. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(q) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Impairment of long-lived assets (other than goodwill and intangible assets with indefinite life)</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When these events occur, the Group assesses the recoverability of these long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the future undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment equal to the difference between the carrying amount and fair value of these assets. The Group recorded an impairment of nil, nil and RMB537,579 for the years ended December 31, 2017, 2018 and 2019, respectively, in general and administrative expenses on the consolidated statements of income and comprehensive income. </div></div></div> 0 0 537579000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(r) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Goodwill</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Goodwill is not amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Group assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> quantitative impairment test is mandatory. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit and their carrying amounts will be recorded. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Application of impairment test for goodwill requires significant management judgment, including the identification of the reporting unit, assigning assets, liabilities and goodwill to each reporting unit, and</div></div></div><div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">determining the fair value of each reporting unit. The fair value of each reporting unit is determined by analysis of discounted cash flows. The significant assumptions regarding the reporting unit’s future operating performance are revenue growth rates, costs of goods and operating expenses growth rates, discount rates and terminal values. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.</div></div></div><div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;">In 2017 and 2018, management has conducted the qualitative impairment test to compare the carrying value of the reporting units, including assigned goodwill, to its respective fair value. Based on the qualitative impairment assessment, it was determined that it is more likely than not the fair values of the reporting units tested ex<div style="letter-spacing: 0px; top: 0px;;display:inline;">c</div>eeded their carrying amounts and, therefore a quantitative impairment test for goodwill were not required.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2019, the Group has outsourced all delivery activities to third party couriers and ceased the operations of its logistic services unit. Accordingly, the Group has impaired all goodwill related to its logistic business in the amount of </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div>278,263<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div> 278263000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(s) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Intangible assets with indefinite lives</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with indefinite lives represents primarily the payment license acquired in a business combination in 2016. In determining its indefinite life, the Group considered the following: the expected use of the intangible; the longevity of the license; the legal, regulatory and contractual provisions that affect their maximum useful life; the Group’s ability to renew or extend the asset’s legal or contractual life without substantial costs; effects of the regulatory environment; maintenance expenditures required to obtain the expected future cash flows from the asset; and considerations for obsolescence, demand, competition and other economic factors. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with indefinite lives is not amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2018 and 2019, management has conducted the qualitative impairment test and the qualitative assessment and no impairment indicators identified. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(t) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Business combinations and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Group to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests. The excess of (i) the total costs of acquisition, fair value of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Group. Consolidated net income on the consolidated statements of income and comprehensive income includes the net income (loss) attributable to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests. The cumulative results of operations attributable to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests, are recorded as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests on the Group’s consolidated balance sheets.</div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor;width: 100%;text-align: left;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-weight: normal;margin-top: 18pt;margin-bottom: 0pt;border-collapse: collapse;border-spacing: 0px;table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(u) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securitization debt</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 0pt; margin-bottom: 0px; padding-top: 0pt; line-height: 12pt;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The securitization debt securities issued to investors are collateralized by the specified pool of accounts receivable and are payable only out of collections on their respective underlying collateralized assets and guaranteed by the WFOE. The securities can be retained in the form of senior or subordinated securities. The Group holds 100% of the subordinated securities. The securitization securities are reported as current and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> liabilities in the consolidated balance sheets based on their respective expected repayment dates. The debt was fully repaid during the year ended December 31, 2019.</div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor;width: 100%;text-align: left;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-weight: normal;margin-top: 18pt;margin-bottom: 0pt;border-collapse: collapse;border-spacing: 0px;table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">(v) </div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Leases</div> </div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 0pt; margin-bottom: 0px; padding-top: 0pt; line-height: 12pt;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, which supersedes existing guidance on accounting for leases in ASC Topic 840—Leases (“ASC 840”) and generally requires all leases, including operating leases, to be recognized in the statement of financial position of lessees as right-of-use (“ROU”) assets and lease liabilities, with certain practical expedients available.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group adopted ASC Topic 842—Leases (“ASC 842”) on January 1, 2019 using the modified retrospective transition approach, applying the new standard to leases existing at the date of initial adoption. The Group elected to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods were not restated. Upon adoption, the Group elected the practical expedients available under ASC 842, which permits the Group to not reassess the lease identification, lease classification and initial direct costs associated with any expired or existing contracts as of the date of adoption, as well as using hindsight in determining the lease term and in assessing impairment of the Group’s ROU assets. In connection with the adoption of ASC 842, the Group made an accounting policy election for all lease related asset classes, to account for the lease and non-lease components as a single lease component. The Group has also made an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet. Short-term leases are not significant in comparison to the Group’s overall lease portfolio. Payments related to those leases continue to be recognized in the consolidated statement of income and comprehensive income on a straight-line basis over the lease term.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="font-size: 10pt; letter-spacing: 0px;;display:inline;">The scope of ASC 842 also includes land use right and the accounting policy is included in Note 2(m).</div></div> <div style="text-align: left;text-indent: 0%;font-family: &quot;Times New Roman&quot;;font-size: 10pt;font-style: normal;margin-top: 18pt;margin-bottom: 0px;margin-left: 8%;padding-top: 0;line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">From the Perspective of Lessee</div></div> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 8%; padding-top: 0pt; line-height: 12pt;">  </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis and incorporating lease term, currency risk, credit risk and an adjustment for collateral. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured based on the reasonably certain decision.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon adoption of ASU 2016-02 on January 01, 2019, the Group elected to use the remaining lease term as of January 1, 2019 in the estimation of the applicable discount rate for leases that were in place at adoption.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the initial measurement of the lease liabilities for leases commencing after January 1, 2019, the Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as operating lease liabilities, current and operating lease liabilities, non-current, respectively, in the consolidated balance sheets.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The ROU asset is measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Variable lease expenses includes rent contingent payments based on percentages of revenue as defined in the lease. It is not included in lease expenses before it incurs or becomes probable.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Repayments of operating liabilities, variable lease payments and short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term lease payments will be classified in operating activities. If payments made for operating leases represent the costs of bringing another asset to the condition and location necessary for its intended use, such amounts will be classified as investing activities.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the adoption, the Group recognized approximately RMB451,390 ROU assets recorded in ROU assets and corresponding lease liability in operating lease liabilities on the consolidated balance sheet as of January 1, 2019. The adoption had no material impact on the Group’s consolidated statements of income and comprehensive income for the year ended December 31, 2019 or the opening balance of retained earnings as of January 1, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">From the Perspective of Lessor</div></div> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group does not have material lessor contracts before the acquisition of Shan Shan Outlets. Shan Shan Outlets leases shop spaces in outlet malls to brand shops to conduct commercial selling activities under operating </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">leases <div style="letter-spacing: 0px; top: 0px;;display:inline;">from</div> </div>3<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">to</div> </div>5<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> years.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under ASC 842, which created a practical expedient that provides lessors an option not to separate lease and non-lease components if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Group determined that the lease arrangements meet the criteria taking the practical expedient and to account for the lease and non-lease components as a single lease component under ASC 842. The Group recognized consideration received from the leases, together with other non-lease components including common area maintenance arrangements on a straight-line basis as the lease component is the predominant component of the combined component.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group, as a lessor, retain substantially all of the risks and benefits of ownership of the properties and continue to account for its leases as operating leases. There’s no terms and conditions exist to grant the option for the tenant to purchase the properties upon termination of the lease. Renewal of the leases are on a negotiation basis before termination and penalty is imposed if the lessees early terminate the leases. The majority of the Group’s lease contracts are based on the higher of 1) fixed lease payment and 2) variable lease payment based on percentage of gross revenue generated by each tenant. The Group recognizes fixed lease income on a straight-line basis over the terms of the leases and variable lease income are recognized when incurred, both included in other revenues on the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The lessees are generally required to provide the Group with a deposit, which is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. Pursuant to the term of membership agreement, the amount of deposit may be applied if any damage caused to the Group. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The residual value of the Group’s lease assets represents the fair value of the leased assets at the end of the lease terms. The Group relies on industry data, historical experience, independent appraisals and the experience of the management team to value lease residuals. </div></div></div> 451390000 451390000 P3Y P5Y <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">w</div>) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue recognition</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effective with the adoption of Accounting Standards Update (“ASU”) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2014-09,</div> “Revenue from Contracts with Customers (Topic 606),” and the associated ASUs (collectively, “Topic 606”) on January 1, 2018, the Group recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Group determines are within the scope of Topic 606, the Group performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 4 for additional information.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In periods prior to the adoption of Topic 606, the Group’s accounting policy was to recognize revenue when persuasive evidence of an arrangement exists, products are delivered, the price to the buyer is fixed or determinable and collectability is reasonably assured.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(x) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cost of revenues</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consists primarily of cost of merchandise sold, inventory write-down, cost relating to logistics service rendered to external customers, occupancy cost for retail shops including rental cost,</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">maintenance costs, depreciation cost and utility cost of the outlets. The amounts of inventory write-down were RMB206,733, RMB440,823 and RMB347,498 for the years ended December 31, 2017, 2018 and 2019, respectively. Cost of revenues does not include fulfillment expenses, therefore the Group’s cost of revenues may not be comparable to other companies which include such expenses in their cost of revenues. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides financing to some of its suppliers by advancing them cash for portions of accounts payables the Group owes to them, and receives interest over the financing periods which is presented as a reduction to cost of revenues. The advances to these suppliers related to the Group’s financing activities have no offsetting rights against the Group’s accounts payables to these suppliers, and are presented as part of other receivables and prepayments in the consolidated balance sheets Note 6. </div></div></div> 206733000 440823000 347498000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(y) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fulfillment expenses</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses primarily consist of payroll, bonus and benefits of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses. In 2019, the Group has ceased its logistics delivery operations and outsourced all of its delivery activities to third party couriers. Costs paid to the third party couriers are included in fulfilment expenses.</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin: 18pt auto 0in 0px; border-collapse: collapse; table-layout: fixed; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> <div style="top: 0px; letter-spacing: 0px; display: inline;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> </div> </td> <td style="width: 4%; vertical-align: top;"> <div style="top: 0px; letter-spacing: 0px; display: inline;"> <div style="font-weight: normal; display: inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(z) </div></div></div> </div> </td> <td style="text-align: left; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"> <div style="top: 0px; text-align: left; color: rgb(0, 0, 0); text-transform: none; letter-spacing: 0px; font-family: 'Times New Roman'; font-size: 13.33px; font-style: normal; font-weight: 700; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses</div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"> <div style="top: 0px; text-align: left; color: rgb(0, 0, 0); text-transform: none; text-indent: 0%; letter-spacing: 0px; font-family: 'Times New Roman'; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Marketing expenses primarily consist of payroll, bonus and benefits of marketing staff, advertising costs, agency fees and costs for promotional materials.</div> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">Advertising expenses are charged to the statements of income and comprehensive income in the period incurred. The amounts of advertising expenses incurred were RMB1,526,815, RMB1,651,996 and RMB2,234,291 for the years ended December 31, 2017, 2018 and 2019, respectively.<div style="font-size: 4.5pt;;display:inline;"> </div></div> 1526815000 1651996000 2234291000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Technology and content expenses</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses primarily consist of payroll, bonus and benefits of the staff in the technology and system department, telecommunications expenses, model fees and photography expenses. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">b</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">General and administrative expenses</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses primarily consist of payroll, bonus and benefit costs for retail and corporate employees, legal, finance, information systems, rental expenses and other corporate overhead costs. In November 2019, the Group has ceased its logistic operation. Severance payments of RMB652.0 million and asset impairment of RMB154.2 million are recorded in general and administrative expenses for year ended December 31, 2019.</div></div></div> 652000000.0 154200000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">c</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Foreign currency transactions and translations</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The functional currency of the Company, Vipshop HK, Lefeng.com Limited (“Lefeng.com”) and other offshores subsidiaries is the United States dollar (“US dollar”). The functional currency of all the other </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%; line-height: 4.5pt;"> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">significant subsidiaries and the VIEs is RMB. Foreign currency denominated monetary assets and liabilities have been translated into the functional currency at the prevailing exchange rates as of the balance sheet date. Transactions in foreign currencies have been translated into the functional currency at the applicable rates of exchange prevailing on the date transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income and comprehensive income. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The RMB is not a freely convertible currency. The PRC 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 the 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 Group’s cash, cash equivalents and restricted cash denominated in RMB amounted to RMB6,615,216 and RMB7,565,817 at December 31, 2018 and 2019, respectively. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a<div style="letter-spacing: 0px; top: 0px;;display:inline;">d</div></div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Convenience translation</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the consolidated balance sheets, consolidated statements of income and comprehensive income, and consolidated statements of cash flows from RMB into US dollar as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of 6.9618 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US dollar at that rate on December 31, 2019, or at any other rate. </div></div> 6.9618 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> </td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ae) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Taxation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Group is required to estimate its income taxes in each of the jurisdictions in which it operates. The Group accounts for income taxes using the liability method. Under this method, deferred income taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">year-end</div> and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a<div style="letter-spacing: 0px; top: 0px;;display:inline;">f</div></div>) </div></div></td> <td style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value added taxes (“VAT”)</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s PRC subsidiaries are subject to VAT at rates ranged from 6% to 16% before <div style="letter-spacing: 0px; top: 0px;;display:inline;">April</div> 2019 and 3% to 13%<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">since April 2019, compared with VAT at rates ranged from 6% to 17% before May 2018 and 6% to 16% since May </div></div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">2018, on proceeds received from customers, and are entitled to a deduction for VAT already paid or borne on the goods purchased by it and utilized in the production of goods that have generated the gross sales proceeds and service incurred. The VAT balance is recorded either in other current liabilities or other current receivables on the consolidated balance sheets.</div><div style="font-size: 4.5pt;;display:inline;"> </div></div> 0.06 0.16 0.03 0.13 0.06 0.17 0.06 0.16 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ag) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Comprehensive income (loss)</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. During the periods presented, comprehensive income (loss) is reported in the consolidated statements of income and comprehensive income, and other comprehensive income (loss) includes foreign currency translation adjustments, unrealized gain or loss of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt investments and reclassification adjustments of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale </div> investments prior to adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-01</div> in 2018.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin: 18pt auto 0in 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ah) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of credit <div style="letter-spacing: 0px; top: 0px;;display:inline;">risk</div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, net, short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments, amounts due from related parties, loan receivables, net and other receivables. The Group places its cash and cash equivalents, restricted cash and short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments with financial institutions with high-credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from product delivery service providers and receivables from consumer financing services. There are no significant credit risk concentrated with any specific delivery service providers, end customers under consumer financing, microcredit loans or suppliers under financing service arrangements. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Account receivables from product delivery service providers relates to amounts collected from customers by the service providers when products are delivered. The Group conducts a credit evaluations on these service providers and require certain amounts of security deposits from them to manage its credit risk. Amounts due from related parties are prepayments related to purchases of goods and services from the entities controlled by shareholders of the Company. Due to the nature of the relationship, the Group considers there to be no collection risks in regard to amounts due from related parties. With respect to advances to product suppliers, the Group performs <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">on-going</div> credit evaluations of the financial condition of its suppliers. The Group establishes an allowance for doubtful accounts based upon estimates of various factors surrounding the credit risk of delivery service providers, end customers and suppliers, such as credit rating, overdue date and collectability. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(ai) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of financial instruments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value is considered to be 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 considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The three levels of inputs may be used to measure fair value include: </div></div></div> <div style="width: 100%; float: right;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt 0px 0px auto; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 7%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="width: 90%; padding: 0px;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 1 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. </div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 2 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">model-derived</div> valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. </div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 3 </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none; margin-top: 18pt; line-height: 12pt;"/> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Measured at fair value on a recurring basis </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s financial assets and liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2018 and 2019 include equity investments with readily determinable fair value, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities, financial guarantee and share-based compensation liability. As of December 31, 2018 and 2019, information about inputs into the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 92%; font-size: 8pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Description </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">As of </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">December 31, </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">201<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Quoted Prices </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">in Active </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Markets for </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Identical Assets </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 1) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Observable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 2) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unobservable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 3) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other investments: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">- Equity investments with readily determinable<br/> fair value </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;">- <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 92%; font-size: 8pt; margin-right: 0px; margin-left: auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%; padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Description </div></div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Quoted Prices </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">in Active </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Markets for </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Identical Assets </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 1) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Other </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Observable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 2) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Unobservable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 3) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other investments: </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Equity investments with readily determinable fair value </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other liabilities:</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Financial guarantee</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">- Liability for cash-settled share-based compensation arrangements</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> </table> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The equity investments with readily determinable fair value are carried at fair values. The Group measures its listed equity securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities consist of investments in private companies’ redeemable debt that has stated maturity and pay a prospective fixed rate of return. The investments are recorded at fair value on a recurring basis. The fair value is measured using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such, they are classified in Level 2 measurement. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial guarantee assumed from the acquisition of Shan Shan Outlets, as disclosed in Note 3, is recorded as other liabilities on the consolidated balance sheets. Its fair value was estimated using the credit default method, with reference to the default and recovery rate of comparable guaranteed companies. The default and recovery rate applied are based on the default and recovery rate published by Standard &amp; Poor’s (“S&amp;P”) and Moody’s respectively, sorted by credit rating. As such, they are classified in Level 3 measurement.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of the liability on cash-settled share-based compensation arrangement was estimated using the Monte Carlo Simulation (Note 30 (c)), through simulation of the future net profits of the Shan Shan Outlets. As such, they are classified in Level 3 measurement.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The carrying values of the Group’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, net, other receivables, net, loan receivables, net, short-term investment, accounts payable, other current liabilities, advances from customers, amounts due from and to related parties, short-term loans and short-term securitization debt approximate their fair values due to the short-term nature of these instruments. The estimated fair value of convertible senior notes as of December 31, 2018 was approximately RMB4,260,195, as compared to its carrying value of RMB4,327,268. The Group fully redeemed the convertible senior notes in March, 2019. Fair value was estimated using quoted market prices and represented a Level 1 measurement. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Measured at fair value on a nonrecurring <div style="letter-spacing: 0px; top: 0px;;display:inline;">basis</div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The estimated fair values of equity method investments used in the impairment test were estimated by applying unobservable inputs to the discounted cash flow valuation methodology that are significant to the measurement of the fair value of these assets. The Group measures investment in equity method investees at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of equity investments without readily determinable fair value is estimated to be cost minus impairment, and if any, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other than the investments in equity method investees (Note 11) and the equity investments without readily determinable fair value (Note 12), the Group did not have any assets and liabilities that were measured at fair value on a nonrecurring basis. </div></div> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 92%; font-size: 8pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Description </div></div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">As of </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">December 31, </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">201<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Quoted Prices </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">in Active </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Markets for </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Identical Assets </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 1) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Observable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 2) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Significant </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unobservable </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Inputs </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(Level 3) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; white-space: nowrap;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Other investments: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">- Equity investments with readily determinable<br/> fair value </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 48%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal; white-space: nowrap;">- <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:9%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:2%;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 92%; font-size: 8pt; margin-right: 0px; margin-left: auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%; padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair Value Measurements at Reporting Date Using </div></div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Description </div></div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Quoted Prices </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">in Active </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Markets for </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Identical Assets </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 1) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Other </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Observable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 2) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Unobservable </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Inputs </div></div></div></div> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(Level 3) </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other investments: </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Equity investments with readily determinable fair value </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">506,302</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other liabilities:</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">- Financial guarantee</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">- Liability for cash-settled share-based compensation arrangements</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,726</div></div></div> </td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> </tr> </table> 217036000 217036000 130358000 130358000 506302000 506302000 8847000 8847000 5726000 5726000 <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; border-collapse: collapse; text-align: left; width: 100%; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; border: 0px; border-spacing: 0px; table-layout: fixed;"> <tr style="break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(aj)</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: left; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>compensation</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Employee <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> payments made to employees, including equity-classified employee share options, liability-classified employee share options, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares issued to employees which the Group has a repurchase option, are recognized as compensation expenses over the requisite service periods. The Group measures the cost of employee services received in exchange for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation at the fair values of the awards, which are determined on the grant date and each reporting period end, respectively for equity-classified employee share options and liability-classified employee share options. The Group recognizes compensation expense on a straight-line basis over the requisite service period for the entire award with graded vesting provided that the amount of compensation cost recognized at any date must at least equal the portion of the fair value of the award that is vested at that date. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">catch-up</div> adjustment in the period of change and will also impact the amount of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation expense to be recognized in future periods. </div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-employee</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> compensation made to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employees</div> are recognized as compensation expenses ratably over the requisite service periods. The Group measures the cost of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employee</div> services received in exchange for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation based on the fair value of the equity instruments issued. The Group measures the fair value of the equity instruments in these transactions using the share price and other measurement assumptions on the measurement date, which is determined as the earlier of the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or the date at which the counterparty’s performance is complete. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As the quantity and terms of the equity instruments issued to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employees</div> are known up front, the Group recognizes the cost incurred during financial reporting periods before the measurement date. The Group measures the equity instruments at their then-current fair values at each of the financial reporting dates, and attributes the changes in those fair values over the future services period until the measurement date has been established. </div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Modifications of equity awards </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group treats a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 4.5pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%; line-height: 4.5pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">k</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Earnings per share</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(a<div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Treasury shares</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;">Treasury shares represents ordinary shares repurchased by the Group that are no longer outstanding and are held by the Group. The repurchase of ordinary shares is accounted for under the cost method whereby the entire cost of the acquired share is recorded as treasury shares. The cost of treasury shares is transferred to “additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital” when it is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-issued</div> for the purpose of share options exercised and share awards.</div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">am</div>) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Segment reporting</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the prior years, the Group has identified two major operating segments, Vip.com segment and internet finance, in which the CODM reviews its financial result on a regular basis. For the year ended December 31, 2019, the Group has determined it has four operating segments, Vip.com, internet finance, Shan Shan Outlets, and offline shops. Vip.com and Shan Shan Outlets have been identified as reportable segments. Internet finance and offline shops operating segments were aggregated as others because individually they do not exceed the 10% quantitative threshold. The financial information of the respective segments are disclosed in Note 31.</div></div></div> 2 2 4 4 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(an) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Accounting standards issued but not adopted at December 31, 2019</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, FASB issued ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities and purchased financial assets with credit deterioration. In April 2019, the FASB issued ASU 2019-04, clarify a variety of topics previously covered in Update 2016-13. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ACL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. The standard and the amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 4.5pt;;display:inline;"> </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2019, the FASB issued ASU 2019-05 “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief” to provide an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2019-05 is effective for fiscal years and interim periods beginning after December 15, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowance for available-for-sale debt securities.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the Group’s financial instruments and risk management policies as of December 31, 2019, application of the above ASUs in the future may have impact on the measurement of the Group’s financial assets. The expected credit loss model may result in earlier provision of credit losses which are not yet incurred in relation to the Group’s financial assets measured at amortized cost. The Group is in the process of evaluating the impact of the ASUs and expect there’s no material impact to the financial statements. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In January 2017, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2017-04,</div> “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The update simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The update also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The update should be applied on a prospective basis. The nature of and reason for the change in accounting principle should be disclosed upon transition. The update is effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The guidance should be applied prospectively upon its effective date. The Group is currently evaluating the impact of adopting this guidance. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In August 2018, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-13,</div> “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in Topic 820, “Fair Value Measurement.” The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements </div> </div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. The Group is currently evaluating the impact of adopting this guidance. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In October 2018, the FASB issued ASU No.<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"> 2018-17,</div> Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities, which modifies the guidance related to indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interest. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-17</div> is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted. The Group is currently evaluating the impact of adopting this guidance. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2019, the FASB issued ASU 2019-01, which added guidance to ASC 842 that is similar to the guidance in ASC 840-10-55-44 and states that, for lessors that are not manufacturers or dealers, the fair value of the underlying asset is its cost, less any volume or trade discounts, as long as there isn’t a significant amount of time between acquisition of the asset and lease commencement. The amendments also clarify that lessors in the scope of ASC 942 must classify principal payments received from sales-type and direct financing leases in investing activities in the statements of cash flows. In addition, the amendments clarify that entities are not subject to the transition disclosure requirements in ASC 250-10-50-3 related to the effect of an accounting change on certain interim period financial information. The Group anticipates that the adoption of ASU 2019-01 will not have material impact on the Group’s consolidated financial statements.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.”</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The ASU is expected to reduce cost and complexity related to the accounting for income taxes by removing specific exceptions to general principles in Topic 740 (eliminating the need for an organization to analyze whether certain exceptions apply in a given period) and improving financial statement preparers’ application of certain income tax-related guidance. This ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Group is currently assessing the impact that ASU 2019-12 will have on its consolidated financial statements.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Significant acquisition</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Acquisition <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">of Shan Shan Outlets</div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On July 10, 2019, the Group acquired 100% equity interest of Shan Shan Outlets for a total cash consideration of RMB2,950,000, in which RMB2,925,000 has been paid as of December 31, 2019. Shan Shan Outlets primarily engaged in outlet management business in China. The Group acquired Shan Shan Outlets to expand into the outlet business to supplement its growth strategy.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The acquisition had been accounted for as a business combination. The results of operations of Shan Shan Outlets have been included in the Group’s consolidated financial statements from the acquisition date. The assets acquired and liabilities assumed were recorded at their respective fair values on the date of acquisition. Shan Shan Outlets’ revenue contribution to the Group is RMB245,817 and is not considered material to the Group.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounted for this acquisition as business combination. The results of operations of Shan Shan Outlets have been included in the Group’s consolidated financial statements since the acquisition date. The assets acquired and liabilities assumed were recorded at their respective fair values on the date of acquisition. The purchase price allocations were determined by the Group with the assistance of an independent valuation appraiser and estimated by applying the income approach and depreciated replacement cost method as follows:</div></div></div> <div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 82%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average amortization </div> </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">period </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(in years)</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Consideration: </div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,925,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Consideration payable</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total consideration transferred</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,950,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Recognized amounts of identifiable assets acquired and liabilities assumed:</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">175,822</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">6,420</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other receivables and prepayments</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">537,182</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventories </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">46,603</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from related parties </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">12,821</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other long-term assets </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets, net </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">51,252</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">461,408</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14~20 </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Land use rights </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">837,160</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">30~40 </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Construction in progress </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">207,707</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in equity method investees </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,322,375</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets acquired </div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,683,750</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(69,427</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advances from customers </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(42,795</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(179,574</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts due to related parties </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(282,106</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(194,162</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bank borrowings</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(709,954</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial guarantee</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax liabilities</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(91,272</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities assumed</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(1,578,137</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">)</div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net assets acquired</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,105,613</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(314,537</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">158,924</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"/> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,950,000</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div/> <div style="margin-top: 1em; margin-bottom: 0em;"/> <div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"/> </div> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The goodwill of RMB158,924 was generated from the synergy of the acquisition that helps the Group gain presence in the offline outlet business in China and further enhances the ecosystem and fortifies the Group’s leading position in China’s discount retail segment. Goodwill is assigned to the Shan Shan Outlets segment. None of the goodwill is expected to be deductible for income tax purposes.</div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenues and net income of Shan Shan Outlets in the amount of RMB245.8 million and RMB31.5 million, respectively, attributable to Shan Shan Outlet were included in the Group’s consolidated statement of income and comprehensive income since the acquisition date.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Pro forma results of operations for the Shan Shan acquisition have not been presented as they are not material to the Group’s consolidated results.</div></div></div> 1 2950000000 245817000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 82%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average amortization </div> </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">period </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">(in years)</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Consideration: </div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,925,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Consideration payable</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total consideration transferred</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,950,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Recognized amounts of identifiable assets acquired and liabilities assumed:</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">175,822</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">6,420</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other receivables and prepayments</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">537,182</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventories </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">46,603</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from related parties </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">12,821</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other long-term assets </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25,000</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets, net </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">51,252</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">461,408</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14~20 </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Land use rights </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">837,160</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">30~40 </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Construction in progress </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">207,707</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in equity method investees </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,322,375</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets acquired </div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,683,750</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(69,427</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advances from customers </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(42,795</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(179,574</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts due to related parties </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(282,106</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(194,162</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bank borrowings</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(709,954</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial guarantee</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(8,847</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax liabilities</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(91,272</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities assumed</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(1,578,137</div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">)</div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net assets acquired</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,105,613</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(314,537</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">158,924</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"/> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,950,000</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 2925000000 25000000 2950000000 175822000 6420000 537182000 46603000 12821000 25000000 51252000 461408000 P14Y P20Y 837160000 P30Y P40Y 207707000 2322375000 4683750000 69427000 42795000 179574000 282106000 194162000 709954000 -8847000 91272000 1578137000 3105613000 314537000 158924000 2950000000 158924000 245800000 31500000 <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border: 0px currentcolor;width: 100%;margin-top: 18pt;margin-bottom: 0pt;border-collapse: collapse;border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">4. </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Revenue</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">From January 1, 2018, the Group accounts for revenue in accordance with Topic 606, “Revenue from Contracts with Customers”.</div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Product revenue recognition </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;">The majority of the Group’s revenue is derived from <div style="letter-spacing: 0px; top: 0px;;display:inline;">online </div>product revenue. The Group recognizes revenue from the sale of apparel, fashion goods, cosmetics, home goods and lifestyle products and other merchandise through its online platforms, including its internet website and cellular phone application. The Group utilizes <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-house</div> and external delivery service providers to deliver goods to its customers. The Group recognizes revenue at the point of time when the goods have been accepted by the customers. The customers have the options to pay for the goods in advance, upon acceptance of the goods or to pay over an agreed upon instalment period.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For offline product revenue, the Group recognizes revenue at the point of time when customers pay and obtain control of the products.</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;">Revenue was recorded net of surcharges and value added tax (“VAT”) of gross sales. Surcharges are sales related taxes representing the City Maintenance and Construction Tax and Education Surtax. Revenues also include fees charged to customers for shipping and handling expenses. The Group incurs expenses or pays fees to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-house</div> and external delivery service providers, respectively, and records such expenses and fees as shipping and handling expenses.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group records all product revenue on a gross basis. To determine whether the Group is an agent or principal in the sale of products, the Group considers the following indicators: the Group is primarily responsible for fulfilling the promise to provide the specified goods or services, is subject to inventory risks before the specified goods or services have been transferred to a customer or after transfer of control to the customers, and has discretion in establishing the price of the specified goods or services. </div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Return rights</div></div> </div></div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group offers online sales customers with an unconditional right of return for a period of 7 days upon receipt of the products on sales from its platforms. The Group reduces online product revenues by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns,</div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">and recorded as a refund liability included in accrued expenses and other current liabilities (Note 14) and the estimated inventories in-transit subject to those estimated returns are included in inventories on the consolidated balance sheets.</div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Membership reward program </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group grants Weipin Coins to the <div style="letter-spacing: 0px; top: 0px;;display:inline;">online </div>customers when they purchase goods from its platforms. Weipin Coins can be offset against payments when customers make their future purchases. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Upon adoption of Topic 606, the Group considers the Weipin Coins as a separate performance obligation and allocates the transaction price proportionally between the product sold and the Weipin Coins granted on a relative standalone selling price basis in consideration of the likelihood of future redemption and the equivalent value per Coin when it is redeemed. There is no significant impact upon adoption of Topic 606 other than the deferred income recorded is considered as a contract liability. As of December 31, 2018 and 2019, the Group recorded deferred income related to Weipin Coins of RMB150,240<div style="letter-spacing: 0px; top: 0px;;display:inline;"> a</div>nd RMB138,017, respectively.</div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">New members who register on the Group’s online platforms or existing members introducing new members to the Group’s online platforms will be granted free Weipin Coins. These Weipin Coins are not related to prior sales and are recorded as reduction of revenue at the time of use. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group has a paid online membership program called Super VIP, which allows its members to enjoy certain privileges. The revenue related to the membership fee is recognized on a straight-line basis over the period of the membership. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenues </div></div></div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenues consist of (1) commission from platform access; (2) logistic service to external customers; (3) promotional and advertising service; (4) inventory and warehouse management service and (5) interest income from microcredit and consumer financing and (6) lease income and other miscellaneous income earned from the Shan Shan Outlets.</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group charges fees to third-party merchants to access the Group’s platform for sales of their products. The Group is not primarily responsible for fulfilling the promised contracts, as it does not bear the inventory risk, nor has the discretion in establishing prices. Upon successful sales on the Group’s online platforms, the Group will charge the third-party merchants commission fees. Commission fees are recognized on a net basis at the point of sales of products. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue from providing logistic services to external customers are recognized upon the completion of the performance of services. The Group has ceased providing logistic services to external customers and starts outsourcing its logistic services to a third-party logistic service provider starting in November 2019.</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue from promotional and advertising, inventory and warehouse management services are recognized over the period during which the services are provided, net of VAT. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In connection with the Group’s product revenues, certain approved customers have the option to pay for the goods over an instalment period up to 24 months. Significant financing component exists in sales paid by instalments. The Group elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component for all instances in which the period between payment </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">and transfer of the goods will be one year or less. For the contracts with instalment period over 12 months, the transaction price is adjusted for the effects of the time value of money which is equivalent to the amounts charged in separate financing transaction between the Group and its customers at contract inception. The revenues earned from the financing service is recognized over the instalment period and included in other revenues. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets leases its shop space to various brand shops to conduct sales activities, the related revenue is accounted under ASC 842, please refer to detail information in Note 2(v). Other miscellaneous income such as advertising income is recognised over the period where the service provided.</div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Remaining performance obligations </div></div></div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At December 31, 2018 and 2019, the Group had unfulfilled performance obligations for products to be passed to customers of RMB1,410 million and RMB1,118 million, and performance obligations related to Weipin Coins granted to customers and Super VIP membership fee of RMB355 million and RMB382 million, respectively. The Group expects revenue to be recognized for the remaining performance obligations within the next year. The remaining performance obligations are accounted under advance from customers and deferred income. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The remaining performance obligation in relation to the financing service represents the remaining period of financing benefit to the customers based on the agreed upon instalment periods. </div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Disaggregation of revenue </div></div></div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group disaggregates its revenue from different types of contracts with customers by principal product categories, as the Group believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See Note 31 for product revenues by principal product categories. </div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Contract balances </div></div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The estimated inventories in<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>transit relating to estimated returns are contract assets included in inventories. The balance of contract assets is RMB151,117 and RMB177,783 as of December 31, 2018 and December 31, 2019, respectively. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s contract liabilities consist of prepayments from customers, unredeemed Weipin Coins and Super VIP membership reward program and refund liability related to estimated return. As of December 31, 2018 and December 31, 2019, the balances of the contract liabilities are RMB1,954 million and RMB1,726 million, included in advances from customers, deferred income and accrued expenses and other current liabilities. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">All contract liabilities at the beginning of the year ended December 31, 2019 were recognized as revenue during the year ended December 31, 2019<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;">All</div> contract liabilities as of year ended December 31, 2019 are expected to be realized in the following year. </div></div></div> P7D 150240000 150240000 138017000 138017000 P24M P12M 1410000000 1118000000 355000000 382000000 151117000 177783000 1954000000 1726000000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts receivable, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Components of accounts receivable are as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other trade receivables (Note a) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,302,391 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,051,707 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Delivery service providers (Note b) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">297,242 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 6%; height: 16px; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others<div style="letter-spacing: 0px; top: 0px;;display:inline;"> (Note c)</div> </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">192,642 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">355,837 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,792,275 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,407,544 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(111,778 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,674,731 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,295,766 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">The Group provides consumer financing to certain customers as part of the Group’s Internet financing business. As of December 31, 2018 and 2019, RMB 1.2 billion and <div style="letter-spacing: 0px; top: 0px;;display:inline;">nil</div> receivables from customer financing were collateralized for the issuance of asset-backed debts, respectively. Details of the securitization debt are set out in Note <div style="letter-spacing: 0px; top: 0px;;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div></div>.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">For certain sales transactions, third<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>party delivery service providers will collect payments from the Group’s customers upon delivery of goods, and remit such payments back to the Group on a periodic basis.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> </td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others mainly represent receivables from online promotional and advertising services as well as warehousing services to the Group’s vendors.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The movement of allowance for doubtful debts during the years are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 66%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful accounts: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,209</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(124,891</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Provision for allowance during the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(111,183</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(166,396</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(155,242</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Write-offs during the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">32,501</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">173,743</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">161,008</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(124,891</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(111,778</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="font-size: 10pt; text-align: center; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other trade receivables (Note a) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,302,391 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,051,707 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Delivery service providers (Note b) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">297,242 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 6%; height: 16px; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others<div style="letter-spacing: 0px; top: 0px;;display:inline;"> (Note c)</div> </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">192,642 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">355,837 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,792,275 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,407,544 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(111,778 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 75%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,674,731 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,295,766 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 75%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">The Group provides consumer financing to certain customers as part of the Group’s Internet financing business. As of December 31, 2018 and 2019, RMB 1.2 billion and <div style="letter-spacing: 0px; top: 0px;;display:inline;">nil</div> receivables from customer financing were collateralized for the issuance of asset-backed debts, respectively. Details of the securitization debt are set out in Note <div style="letter-spacing: 0px; top: 0px;;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div></div>.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">For certain sales transactions, third<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>party delivery service providers will collect payments from the Group’s customers upon delivery of goods, and remit such payments back to the Group on a periodic basis.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"> </td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others mainly represent receivables from online promotional and advertising services as well as warehousing services to the Group’s vendors.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 5302391000 1051707000 297242000 0 192642000 355837000 5792275000 1407544000 117544000 111778000 5674731000 1295766000 1200000000 0 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 66%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful accounts: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,209</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(124,891</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Provision for allowance during the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(111,183</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(166,396</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(155,242</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Write-offs during the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">32,501</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">173,743</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">161,008</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(124,891</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(117,544</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(111,778</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 46209000 124891000 117544000 111183000 166396000 155242000 32501000 173743000 161008000 124891000 117544000 111778000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other receivables and prepayments, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Components of other receivables and prepayments are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deposits (Note a) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">436,402 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">324,018 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VAT<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and EIT</div> recoverable </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,949 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,567,589 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Interest receivable </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">100,402 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,578 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Advances to suppliers related to financing activities (Note b) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,269,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,442 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Prepayment to suppliers related to procurement activities</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">707,233 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">593,117 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Prepaid expense </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">119,436 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">62,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">230,024 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">324,877 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,634,344 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,931,781 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,888 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,594,736 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,897,893 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Deposits consist of amounts paid to vendors for advertising and rentals.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides financing to some of its suppliers by advancing them cash, and holds portions of accounts payables the Group owed to them as pledges with interest bearing from 8% to 18%.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The movement of allowance for doubtful debts during the years are as follow: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful accounts: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(23,418</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(43,097</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Provision for allowance during the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(19,679</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,220</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(10,456 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Write-offs during the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,709 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,176 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(43,097</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,888 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deposits (Note a) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">436,402 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">324,018 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VAT<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and EIT</div> recoverable </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,949 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,567,589 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Interest receivable </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">100,402 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,578 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Advances to suppliers related to financing activities (Note b) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,269,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,442 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Prepayment to suppliers related to procurement activities</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">707,233 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">593,117 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Prepaid expense </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">119,436 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">62,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">230,024 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">324,877 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,634,344 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,931,781 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,888 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,594,736 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,897,893 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Deposits consist of amounts paid to vendors for advertising and rentals.</td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides financing to some of its suppliers by advancing them cash, and holds portions of accounts payables the Group owed to them as pledges with interest bearing from 8% to 18%.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 436402000 324018000 770949000 1567589000 100402000 22578000 1269898000 37442000 707233000 593117000 119436000 62160000 230024000 324877000 3634344000 2931781000 39608000 33888000 3594736000 2897893000 0.08 0.18 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful accounts: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(23,418</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(43,097</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Provision for allowance during the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(19,679</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,220</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(10,456 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Write-offs during the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,709 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,176 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(43,097</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(39,608</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,888 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 23418000 43097000 39608000 19679000 5220000 10456000 8709000 16176000 43097000 39608000 33888000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018 and 2019, the Group’s short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments consist </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">of<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">time</div><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> deposits and financial products offered by commercial banks in the PRC amounted</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">to </div></div>RMB2,321,244 and RMB3,052,726, respectively, which matures within one year and are classified as current assets. The amount of <div style="letter-spacing: 0px; top: 0px;;display:inline;">interest income recognized but not yet pai<div style="letter-spacing: 0px; top: 0px;;display:inline;">d </div></div>as of December 31, 2018 and 2019 was RMB48,604<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>and RMB11,621, respectively. </div></div> 2321244000 3052726000 48604000 11621000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">8. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property and equipment, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Buildings </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,113,753 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,689,846 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixtures and equipment </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,709,502 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,137,031 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">407,330 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">840,895 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">422,902 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">382,218 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Software </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">60,858 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">69,898 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Construction in process </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,179,701 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,712,357 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Sub-total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,894,046 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,832,245 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: <div style="letter-spacing: 0px; top: 0px;;display:inline;">A</div>ccumulated depreciation </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,362,563</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,092,864 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Less: <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A</div>ccumulated </div>impairment</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 8%; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">—</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(482,571</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,531,483 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,256,810 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding: 0px 0px 0.5pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding: 0px 0px 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding: 0px 0px 0.5pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding: 0px; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding: 0px; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Depreciation expenses were charged to: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">329,945 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">402,942 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">456,678 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">305 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">380 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">23,179 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">312,506 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">282,020 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">232,944 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">78,084 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,948 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,567 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding: 0px 0px 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">720,840 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,290 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">830,368 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, due to declining utilization on two of the Group’s transit warehouses, it has decided to rent out these warehouses. Due to this change, the Group has identified an impairment indicator for its transit warehouses due to their declining utilization rate and recognized impairment loss of RMB482.6 million. The impairment loss is recorded in general and administrative expenses on the consolidated statements of income and comprehensive income. The amount of impairment is determined by its fair value as estimated using discounted expected future cash flows less the carrying amount. The Group views the transit warehouse together with their land use right as an asset group and the land use right was impaired, accordingly.</div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Buildings </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,113,753 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,689,846 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixtures and equipment </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,709,502 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,137,031 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">407,330 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">840,895 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">422,902 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">382,218 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Software </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">60,858 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">69,898 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Construction in process </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,179,701 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,712,357 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Sub-total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,894,046 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,832,245 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: <div style="letter-spacing: 0px; top: 0px;;display:inline;">A</div>ccumulated depreciation </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,362,563</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,092,864 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Less: <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A</div>ccumulated </div>impairment</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 8%; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">—</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(482,571</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,531,483 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,256,810 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 4113753000 6689846000 2709502000 3137031000 407330000 840895000 422902000 382218000 60858000 69898000 3179701000 3712357000 10894046000 14832245000 2362563000 3092864000 482571000 8531483000 11256810000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding: 0px 0px 0.5pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding: 0px 0px 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding: 0px 0px 0.5pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding: 0px; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding: 0px; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Depreciation expenses were charged to: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">329,945 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">402,942 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">456,678 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">305 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">380 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">23,179 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">312,506 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">282,020 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">232,944 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">78,084 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,948 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,567 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding: 0px 0px 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding: 0px 0px 0.5px; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">720,840 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,290 </div></div></td> <td style="padding: 0px; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">830,368 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 329945000 402942000 456678000 305000 380000 23179000 312506000 282020000 232944000 78084000 84948000 117567000 720840000 770290000 830368000 -482600000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">9. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Land use rights, net</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Land use right </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,053,855 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,868,774 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated amortization </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(168,277</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(272,658 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td></tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: impairment</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">—</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,008</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 77%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Land use rights, net </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,885,578 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,541,108 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 77%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The expiry dates of the land use rights range from the years 2064 to 2068. </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amortization expenses charged were RMB55,545, RMB71,601 and RMB104,381 for the years ended December 31, 2017, 2018 and 2019, respectively. The Group expects to record amortization expense of RMB124,095 for each of the year ending December 31, 2020, 2021, 2022, 2023 and 2024.</div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;">An impairment loss of RMB55 million was recorded in general and administrative expenses on the consolidated statements of income and comprehensive income for the year ended December 31, 2019<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Land use right </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,053,855 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,868,774 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated amortization </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(168,277</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(272,658 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td></tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Less: impairment</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">—</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,008</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 77%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 77%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Land use rights, net </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,885,578 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,541,108 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 77%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 4053855000 5868774000 168277000 272658000 -55008000 3885578000 5541108000 55545000 71601000 104381000 124095000 124095000 124095000 124095000 -55000000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">10. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Intangible assets, net</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 35%; padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 0.5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accumulated<br/> amortization<br/> (Note a) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net<br/> amount </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accumulated<br/> amortization<br/> (Note a) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net<br/> amount </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,040</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(15,040</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">    14,396</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">    (14,396</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">    —</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">    —</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Customer Relationships </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(299,317</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13,986</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Trademarks </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">888,538</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(885,674</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,864</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">888,480</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(886,948</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,532</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-compete </div> agreement</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(70,127</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment license (Note b) </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">44,823</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(11,318</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,598</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">41,479</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(8,454</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,118</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 35%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,651,491</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,281,476</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">353,108</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,647,445</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,293,228</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">337,310</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 35%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 0.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Amortization expenses for intangible assets were RMB340,816, RMB47,842 and RMB15,757 for the years ended December 31, 2017, 2018 and 2019, respectively. The Group expects to record amortization expenses of RMB1,162, RMB274, RMB95, RMB1 and nil for the years ending <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2020, 2021, 2022, 2023 and 2024, respectively.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Payment license enables the Group to provide payment services and qualifies as a paying institution, has a legal life of 5 years. The Group renewed the license during the year ended December 31, 2017 and the expiry date will be June 2022. The Group believes it would be able to renew the payment license at minimal cost continuously and has the ability to do so. As a result, the payment license is considered by the Group as having an indefinite life because it is expected to contribute to net cash inflow indefinitely.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 35%; padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 0.5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accumulated<br/> amortization<br/> (Note a) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net<br/> amount </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accumulated<br/> amortization<br/> (Note a) </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net<br/> amount </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Domain names </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,040</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(15,040</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">    14,396</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">    (14,396</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">    —</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">    —</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Customer Relationships </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(299,317</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13,986</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(313,303</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Trademarks </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">888,538</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(885,674</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,864</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">888,480</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(886,948</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,532</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-compete </div> agreement</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(70,127</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(70,127</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment license (Note b) </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">319,660</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">44,823</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(11,318</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,598</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">41,479</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(8,454</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,118</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 35%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 35%; line-height: 9pt; font-size: 9pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,651,491</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,281,476</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">353,108</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,647,445</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,293,228</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(16,907</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 0.5%; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; line-height: 9pt; font-size: 9pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">337,310</div><div style="line-height: 9pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 9pt; background: none;;display:inline;"> </div></div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 9pt; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 35%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 0.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Amortization expenses for intangible assets were RMB340,816, RMB47,842 and RMB15,757 for the years ended December 31, 2017, 2018 and 2019, respectively. The Group expects to record amortization expenses of RMB1,162, RMB274, RMB95, RMB1 and nil for the years ending <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2020, 2021, 2022, 2023 and 2024, respectively.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Payment license enables the Group to provide payment services and qualifies as a paying institution, has a legal life of 5 years. The Group renewed the license during the year ended December 31, 2017 and the expiry date will be June 2022. The Group believes it would be able to renew the payment license at minimal cost continuously and has the ability to do so. As a result, the payment license is considered by the Group as having an indefinite life because it is expected to contribute to net cash inflow indefinitely.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 15040000 15040000 14396000 14396000 313303000 299317000 13986000 313303000 313303000 888538000 885674000 2864000 888480000 886948000 1532000 70127000 70127000 70127000 70127000 319660000 319660000 319660000 319660000 44823000 11318000 16907000 16598000 41479000 8454000 16907000 16118000 1651491000 1281476000 16907000 353108000 1647445000 1293228000 16907000 337310000 340816000 47842000 15757000 1162000 274000 95000 1000 0 P5Y <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">11. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Investment in equity method investees</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in equity method investees consist of investments in affiliated companies, over which the Group has significant influence but not control, partnerships that the Group has more than a minor influence and joint ventures. The Group generally considers an ownership interest of 20% or higher to represent significant influence. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">Investments in equity method investments as of December 31, 2018 and 2019 were as follows:</div></div> <div style="font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 79%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Kunshan Baowei Information Technology Limited (“Kunshan Baowei”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(i)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">271,959 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">294,527 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shenzhen Tencent Puhe Limited Partnership (“Tencent Puhe”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(ii)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">293,481 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">251,915 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(204, 238, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Sequoia Fashion and Technology Industry Fund Investment Limited Partnership (“Sequoia Fashion and Technology”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iii)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"> <div style="margin-bottom:0.0001pt; text-align:right; line-height:normal; margin-top:0px; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">96,712</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shanjing business management (Ningbo) Co., Ltd (“Ningbo Shanjin”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">829,410</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">510,223</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Zhengzhou Shan Shan Outlets Shopping Mall Co., Ltd (“Zhengzhou Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">470,934</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Harbin Shan Shan Chunxiaqiudong Properties Co., Ltd (“Harbin Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">440,821</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background: rgb(255, 255, 255); padding: 0in;;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 11.3333px; vertical-align: top; line-height: 5.476pt;;display:inline;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin-bottom:0.0001pt; text-align:right; line-height:normal; margin-top:0px; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">123,758</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,987 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">94,652 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, serif; line-height: 1pt; font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,112,952 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 0px; background: none;"/> <div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s principal equity method investments and its ownership interest (direct and indirect) for each at December 31, 2018 and 2019 are as follows: </div></div></div> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(i)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">In November 2018, the Group entered into an agreement with another PRC company, to set up a joint venture, Kunshan Baowei, which is incorporated in PRC and engages in sports accessories trading. The Group was entitled to 45% equity interest, for a total consideration of RMB272 million pursuant to the agreement.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(ii)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">In May 2018, the Group acquired 14% limited partnership interest in Tencent Puhe, which is a PRC limited partnership company, for a total consideration of RMB362.5 million.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(iii)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">In October 2019, the Group acquired 17% limited partnership interest in Sequoia Fashion and Technology, which is a PRC limited partnership industry fund. As of December 31, 2019, the Group’s total contribution amounted to RMB110 million and there is a remaining investment commitment of RMB1,890 million.</div></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">(iv) </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">In July 2019</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">, the Group acquired equity interests of 54</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, 60</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, 51</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">% ,60</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">% and 41</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, respectively in Ningbo Shanjin, Shanxi Shan Shan, Zhengzhou Shan Shan, Harbin Shan Shan and Gansu Shan Shan as part of the Shan Shan Outlets acquisitions. These entities are established in the PRC and engaged in outlets operating business.</div></div></div></div></div></div></div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the years ended December 31, 2017, 2018 and 2019, the Group recognized its share of (loss) <div style="letter-spacing: 0px; top: 0px;;display:inline;">income i<div style="letter-spacing: 0px; top: 0px;;display:inline;">n</div> its</div> equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees in the amount of RMB(22,280), RMB(46,999) and RMB27,182, respectively<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div> No impairment of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees has been recorded during these periods.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 79%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Kunshan Baowei Information Technology Limited (“Kunshan Baowei”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(i)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">271,959 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">294,527 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shenzhen Tencent Puhe Limited Partnership (“Tencent Puhe”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(ii)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">293,481 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">251,915 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(204, 238, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Sequoia Fashion and Technology Industry Fund Investment Limited Partnership (“Sequoia Fashion and Technology”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iii)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"> <div style="margin-bottom:0.0001pt; text-align:right; line-height:normal; margin-top:0px; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">96,712</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shanjing business management (Ningbo) Co., Ltd (“Ningbo Shanjin”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">829,410</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">510,223</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Zhengzhou Shan Shan Outlets Shopping Mall Co., Ltd (“Zhengzhou Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">470,934</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Harbin Shan Shan Chunxiaqiudong Properties Co., Ltd (“Harbin Shan Shan”)</div><div style="font-size: 7.4pt; line-height: 5.476pt;;display:inline;vertical-align: top;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">440,821</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr> <td style="background: rgb(255, 255, 255); padding: 0in;;vertical-align:top;"> <div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:Calibri,sans-serif"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 11.3333px; vertical-align: top; line-height: 5.476pt;;display:inline;">(iv)</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin-bottom:0.0001pt; text-align:right; line-height:normal; margin-top:0px; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="padding: 0in; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> <div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">123,758</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,987 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">94,652 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, serif; line-height: 1pt; font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); line-height: 1pt; font-size: 1pt;"><div style="font-size: 1pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,112,952 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 0px; background: none;"/> <div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s principal equity method investments and its ownership interest (direct and indirect) for each at December 31, 2018 and 2019 are as follows: </div></div></div> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(i)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">In November 2018, the Group entered into an agreement with another PRC company, to set up a joint venture, Kunshan Baowei, which is incorporated in PRC and engages in sports accessories trading. The Group was entitled to 45% equity interest, for a total consideration of RMB272 million pursuant to the agreement.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(ii)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">In May 2018, the Group acquired 14% limited partnership interest in Tencent Puhe, which is a PRC limited partnership company, for a total consideration of RMB362.5 million.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(iii)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">In October 2019, the Group acquired 17% limited partnership interest in Sequoia Fashion and Technology, which is a PRC limited partnership industry fund. As of December 31, 2019, the Group’s total contribution amounted to RMB110 million and there is a remaining investment commitment of RMB1,890 million.</div></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border: 0px currentcolor; width: 100%; margin: 6pt auto 0in 0px; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px; text-align: left;;display:inline;">(iv) </div></td> <td style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px; text-align: left;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">In July 2019</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">, the Group acquired equity interests of 54</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, 60</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, 51</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">% ,60</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">% and 41</div></div><div style="line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">%, respectively in Ningbo Shanjin, Shanxi Shan Shan, Zhengzhou Shan Shan, Harbin Shan Shan and Gansu Shan Shan as part of the Shan Shan Outlets acquisitions. These entities are established in the PRC and engaged in outlets operating business.</div></div></div></div></div></div></div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 271959000 294527000 293481000 251915000 96712000 829410000 510223000 470934000 440821000 123758000 101987000 94652000 667427000 3112952000 0.45 272000000 0.14 362500000 0.17 110000000 1890000000 0.54 0.60 0.51 0.60 0.41 -22280000 -46999000 27182000 0 0 0 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">12. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other investments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;">Other investments consist of equity investments with readily determinable fair value, equity investments without readily determinable fair value and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> debt securities. The carrying amounts and fair values of the Group’s other investments are as follows:</div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="18" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Original<br/> cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unrealized<br/> gains </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Accumulated<br/> impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">difference </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Balance as</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">of year end </div><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">149,406 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">105,235 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(48,634</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,029 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities (Note b)</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">160,314 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(35,073</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,117 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair value<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,231,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,163 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(225,206</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">48,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,123,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,540,958 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">173,398</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(308,913</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">65,108 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,470,551 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="line-height: 1.5pt; font-size: 1.5pt;"><div style="font-size: 1.5pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="clear: both; max-height: 0px;"/> <div style="width: 100%; float: right;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1.5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="18" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Original<br/> cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unrealized<br/> gains </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Accumulated<br/> impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">difference </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Balance as</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">of year end </div><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">268,910 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">270,966 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(48,634 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,060 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">506,302 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities (Note b)</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">112,314 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(118,689 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,375 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair value<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,643,635 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,163 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(269,179 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">53,835 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,496,454 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,024,859 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">339,129</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(436,502 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">75,270 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,002,756 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gain on disposal of the investment was recorded to net income at the amount of RMB55,615, nil and RMB190 during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div> ended December 31, 2017, 2018 and 2019, respectively. No impairment loss <div style="letter-spacing: 0px; top: 0px;;display:inline;">was recorded </div>for the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group recorded unrealized (loss) gain of RMB(442), RMB105,235 and RMB165,731 according to the changes of the fair values of these investments during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019, respectively. </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 25, 2019, one of the investee Zhejiang Merit Interactive Network Technology Co., Ltd. was listed on the Shenzhen Stock Exchange Growth Enterprises Market Board and its preferred shares outstanding were converted to ordinary shares upon the completion of the listing. Accordingly, the Group’s investment in the amount of RMB48,000 was reclassified from available-for-sale securities to equity investments with readily determinable fair values upon this listing.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For other available-for-sale debt securities, the Group recorded impairment of RMB15,000, RMB20,073 and RMB83,616 during <div style="letter-spacing: 0px; top: 0px;;display:inline;">the </div>year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019, respectively. </div></div></div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair values</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The principal additions during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2018 and 2019 are as follow: </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2018, the Group entered into an agreement and committed to invest up to US$250 million <div style="letter-spacing: 0px; top: 0px;;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">approximately RMB1,740 million</div>) </div>into a private equity fund. During the year ended December 31, 2019, the Group further invested US$58.4<div style="letter-spacing: 0px; top: 0px;;display:inline;"> million</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;">(</div></div></div>approximately RMB407 million<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div> to the fund. As of December 31, 2018 and 2019, the Group’s total contribution to the fund amounted to RMB126.1 million and RMB535.4 million respectively.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In June 2018, the Group invested in Guofu Life Insurance Co., Ltd for consideration of RMB240.0 million, which mainly engaged in domestic insurance services.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In June 2018, the Group invested RMB144.4 million in a private company, which mainly engaged in global high-quality food sales via mobile apps.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, the Group recorded RMB68,163 unrealized gain for one of its unlisted equity investments based on observable price changes in orderly transaction for a similar investment. The Group recorded impairment loss of RMB118,026, nil and RMB43,973 for year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019 respectively for the other equity investments without readily determinable fair values. </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="18" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Original<br/> cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unrealized<br/> gains </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Accumulated<br/> impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">difference </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Balance as</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">of year end </div><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">149,406 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">105,235 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(48,634</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,029 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,036 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities (Note b)</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">160,314 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(35,073</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,117 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,358 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair value<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,231,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,163 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(225,206</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">48,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,123,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,540,958 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">173,398</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(308,913</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">65,108 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,470,551 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="line-height: 1.5pt; font-size: 1.5pt;"><div style="font-size: 1.5pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="clear: both; max-height: 0px;"/> <div style="width: 100%; float: right;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1.5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="18" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019 </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Original<br/> cost </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Unrealized<br/> gains </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Accumulated<br/> impairment </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">difference </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Balance as</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="font-size: 8pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">of year end </div><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">268,910 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">270,966 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(48,634 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,060 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">506,302 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities (Note b)</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">112,314 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(118,689 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,375 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair value<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,643,635 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,163 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(269,179 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">53,835 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,496,454 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,024,859 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">339,129</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(436,502 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">75,270 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,002,756 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1.5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments with readily determinable fair value</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gain on disposal of the investment was recorded to net income at the amount of RMB55,615, nil and RMB190 during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div> ended December 31, 2017, 2018 and 2019, respectively. No impairment loss <div style="letter-spacing: 0px; top: 0px;;display:inline;">was recorded </div>for the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group recorded unrealized (loss) gain of RMB(442), RMB105,235 and RMB165,731 according to the changes of the fair values of these investments during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019, respectively. </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale</div> debt securities</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 25, 2019, one of the investee Zhejiang Merit Interactive Network Technology Co., Ltd. was listed on the Shenzhen Stock Exchange Growth Enterprises Market Board and its preferred shares outstanding were converted to ordinary shares upon the completion of the listing. Accordingly, the Group’s investment in the amount of RMB48,000 was reclassified from available-for-sale securities to equity investments with readily determinable fair values upon this listing.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For other available-for-sale debt securities, the Group recorded impairment of RMB15,000, RMB20,073 and RMB83,616 during <div style="letter-spacing: 0px; top: 0px;;display:inline;">the </div>year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019, respectively. </div></div></div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity investments without readily determinable fair values</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The principal additions during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2018 and 2019 are as follow: </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2018, the Group entered into an agreement and committed to invest up to US$250 million <div style="letter-spacing: 0px; top: 0px;;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">approximately RMB1,740 million</div>) </div>into a private equity fund. During the year ended December 31, 2019, the Group further invested US$58.4<div style="letter-spacing: 0px; top: 0px;;display:inline;"> million</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;">(</div></div></div>approximately RMB407 million<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div> to the fund. As of December 31, 2018 and 2019, the Group’s total contribution to the fund amounted to RMB126.1 million and RMB535.4 million respectively.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In June 2018, the Group invested in Guofu Life Insurance Co., Ltd for consideration of RMB240.0 million, which mainly engaged in domestic insurance services.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In June 2018, the Group invested RMB144.4 million in a private company, which mainly engaged in global high-quality food sales via mobile apps.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, the Group recorded RMB68,163 unrealized gain for one of its unlisted equity investments based on observable price changes in orderly transaction for a similar investment. The Group recorded impairment loss of RMB118,026, nil and RMB43,973 for year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2017, 2018 and 2019 respectively for the other equity investments without readily determinable fair values. </div></div></div> 149406000 105235000 48634000 11029000 217036000 160314000 35073000 5117000 130358000 1231238000 68163000 225206000 48962000 1123157000 1540958000 173398000 308913000 65108000 1470551000 268910000 270966000 48634000 15060000 506302000 112314000 118689000 6375000 1643635000 68163000 269179000 53835000 1496454000 2024859000 339129000 436502000 75270000 2002756000 55615000 0 190000 0 0 0 -442000 105235000 165731000 48000000 15000000 20073000 83616000 250000000 1740000000 58400000 407000000 126100000 535400000 240000000.0 144400000 68163000 118026000 0 43973000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">13. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other long-term assets<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> net</div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 79%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Deposit for land use rights </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">105,840 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,040 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term trade receivables (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">221,000 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,429 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loan receivables (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,586 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">415,092 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Loan to staff </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67,810 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">71,052 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px 0px 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">400,236 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">620,613 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">(3,789</div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(12,540 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">396,447 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">608,073 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">The Group provides consumer financing to certain customers as part of the Group’s internet financing business with instalment payment <div style="letter-spacing: 0px; top: 0px;;display:inline;">terms of </div>up to 24 months. <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The Group records the consumer financing receivables which are expected to be settled more than one year from the balance sheet date as long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term trade receivables.</div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group provides interest bearing loans of RMB380 million </div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">to <div style="letter-spacing: 0px; top: 0px;;display:inline;">certain </div>non-controlling interest<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> holders during 2019, which were guaranteed and pledged by their respective shareholding interests with estimated fair values exceeding the carrying amount of the loans. These loans bears interest ranges from 6% to 10% per annum and maturity from May 21, 2021 to December 11, 2021.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 79%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Deposit for land use rights </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">105,840 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,040 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term trade receivables (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">221,000 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">130,429 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loan receivables (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,586 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">415,092 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Loan to staff </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67,810 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">71,052 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px 0px 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Subtotal </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">400,236 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">620,613 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for doubtful accounts </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">(3,789</div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(12,540 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">396,447 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">608,073 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">The Group provides consumer financing to certain customers as part of the Group’s internet financing business with instalment payment <div style="letter-spacing: 0px; top: 0px;;display:inline;">terms of </div>up to 24 months. <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The Group records the consumer financing receivables which are expected to be settled more than one year from the balance sheet date as long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term trade receivables.</div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group provides interest bearing loans of RMB380 million </div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">to <div style="letter-spacing: 0px; top: 0px;;display:inline;">certain </div>non-controlling interest<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> holders during 2019, which were guaranteed and pledged by their respective shareholding interests with estimated fair values exceeding the carrying amount of the loans. These loans bears interest ranges from 6% to 10% per annum and maturity from May 21, 2021 to December 11, 2021.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 105840000 4040000 221000000 130429000 5586000 415092000 67810000 71052000 400236000 620613000 3789000 12540000 396447000 608073000 P24M 380000000 0.06 0.10 2021-05-21 2021-12-11 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="break-inside: avoid; font-size: 0px;"> <td colspan="0" style="padding: 0px;"> </td> </tr> <tr> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div>. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;">Accrued expenses and other current liabilities</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 10pt;margin-bottom: 0px;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued advertising expense </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">821,059 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,011,400 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued shipping and handling expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">418,187 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">925,864 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and social benefits </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,027,288 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">896,365 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deposits from delivery service providers </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">379,403 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">475,497 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Income tax payables</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">269,580</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">652,624</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other tax<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>payables (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">948,754 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">690,338 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued rental expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">73,614 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">73,861 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued administrative expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">440,784 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">384,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts received on behalf of third-party merchants (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">741,109 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">946,100 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Refund liability (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">190,383 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">225,274 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,444 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">252,825 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,512,605 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,534,575 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts represent VAT and related surcharges, PRC individual income tax of employees withheld by the Group, tariffs, import VAT and consumption tax pursuant to the Circular on Tax Policy for Cross-border <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce</div> Retail Imports.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts represent the cash collected on behalf of third-party merchants which the Group provides platform access for sales of their products.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group offers online customers with an unconditional right of return for a period of 7 days upon receipt of products on sales from its platforms. The Group reduces product revenues and cost of revenues by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as returned liability included in accrued expenses and other current liabilities. Refund liability is measured at the amount of consideration received for which the Group does not expect to be entitled.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued advertising expense </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">821,059 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,011,400 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued shipping and handling expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">418,187 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">925,864 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and social benefits </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,027,288 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">896,365 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deposits from delivery service providers </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">379,403 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">475,497 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Income tax payables</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">269,580</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">652,624</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other tax<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>payables (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">948,754 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">690,338 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued rental expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">73,614 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">73,861 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued administrative expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">440,784 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">384,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts received on behalf of third-party merchants (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">741,109 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">946,100 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Refund liability (Note c) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">190,383 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">225,274 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,444 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">252,825 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,512,605 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,534,575 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts represent VAT and related surcharges, PRC individual income tax of employees withheld by the Group, tariffs, import VAT and consumption tax pursuant to the Circular on Tax Policy for Cross-border <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">E-commerce</div> Retail Imports.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts represent the cash collected on behalf of third-party merchants which the Group provides platform access for sales of their products.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group offers online customers with an unconditional right of return for a period of 7 days upon receipt of products on sales from its platforms. The Group reduces product revenues and cost of revenues by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as returned liability included in accrued expenses and other current liabilities. Refund liability is measured at the amount of consideration received for which the Group does not expect to be entitled.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/></div><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 821059000 1011400000 418187000 925864000 1027288000 896365000 379403000 475497000 269580000 652624000 948754000 690338000 73614000 73861000 440784000 384427000 741109000 946100000 190383000 225274000 202444000 252825000 5512605000 6534575000 P7D <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">5</div>. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Employee retirement benefit</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;">Full time employees in the PRC participate in a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">government-mandated</div> defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. <div style="letter-spacing: 0px; top: 0px;;display:inline;">The </div>PRC labor regulations require the Group to make contributions based on certain percentages of the employees’ basic salaries. Other than the contribution, there is no further obligation under these plans. The total contributions and accruals made for such employee benefits were RMB808,925, RMB928,826 and RMB558,775 for the years ended December 31, 2017, 2018 and 2019, respectively.</div> 808925000 928826000 558775000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">6</div>. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loans</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Components of the outstanding short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loans are as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB denominated </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,000,000 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">627,608 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">U.S. dollar denominated </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">343,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">466,037 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,343,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,093,645 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended December 31, 2018:</div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, RMB1.0 billion was drawn down under the credit facility agreement with China Merchants Bank signed in 2017, of which (i) RMB200.0 million was uncollateralized short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loan with a fixed interest rate based on 6-month to 12-month People’s Bank of China’s Deposit Benchmarking minus 9.89% per annum; (ii) separate loan agreements of RMB200.0 million, RMB200.0 million and RMB400.0 million during the year ended December 31, 2018, with fixed interest rates of 4.35%, 4.29% and 3.96% per annum, respectively. These three loans were secured by the Group’s accounts receivable in the amount of RMB200.0 million, RMB200.0 million and RMB400.0 million, respectively. The outstanding <div style="letter-spacing: 0px; top: 0px;;display:inline;">borrowing </div>was RMB1.0 billion as of December 31, 2018 and was repaid during the first quarter of 2019.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, the Group entered into a US$ denominated short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loan agreement with China Merchants Bank for a loan of US$50,000 (approximately RMB343,160). The loan was pledged by the Group’s short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term investments amounted to US$200,000 (approximately RMB1.4 billion) and was guaranteed by the Company. The borrowing carries floating interest rate based on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">6-month</div> London Inter-Bank Offered Rate plus 0.45% per annum. The loan was outstanding as of December 31, 2018 and fully repaid in January 2019.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In addition, during the year ended December 31, 2018, the Group also entered into RMB denominated short-term bank facility agreements with certain PRC banks with a facility limit of up to RMB250.0 million. The facility was not utilized as of December 31, 2018 and <div style="letter-spacing: 0px; top: 0px;;display:inline;">expired</div> as of December 31, 2019.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended December 31, 2019:</div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group entered into a RMB denominated revolving credit facility agreement with the Bank of Communications for up to RMB1.0 billion. The facility was drawn down twice in the amounts of RMB27.6 million and RMB100 million, with a fixed interest rate of 2.98% and 2.8% per annum, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group entered into a revolving credit facility agreement with the China Merchants Bank for up to RMB1.0 billion, which included a USD denominated facility of US$80 million (approximately RMB556.9 million)<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and a RMB denominated facility of RMB443.1 million</div>. The USD denominated facility was drawn down in the amount of US$20 million (approximately RMB139.4 million), with a fixed interest rate based on 12-month London Inter-Bank Offered Rate plus 0.55%, through an offshore financing agreement with a domestic guarantee; the residual RMB denominated facility was drawn down twice in the amounts of RMB160 million and RMB340 million, with a fixed interest rate of 3.92% and 4.05% per annum, respectively, <div style="letter-spacing: 0px; top: 0px;;display:inline;">guaranteed </div>by the Group’s receivables<div style="letter-spacing: 0px; top: 0px;;display:inline;"> from its subsidiary</div>.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group entered into a USD denominated revolving facility agreement with the <div style="letter-spacing: 0px; top: 0px;;display:inline;">Standard</div> Chartered Bank for up to US$45 million (approximately RMB313.9 million), in which US$36.8 million (approximately RMB256.8 million) was drawn down and outstanding as of December 31, 2019. The borrowing carries floating interest rate based on the 12-month London Inter-Bank Offered Rate plus 0.85% per annum.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(d) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group entered into a USD denominated revolving credit facility agreement with Industrial Bank for up to US$80 million (approximately RMB558.1 million), in which US$10 million (approximately RMB69.8 million) was drawn down and outstanding as of December 31, 2019. The borrowing carries fixed interest rate of 2.94% per annum.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(e) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the Group also had other unutilized credit facilities of RMB468.3 million and RMB77.1 million, authorized by Everbright Bank of China and Bank of China, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The weighted average interest rates for the outstanding short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loans during the year<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> ended December 31, 2018 and 2019 were approximately 3.99% and 3.41%, respectively. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There is no financial covenant in respect of the Group’s short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loans as of December 31, 2018 and 2019.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 76%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB denominated </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,000,000 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">627,608 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">U.S. dollar denominated </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">343,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">466,037 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,343,160 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,093,645 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 76%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> 1000000000 627608000 343160000 466037000 1343160000 1093645000 1000000000.0 200000000.0 6-month to 12-month People’s Bank of China’s Deposit Benchmarking minus 9.89% 0.0989 200000000.0 200000000.0 400000000.0 0.0435 0.0429 0.0396 200000000.0 200000000.0 400000000.0 1000000000.0 50000000 343160000 200000000 1400000000 0.0045 250000000.0 1000000000.0 27600000 100000000 0.0298 0.028 1000000000.0 80000000 556900000 443100000 20000000 139400000 12-month London Inter-Bank Offered Rate plus 0.55% 0.0055 160000000 340000000 0.0392 0.0405 45000000 313900000 36800000 256800000 12-month London Inter-Bank Offered Rate plus 0.85% 0.0085 80000000 558100000 10000000 69800000 0.0294 468300000 77100000 0.0399 0.0341 0 0 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">7</div>. </div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term loan</div> </div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group entered into a long<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term borrowing agreement with the China Merchants Bank, for up to RMB1.6 billion for the construction of the Group’s headquarter building, with a floating interest rate determined based on the 5-year Loan Prime Rate minus 0.44%. The loan was pledged by the Group’s two land use rights located at Pazhou Guangzhou, which amounted to RMB1.6 billion as of December 31, 2019. In November 2019, the Group drew down RMB64.5 million which was outstanding as of December 31, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The covenant specifies the consolidated debt <div style="letter-spacing: 0px; top: 0px;;display:inline;">to </div>asset ratio of the Group should not exceed 65%, otherwise the bank has the right to recover the outstanding principal and interests of the loan immediately regardless of the remaining term of the contract. The Group is in compliance of this covenant as of December 31, 2019.</div></div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> 1600000000 P5Y Prime Rate minus 0.44% 0.0044 1600000000 64500000 0.65 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div>. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;width:100%;">Securitiz<div style="letter-spacing: 0px; top: 0px;;display:inline;">ation</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> debt</div></div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group securitizes accounts receivable arising from the consumer financing businesses. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, the Group completed the third offering of ABS on the Shanghai Stock Exchange at an aggregate amount of RMB500.0 million, of which 100% of the subordinated securities of RMB25.0 million was held by the Group. The outstanding balance of ABS was RMB475.0 million as of December 31, 2018 and was fully repaid during the year ended December 31, 2019. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2018, the Group completed an offering of asset-backed notes (“ABN”) on the Shanghai Clearing House. The <div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>ggregate amount issued was RMB520.0 million and 100% of the subordinated securities of RMB26.0 million was held by the Group. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The outstanding balance of ABN was RMB494.0 million as of December 31, 2018 and was fully repaid during the year ended December 31, 2019.</div></div></div> 500000000.0 25000000.0 475000000.0 520000000.0 26000000.0 494000000.0 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">19</div>. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Convertible senior notes</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 17, 2014, the Group issued US$632,500 (approximately RMB4,391,448) in aggregate principal amount of 1.5% Convertible Senior Notes due 2019 (the “Notes”). The Notes can be converted into the Company’s ADSs, each representing <span style="-sec-ix-hidden:hidden12636896">1/5</span> Class A ordinary share of the Company, par value 0.001 per share (the “ordinary shares”), at the option of the holders, based on an initial conversion rate of 49.693 of the Company’s American depositary shares (“ADSs”) (4.9693 ADSs before the ADS ratio change effective November 3, 2014) per US$1,000 principal amount of Notes (US$20.124 per ADS, or $201.24 per ADSs before the ADS ratio change). Holders of the Notes have the right to require the Group to repurchase for cash all or part of their Notes on March 15, 2017 or upon the occurrence of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Notes bear interest at a rate of 1.5% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2014. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The net proceeds from the Notes offering were US$617,191 (approximately RMB4,285,157), after deducting discounts to the initial purchaser of US$14,231 (approximately RMB98,806) and debt issuance costs of US$1,078 (approximately RMB7,485). Debt issuance costs and debt discounts are recorded as a direct deduction from the face amount of Convertible Senior Notes, and amortized as interest expenses, using the effective interest method, from issuance date to the first put date of the Notes (March 15, 2017). </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 15, 2017, part of the Notes holders exercised their option to redeem the Notes, the total redemption amount was US$3,125 (approximately RMB21,697). The Group repaid all the outstanding principal at US$629,375 (approximately RMB4,220,841) and interests at US$4,720 (approximately RMB31,685) on March 15, 2019.</div></div><div style="font-size: 10pt;;display:inline;"> </div></div> 632500000 4391448000 0.015 0.001 49.693 4.9693 20.124 201.24 1 0.015 semiannually 617191000 4285157000 14231000 98806000 1078000 7485000 3125000 21697000 629375000 4220841000 4720000 31685000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin: 18pt auto 0in 0px; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2<div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div>. </div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Lease<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div> </div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">From the Perspective of Lessee</div></div> </div></div> </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group leases office space, offline stores, and certain equipment under operating leases for terms ranging from short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term (under 12 months) to 15 years. The Group does not have options to extend or terminate leases, as the renewals or terminations of these leases are on negotiation basis. None of these leases contain material residual value guarantees or material restrictive covenants, and the Group does not have any financing leases.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental balance sheet information related to the leases <div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>re as follows:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"> </td> <td style="width: 22%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">ROU assets</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,715,556</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease liabilities—current</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">333,268</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease liabilities—non<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,395,665</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average remaining lease term</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4.71</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Weight-average discount rate</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4.86</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The components of lease costs of these operating leases for the year ended December 31, 2019 are as follow:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"> </td> <td style="width: 16%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Year Ended December 31,</div> 2019</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;"> for fixed payments</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">388,976</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">327,972</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Variable lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">29,286</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total <div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>ease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div> </div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">746,234</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table provides supplemental cash flow information related to leases:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"> </td> <td style="width: 28%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year Ended December 31, 2019</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash paid for amounts included in the measurement of lease liabilities:</div></div> </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating cash flows for operating leases</div></div> </td> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">370,606</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental noncash information:</div></div> </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use assets obtained </div></div> </td> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,071,948</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Decrease of right-of-use assets for early terminations</div></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(36,142</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table provides the maturities of lease liabilities at December 31, 2019:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 83%; padding: 0px;"> </td> <td style="width: 8%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;;width:;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Operating leases</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Maturities of lease <div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>iabilities at December 31, 2019</div> </div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">420,840</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">424,996</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">411,335</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">363,190</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">266,492</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2025 and thereafter</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">150,409</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total future undiscounted lease payments</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,037,262</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less<div style="letter-spacing: 0px; top: 0px;;display:inline;">:</div> imputed interest</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">308,329</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Total present value of lease liabilities</div> </div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,728,933</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental balance sheet information related to the leases <div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>re as follows:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"> </td> <td style="width: 22%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">ROU assets</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,715,556</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease liabilities—current</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">333,268</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease liabilities—non<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,395,665</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average remaining lease term</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4.71</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Weight-average discount rate</div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4.86</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 1715556000 333268000 1395665000 P4Y8M15D 0.0486 <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The components of lease costs of these operating leases for the year ended December 31, 2019 are as follow:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"> </td> <td style="width: 16%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Year Ended December 31,</div> 2019</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;"> for fixed payments</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">388,976</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>term lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">327,972</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Variable lease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">29,286</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total <div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>ease cost<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div> </div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">746,234</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 388976000 327972000 29286000 746234000 <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table provides supplemental cash flow information related to leases:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"> </td> <td style="width: 28%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year Ended December 31, 2019</div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash paid for amounts included in the measurement of lease liabilities:</div></div> </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Operating cash flows for operating leases</div></div> </td> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">370,606</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental noncash information:</div></div> </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use assets obtained </div></div> </td> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,071,948</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr> <td style="padding: 0px; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Decrease of right-of-use assets for early terminations</div></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(36,142</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 370606000 2071948000 -36142000 <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table provides the maturities of lease liabilities at December 31, 2019:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 83%; padding: 0px;"> </td> <td style="width: 8%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;;width:;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Operating leases</div> </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Maturities of lease <div style="letter-spacing: 0px; top: 0px;;display:inline;">l</div>iabilities at December 31, 2019</div> </div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">420,840</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">424,996</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">411,335</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">363,190</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">266,492</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2025 and thereafter</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">150,409</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total future undiscounted lease payments</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,037,262</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less<div style="letter-spacing: 0px; top: 0px;;display:inline;">:</div> imputed interest</div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">308,329</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 83%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Total present value of lease liabilities</div> </div></div></div> </td> <td style="vertical-align: top; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,728,933</div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px; width: 83%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px; width: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 420840000 424996000 411335000 363190000 266492000 150409000 2037262000 308329000 1728933000   <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2<div style="letter-spacing: 0px; top: 0px;;display:inline;">1</div>. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Distribution of profit</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the laws applicable to entities incorporated in the PRC, the PRC subsidiaries are prohibited from distributing their statutory capital and are required to appropriate from profit after tax under accounting principles generally accepted in the PRC to other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-distributable</div> reserve funds after offsetting accumulated losses from prior years, until the cumulative amount of such reserve fund reaches 50% of their registered capital. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires annual appropriation at 10% of after tax profit (as determined under accounting principles generally accepted in the PRC at each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">year-end);</div> the appropriation to the other fund are at the discretion of the subsidiaries. </div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The general reserve is used to offset future extraordinary losses. A subsidiary may, upon a resolution passed by the shareholders, convert the general reserve into capital. The staff welfare and bonus reserve is used for the collective welfare of the employees of the subsidiary. The enterprise expansion reserve is for the expansion of the subsidiary’s operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations of the retained earnings determined in accordance with Chinese law, and are not distributable as cash dividends to the Group. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Relevant PRC statutory laws and regulations permit payment of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries transferred RMB95,617, RMB121,069 and RMB184,182 to the general reserve during the years ended December 31, 2017, 2018 and 2019, respectively. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The balance of restricted net assets was RMB<div style="letter-spacing: 0px; top: 0px;;display:inline;">7,265,250</div> as of December 31, 2019. </div></div> 0.50 0.10 95617000 121069000 184182000 7265250000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div></div>. </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Capital structure</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Dual-class share structure </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On September 15, 2014, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which the Company’s authorized share capital was reclassified and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-designated</div> into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right. The holders of the Group’s ordinary shares are entitled to such dividends as may be declared by the board of directors subject to the Companies Law. The computation of net earnings per Class A ordinary shares and Class B ordinary shares have been adjusted retroactively for all periods presented to reflect this change. As of December 31, 2018 and 2019, all Class B ordinary shares were held by the Chairman of the Company. </div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ADS ratio change </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effective November 3, 2014, the Group changed its ADS to Class A ordinary share ratio from one ADS representing two Class A ordinary shares to <span style="-sec-ix-hidden:hidden12636846">five</span> ADSs representing one Class A ordinary share. The computation of net earnings per ADS have been adjusted retroactively for all periods presented to reflect this change. </div></div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Issuance of ordinary shares </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2017, the Group issued 9,229,437 and 3,955,473 Class A ordinary shares to Tencent Holdings Limited (“Tencent”) and JD.com, Inc. (“JD.com”), in the amount of approximately US$603,605 (approximately RMB3,927,236) and US$258,688 (approximately RMB1,683,101), respectively. </div></div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Exercise of share options </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2017, 454,708 Class A ordinary shares were <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-issued</div> from treasury shares as a result of exercise of share options by employees. During the years ended December 31, 2018 and 2019, 356,736 and 85,706 Class A ordinary shares were issued respectively, as a result of exercise of share options by employees. </div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vesting of shares awards </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the years ended December 31, 2017, 2018 and 2019, 23,413, 1,322,560 and 1,102,773 Class A ordinary shares were issued respectively as a result of vesting of shares awards granted to employees and consultants. </div></div> 1 10 2 9229437 3955473 603605000 3927236000 258688000 1683101000 454708 356736 85706 23413 1322560 1102773 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">23. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests</div> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 92%; font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 84%; padding: 0px;"/> <td style="width: 8%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling </div></div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">interests</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2016</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">49,624</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss attributable to non-controlling interests</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(57,222</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(36,345</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2017</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(43,943</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income attributable to non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,685</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(12,764</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from non-controlling interests shareholders </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,000</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2018</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(51,022</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss attributable to non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(30,399</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(i)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(16,400</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Dilution in non-controlling interests due to the Group’s contribution to its subsidiary <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(ii)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">97,875</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from non-controlling interests shareholders <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(iii)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">107,950</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests arising from the acquisition of Shan Shan Outlets <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(iv)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">314,537</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2019</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">422,541</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(i) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group purchased additional equity interests of RMB16,400 of certain subsidiaries mainly providing logistics services.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(ii) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group converted a loan receivable of RMB441,000 it has with one of its non-wholly owned subsidiary into 19.2% of equity interest. The dilution impact of this equity transaction of non-controlling interests is RMB97,875. After the conversion, the Group holds 99.7% equity interest of the subsidiary.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(iii) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group received capital contribution of RMB107,950 from certain non-controlling interests holders. After the contribution, the Group holds 51%, 80%, 60% and 70% equity interests in Qingdao West Coast Bonded Logistics Center Supply Chain Management Co., Ltd, Xinjiang Shan Shan Outlets Shopping Mall Co., Ltd, Hengyang Shan Shan Outlets Shopping Mall Co., Ltd and Shenyang Shan Shan Outlets Shopping Mall Co., Ltd, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(iv) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As part of the acquisition of Shan Shan Outlets disclosed in Note 3, the Group acquired 70%, 75%, 80%, 60%, 70%, 90% and 75% equity interests in 7 subsidiaries, with non-controlling interests of RMB159,373, RMB81,784, RMB29,257, RMB21,860, RMB300, RMB17,455 and RMB4,508, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The schedule below discloses the effect of changes in the Company’s ownership interests in subsidiaries on the Company’s equity:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net income attributable to Vipshop Holdings Limited’s shareholders</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,128,787</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,016,832</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transfers from (to) the non-controlling interests: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase (decrease) in the Company’s additional paid-in capital in relation to the acquisitions of additional equity interests in subsidiaries </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">9,914</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,935</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(10,497</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in the Company’s additional paid-in capital in relation to contribution to its subsidiary </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; font-size: 10pt; width: 7%; height: 16px; padding: 0pt 5pt 0pt 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; font-size: 10pt; width: 7%; height: 16px; padding: 0pt 5pt 0pt 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(97,875</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net transfers from (to) non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">9,914</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,935</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(108,372</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Changes from net income attributable to Vipshop Holdings Limited’s shareholders and transfers from (to) non-controlling interests</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,959,569</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,122,852</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,908,460</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 92%; font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 84%; padding: 0px;"/> <td style="width: 8%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling </div></div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">interests</div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2016</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">49,624</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss attributable to non-controlling interests</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(57,222</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(36,345</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2017</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(43,943</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income attributable to non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,685</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(12,764</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from non-controlling interests shareholders </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1,000</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2018</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(51,022</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss attributable to non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(30,399</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquisition of additional equity interests in subsidiaries <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(i)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(16,400</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Dilution in non-controlling interests due to the Group’s contribution to its subsidiary <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(ii)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">97,875</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from non-controlling interests shareholders <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(iii)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">107,950</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests arising from the acquisition of Shan Shan Outlets <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;display:inline;">(iv)</div></div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">314,537</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2019</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">422,541</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(i) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group purchased additional equity interests of RMB16,400 of certain subsidiaries mainly providing logistics services.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(ii) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group converted a loan receivable of RMB441,000 it has with one of its non-wholly owned subsidiary into 19.2% of equity interest. The dilution impact of this equity transaction of non-controlling interests is RMB97,875. After the conversion, the Group holds 99.7% equity interest of the subsidiary.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(iii) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2019, the Group received capital contribution of RMB107,950 from certain non-controlling interests holders. After the contribution, the Group holds 51%, 80%, 60% and 70% equity interests in Qingdao West Coast Bonded Logistics Center Supply Chain Management Co., Ltd, Xinjiang Shan Shan Outlets Shopping Mall Co., Ltd, Hengyang Shan Shan Outlets Shopping Mall Co., Ltd and Shenyang Shan Shan Outlets Shopping Mall Co., Ltd, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(iv) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As part of the acquisition of Shan Shan Outlets disclosed in Note 3, the Group acquired 70%, 75%, 80%, 60%, 70%, 90% and 75% equity interests in 7 subsidiaries, with non-controlling interests of RMB159,373, RMB81,784, RMB29,257, RMB21,860, RMB300, RMB17,455 and RMB4,508, respectively.</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 49624000 -57222000 -36345000 -43943000 4685000 -12764000 1000000 -51022000 -30399000 -16400000 -97875000 107950000 314537000 422541000 -16400000 441000000 0.192 97875000 0.997 107950000 0.51 0.80 0.60 0.70 0.70 0.75 0.80 0.60 0.70 0.90 0.75 159373000 81784000 29257000 21860000 300000 17455000 4508000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2017</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2018</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">2019</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">RMB</div> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net income attributable to Vipshop Holdings Limited’s shareholders</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,128,787</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,016,832</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transfers from (to) the non-controlling interests: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase (decrease) in the Company’s additional paid-in capital in relation to the acquisitions of additional equity interests in subsidiaries </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">9,914</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,935</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(10,497</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in the Company’s additional paid-in capital in relation to contribution to its subsidiary </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; font-size: 10pt; width: 7%; height: 16px; padding: 0pt 5pt 0pt 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; font-size: 10pt; width: 7%; height: 16px; padding: 0pt 5pt 0pt 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(97,875</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net transfers from (to) non-controlling interests </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">9,914</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(5,935</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(108,372</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Changes from net income attributable to Vipshop Holdings Limited’s shareholders and transfers from (to) non-controlling interests</div></div> </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,959,569</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,122,852</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 2.25pt double black;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,908,460</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> 1949655000 2128787000 4016832000 -9914000 5935000 10497000 -97875000 9914000 -5935000 -108372000 1959569000 2122852000 3908460000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div>. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other operating income</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other operating income consists of government grants and other miscellaneous income.</div></div></div><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Grants related to depreciable assets are recognized in profit or loss over the periods in which depreciation expense on those assets is recognized, corresponding to the useful lives of the assets. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other operating income is comprised of: </div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 70%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Government grants</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">347,817 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">553,153 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">427,832 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Claims income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,993 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,778 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">96,388 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">114,245 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">102,131 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">121,193 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total other operating income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">531,055 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">757,062 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">645,413 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 70%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Government grants</div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">347,817 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">553,153 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">427,832 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Claims income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68,993 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,778 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">96,388 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">114,245 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">102,131 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">121,193 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 70%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total other operating income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">531,055 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">757,062 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">645,413 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 70%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 347817000 553153000 427832000 68993000 101778000 96388000 114245000 102131000 121193000 531055000 757062000 645413000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">25. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Income taxes</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px;"/><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cayman Islands </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. </div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Hong Kong </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s subsidiaries operating in Hong Kong are subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first 2 million Hong Kong dollars of </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">profits earned by a company are subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5%.</div></div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The People’s Republic of China </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), domestically owned enterprises and foreign invested enterprises (the “FIEs”) are subject to a uniform tax rate of 25%. While the EIT Law equalizes the tax rates for FIEs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">domestically-owned</div> enterprises, preferential tax treatment may continue to be given to companies in certain encouraged sectors and to entities classified as high and new technology companies, regardless of whether these are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">domestically-owned</div> enterprises or FIEs. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with No. 23 of the State Administration of Taxation Announcement No. 2018: the Administrative Measures on Corporate Income Tax Preferential Policies (Revision 2018), the enterprise shall voluntarily assess and apply the relevant preferential tax rate according to the de facto operating situation and relevant tax regulations, the relevant supporting documents of which shall be retained for any examination by the tax authorities. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s subsidiaries and the variable interest entities in the PRC are all subject to the tax rate of 25% for the periods presented except for some subsidiaries that were entitled to the following preferential tax treatment, based on the Group’s assessment and relevant tax regulations: </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">During the years ended December 31, 2018 and 2019, Pinwei Software has applied for</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and was classified as “State Planning Key Software Enterprise” by the local tax authority and is entitled to a preferential tax rate of 10% pursuant to Circular Caishui (2012) 27 starting from the beginning of 2018. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vipshop Jianyang and Vipshop Chongqing have been recognized as “encouraged enterprises in an industry sector encouraged by the PRC government” in the Western Region, and are entitled to a preferential tax rate of 15% for the years ended December 31, 2018 and 2019. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vipshop Zhuhai is entitled to a preferential tax rate of 15% as it is located in an economy development zone in the PRC, and its primary business falls into the scopes of the encouraged industries stipulated in the related policies. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The term “encouraged enterprise in an industry sector encouraged by the PRC government” as used herein refers to an enterprise incorporated in certain region with primary business falling into the scopes of the encouraged industries stipulated in the existing related policies, including Catalogue of Encouraged Industries in the Western Region, Industrial Restructuring Guidance Catalogue (2011, revised in 2013), Catalogue for the Guidance of Foreign Investment Industries (Revised in 2017), Catalogue of Foreign-invested Advantage Industries in Central-Western Region (Revised in 2017), Circular of the Ministry of Finance and the State Administration of Taxation on the Preferential Enterprise Income Tax Policies and Catalogue for Hengqin New Area of Guangdong Province, Pingtan Comprehensive Experimental Area of Fujian Province and Qianhai <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Shenzhen-Hong</div> Kong Modern Service Industry Cooperation Zone of Shenzhen City. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2018 and 2019, the Group had no unrecognized tax benefits. The Group does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. The Group will classify interest and penalties related to income tax matters, if any, in income tax expense. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 (US$14) is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion, refusal to pay tax and tax fraud. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income (loss) by tax jurisdictions:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income from China operations </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,320,283</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,770,270</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">5,161,228</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loss from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-China</div> operations </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(779,430</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(1,023,195</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(218,423</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total income before tax and share of loss of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,540,853</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,747,075</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,942,805</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income tax expenses applicable to China and Hong Kong operations </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Current tax (Note) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">780,013 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">682,309 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">974,207 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(153,873</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(115,705</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,347 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 71%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total tax expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">626,140 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">566,604 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">983,554 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 71%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 10pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">All current tax was related to income tax in PRC and Hong Kong. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;">Under the EIT Law, enterprises are classified as either resident or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-resident.</div> A resident enterprise refers to one that is incorporated under the PRC law or under the law of a jurisdiction outside the PRC with its “de facto management organization” located within the PRC. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-residential</div> enterprise refers to one that is incorporated under the law of a jurisdiction outside the PRC with its “de facto management organization” located also outside the PRC, but which has either set up institutions or establishments in the PRC or has income originating from the PRC without setting up any institution or establishments in the PRC.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Under the current EIT Implementation Regulations, “de facto management organization” is defined as the organization of an enterprise through which substantial and comprehensive management and control over the business, operations, personnel, accounting and properties of the enterprise are exercised. Under the Enterprises Income Tax Law of the People’s Republic of China which was promulgated on March 16, 2007 and took effect as of January 1, 2008 (the “New Tax Law”) and the New EIT Implementation Regulations, a resident enterprise’s global net income will be subject to a 25% enterprise income tax rate. Uncertainties exist with respect to how the New Tax Law and New EIT Implementation Regulations apply to the Group’s overall operations, and more specifically, with regard to tax residency status. On April 22, 2009, the State Administration of Taxation, or the SAT, issued SAT Circular 82, which provides certain specific criteria for determining whether the “de facto management body” of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">PRC-controlled</div> enterprise that is incorporated offshore is located in China. In addition, the SAT issued a bulletin on July 27, 2011 providing more </div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">guidance on the implementation of Circular 82 and clarifies matters such as resident status determination. Due to the present uncertainties resulting from the limited PRC tax guidance on this issue, it is unclear that the legal entities organized outside of PRC should be treated as residents for New Tax Law purposes. Nevertheless, even if one or more of its legal entities organized outside of the PRC were characterized as PRC tax residents, most of them are still in accumulated loss position and no significant impact would be expected on the net current tax payable balance and the net deferred tax balance. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;">If the entity were to be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-resident</div> for PRC tax purpose, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries the withholding tax would be 10% and in the case of a subsidiary 25% or more directly owned by residents which meet the criteria of beneficial owner in the Hong Kong Special Administrative Region (“Hong Kong SAR”), the withholding tax would be 5%.</div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Aggregate undistributed earnings of the Group’s subsidiaries and the VIEs in the PRC that are available for distribution to the Group of approximately RMB12,288.5 million and RMB14,840.7 million as of December 31, 2018 and 2019 respectively are considered to be indefinitely reinvested under ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">740-30,</div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> Accounting for Income Taxes—Special Areas</div></div>, and accordingly, no provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to the Group. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, the Group would have to record a deferred income tax liability in respect of those undistributed earnings of approximately RMB614.4 million and RMB742.0 million as of December 31, 2018 and 2019 respectively. </div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A reconciliation of the income tax expense to income before income tax expense and share of loss of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees computed by applying the PRC statutory income tax rate of 25% per the consolidated statements of income and comprehensive income is as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income before income tax and share of loss of affiliates </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,540,853 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,747,075 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,942,805 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Computed income tax expense at PRC EIT tax rate </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">635,213 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">686,769 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,235,701 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-deductible</div> expenses, including:</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">-Share-based compensation expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">166,774 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">167,803 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">163,033 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">-Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-deductible</div> expenses</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67,911 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">65,497 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,838 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effect of different tax rates of subsidiaries operating in other jurisdiction </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,634 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,454 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">17,834 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax holidays on concessionary rates granted to PRC subsidiaries </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(329,048</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(397,437</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(562,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-taxable</div> income</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,075</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(58,053</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(15,800 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Change in valuation allowance </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,731 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">91,571 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">108,846 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income tax expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">626,140 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">566,604 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">983,554 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 63%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The aggregate amount and per share effect of the tax holidays and tax concessions are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The aggregate effect </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">329,048 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">397,437 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">562,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Per share effect: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B ordinary share: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—basic </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.80 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.00 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.22 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—diluted </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.62 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.84 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.14 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The principal components of deferred tax assets and liabilities are as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net operating loss carry forwards </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">356,293</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">322,464</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful debts </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">44,621</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">46,691</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of other investments </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">13,980</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">32,063</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventory write-down </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">126,755</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">171,884</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payroll payable and other accruals </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14,750</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14,751</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">178,910</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">277,658</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of property and equipment</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">117,837</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of land use rights</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">13,752</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">6,093</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,939</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: valuation allowance </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(352,632</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(461,478</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">assets-non</div><div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">388,770</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">539,561</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 82%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax liability: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,960</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value adjustments of long-lived assets from business acquisition</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">89,217</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revaluation of other investments</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">36,385</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">39,496</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">liability-non-current </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,960</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">165,098</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The amount of tax loss carried forward was RMB1,700,028 and RMB1,234,799 of December 31, 2018 and 2019, respectively, for the Group’s certain subsidiaries and VIEs. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group has provided a valuation allowance for the deferred tax assets relating to the future benefit of net operating loss carry forwards and other deferred tax assets of certain subsidiaries as of December 31, 2018 and 2019, respectively, as management is not able to conclude that the future realization of some of those net operating loss carry forwards and other deferred tax assets are more likely than not.</div><div style="font-size: 10pt; text-align: center; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> 0 0.0825 0.165 0.25 0.25 0.10 0.10 0.15 0.15 0.15 0.15 0.15 P3Y P5Y 100000 14000 P10Y <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income from China operations </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,320,283</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,770,270</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">5,161,228</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loss from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-China</div> operations </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(779,430</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(1,023,195</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(218,423</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total income before tax and share of loss of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,540,853</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2,747,075</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,942,805</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%; padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 2%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income tax expenses applicable to China and Hong Kong operations </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Current tax (Note) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">780,013 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">682,309 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">974,207 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(153,873</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(115,705</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,347 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 71%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 71%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total tax expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">626,140 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">566,604 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">983,554 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 71%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 2%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0in; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 3320283000 3770270000 5161228000 -779430000 -1023195000 -218423000 2540853000 2747075000 4942805000 780013000 682309000 974207000 -153873000 -115705000 9347000 626140000 566604000 983554000 0.10 0.25 0.05 12288500000 14840700000 0 0 614400000 742000000.0 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income before income tax and share of loss of affiliates </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,540,853 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,747,075 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,942,805 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Computed income tax expense at PRC EIT tax rate </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">635,213 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">686,769 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,235,701 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-deductible</div> expenses, including:</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">-Share-based compensation expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">166,774 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">167,803 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">163,033 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">-Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-deductible</div> expenses</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67,911 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">65,497 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,838 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effect of different tax rates of subsidiaries operating in other jurisdiction </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,634 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,454 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">17,834 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax holidays on concessionary rates granted to PRC subsidiaries </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(329,048</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(397,437</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(562,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-taxable</div> income</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,075</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(58,053</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(15,800 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Change in valuation allowance </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,731 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">91,571 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">108,846 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income tax expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">626,140 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">566,604 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">983,554 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 63%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 2540853000 2747075000 4942805000 635213000 686769000 1235701000 166774000 167803000 163033000 67911000 65497000 36838000 8634000 10454000 17834000 329048000 397437000 562898000 30075000 58053000 15800000 106731000 91571000 108846000 626140000 566604000 983554000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The aggregate effect </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">329,048 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">397,437 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">562,898 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Per share effect: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B ordinary share: </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—basic </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.80 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.00 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.22 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 73%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—diluted </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.62 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.84 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.14 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 329048000 397437000 562898000 2.80 3.00 4.22 2.62 2.84 4.14 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 77%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net operating loss carry forwards </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">356,293</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">322,464</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for doubtful debts </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">44,621</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">46,691</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of other investments </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">13,980</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">32,063</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inventory write-down </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">126,755</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">171,884</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payroll payable and other accruals </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14,750</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">14,751</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">178,910</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">277,658</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of property and equipment</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">117,837</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment of land use rights</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">13,752</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">6,093</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3,939</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: valuation allowance </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(352,632</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(461,478</div></div></div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">assets-non</div><div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current </div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">388,770</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">539,561</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 82%; padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 3%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></div></td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax liability: </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,960</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value adjustments of long-lived assets from business acquisition</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">89,217</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revaluation of other investments</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">36,385</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">39,496</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">liability-non-current </div></div></div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4,960</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">165,098</div></div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 356293000 322464000 44621000 46691000 13980000 32063000 126755000 171884000 14750000 14751000 178910000 277658000 117837000 13752000 6093000 3939000 352632000 461478000 388770000 539561000 4960000 89217000 36385000 39496000 4960000 165098000 1700028000 1234799000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2<div style="letter-spacing: 0px; top: 0px;;display:inline;">6</div>. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Earnings per share</div></div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic net earnings per share is based on the weighted average number of ordinary shares outstanding during each period. Diluted net earnings per share is based on the weighted average number of ordinary shares outstanding and incremental weighted average number of ordinary shares from assumed vesting of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares and exercise of share options, and conversion of the convertible senior notes during each period. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As economic rights and obligations are applied equally to both Class A and Class B ordinary shares, earnings are allocated between the two classes of ordinary shares evenly with the same allocation on a per share basis. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;">As of December 31, 2017, 2018 and 2019, there are 846,952, 839,275 and 1,689,709 employee share options or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> ordinary shares, respectively, which could potentially dilute basic net earnings per share in the future, but which were excluded from the computation of diluted net earnings per share in the periods presented, as their effects would have been anti-dilutive.</div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 6pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.34in; line-height: 12pt;"><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">Basic earnings per share and diluted earnings per share have been calculated for the years ended December </div>31<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">, </div>2017<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">, </div>2018<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"> and </div>2019<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"> as follows:</div></div> <div style="margin-top: 12pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 55%; padding: 0px; white-space: nowrap;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px; width: 5.5%;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Basic earnings per share attributable to Vipshop Holdings Limited’s<br/> ordinary shareholders: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 55%; white-space: nowrap;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5.5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Numerator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Earnings attributable to Class A and Class B ordinary shareholders for<br/> computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Denominator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Weighted average number of Class A and Class B ordinary shares<br/> outstanding for computing basic earnings per Class A and Class B<br/> ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,554,229 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">132,266,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">133,524,129 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 55%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; width: 5.5%;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px 0px 1.125pt; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Basic earnings per Class A and Class B ordinary shares </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16.59 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16.09 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30.08 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share for the years ended December 31, 2017, 2018 and 2019 are calculated as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 57%; padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Numerator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Interest expenses from Convertible Senior Notes </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">54,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">57,293 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,062 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; white-space: nowrap; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Net earnings attributable to Class A and Class B ordinary shareholders for<br/> computing diluted earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,004,328 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,186,080 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,025,894 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Denominator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,554,229 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">132,266,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">133,524,129 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Dilutive employee share options and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> ordinary shares</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,900,201 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,562,347 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,289,127 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Dilutive convertible senior notes </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,261,403 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,255,106 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,268,159 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of Class A and Class B ordinary shares outstanding for computing diluted earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">125,715,833 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">140,083,610 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">136,081,415 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 1.125pt; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per Class A and Class B ordinary shares </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15.94 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15.61 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">29.58 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group granted a number of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> ordinary shares to certain executive officers and employees during the years ended December 31, 2017, 2018 and 2019 (refer to Note <div style="letter-spacing: 0px; top: 0px;;display:inline;">3<div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></div> (b)), these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares are not included in the computation of basic earnings per share as these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares do not contain any unforfeitable rights to dividends or dividend equivalents. </div></div> 846952 839275 1689709 <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 6pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.34in; line-height: 12pt;"><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">Basic earnings per share and diluted earnings per share have been calculated for the years ended December </div>31<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">, </div>2017<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">, </div>2018<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"> and </div>2019<div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"> as follows:</div></div> <div style="margin-top: 12pt; margin-bottom: 0px;"/> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 55%; padding: 0px; white-space: nowrap;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px; width: 5.5%;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 7%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; white-space: nowrap;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none; white-space: nowrap;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Basic earnings per share attributable to Vipshop Holdings Limited’s<br/> ordinary shareholders: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 55%; white-space: nowrap;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5.5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Numerator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Earnings attributable to Class A and Class B ordinary shareholders for<br/> computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Denominator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Weighted average number of Class A and Class B ordinary shares<br/> outstanding for computing basic earnings per Class A and Class B<br/> ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,554,229 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">132,266,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">133,524,129 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 55%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in; width: 5.5%;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 7%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px 0px 1.125pt; vertical-align: top; width: 55%; white-space: nowrap;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Basic earnings per Class A and Class B ordinary shares </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; width: 5.5%; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16.59 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16.09 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 7%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30.08 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share for the years ended December 31, 2017, 2018 and 2019 are calculated as follows: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 57%; padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 5%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Class A and Class B </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Numerator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Interest expenses from Convertible Senior Notes </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">54,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">57,293 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,062 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; white-space: nowrap; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Net earnings attributable to Class A and Class B ordinary shareholders for<br/> computing diluted earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,004,328 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,186,080 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,025,894 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Denominator: </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">117,554,229 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">132,266,157 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">133,524,129 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Dilutive employee share options and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> ordinary shares</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,900,201 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,562,347 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,289,127 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Dilutive convertible senior notes </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,261,403 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,255,106 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,268,159 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 57%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 5%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px 0px 0.375pt; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of Class A and Class B ordinary shares outstanding for computing diluted earnings per Class A and Class B ordinary share </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">125,715,833 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">140,083,610 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 0.375pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 0.75pt solid black;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">136,081,415 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 0.375pt;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px 0px 1.125pt; vertical-align: top; width: 57%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per Class A and Class B ordinary shares </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15.94 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15.61 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 5%; padding-bottom: 1.125pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; border-bottom: 2.5pt double black; padding-bottom: 1.5pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">29.58 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; padding-bottom: 1.5pt;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> 1949655000 2128787000 4016832000 117554229 132266157 133524129 16.59 16.09 30.08 1949655000 2128787000 4016832000 54673000 57293000 9062000 2004328000 2186080000 4025894000 117554229 132266157 133524129 1900201 1562347 1289127 6261403 6255106 1268159 125715833 140083610 136081415 15.94 15.61 29.58 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div></div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accumulated other comprehensive loss</div></div></td> </tr> </table> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The changes in accumulated other comprehensive loss by component are as follows:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 59%; padding: 0px;"> </td> <td style="width: 8%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cumulative </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Adjustments </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Unrealized Gain and </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(Loss) on </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale </div> </div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Securities </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of January 1, 2017 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(366,148</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,540 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(343,608</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,348 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,348 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Fair value changes of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> investments, net of tax of nil</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,633 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,633 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Reclassification adjustment for gains included in net income, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,615</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,615</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2017 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(23,800</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(442</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(24,242</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-01 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 8%; height: 18px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;">—</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">442 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">442 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,083</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,083</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2018 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,883</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,883</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25,773</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 16px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25,773</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2019 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,656</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,656</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The changes in accumulated other comprehensive loss by component are as follows:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 59%; padding: 0px;"> </td> <td style="width: 8%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 6%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cumulative </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Translation </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Adjustments </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Unrealized Gain and </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(Loss) on </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Available-for-sale </div> </div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Securities </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of January 1, 2017 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(366,148</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,540 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(343,608</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,348 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,348 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Fair value changes of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div> investments, net of tax of nil</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,633 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,633 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Reclassification adjustment for gains included in net income, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,615</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,615</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2017 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(23,800</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(442</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(24,242</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-01 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 8%; height: 18px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;">—</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">442 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">442 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,083</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,083</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2018 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,883</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,883</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation, net of tax of nil </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25,773</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; height: 16px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25,773</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 59%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31, 2019 </div></div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,656</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,656</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 59%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 8%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 6%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> -366148000 22540000 -343608000 0 342348000 342348000 0 32633000 32633000 0 55615000 55615000 -23800000 -442000 -24242000 442000 442000 0 -7083000 -7083000 -30883000 -30883000 0 -25773000 -25773000 -56656000 -56656000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">28.</div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Commitments and contingencies</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-size: 10pt;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Capital commitment</div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the Group has contracted for capital expenditures <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>f RMB1,981,152 (2018: RMB2,638,129). </div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other commitments </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Besides the commitment disclosed in Note 12(c) and Note 11(i<div style="letter-spacing: 0px; top: 0px;;display:inline;">ii</div>), the Group has the following commitments:</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group commits to purchase services from one of its related parties at the amounts of US$60.0 million (approximately </div>RMB390,378) from the year ended December</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">31, 2020 to 2022.</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December 31, 2017, the Group entered into a cooperative lending arrangement with a bank, whereby the Group and the bank will jointly fund financing to individuals. Under this arrangement, the Group is obligated to compensate the bank, if the bank’s lending portion becomes overdue by more than 80 days. The bank’s lending portion under the arrangement was approximately </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> RMB117.7 </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">million <div style="letter-spacing: 0px; top: 0px;;display:inline;">and<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB</div></div>20.3 <div style="letter-spacing: 0px; top: 0px;;display:inline;">million<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div> </div>respectively as of December 31, 2018 and 2019.</div></div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Contingencies </div></div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not believe that any currently pending legal proceeding to which the Group is a party will have a material effect on its business, results of operations or cash flows. </div></div> 1981152000 2638129000 60000000.0 390378000 117700000 20300000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">29.</div> </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Related party transactions</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The table below sets forth the major related parties that has conducted related party transaction in 2018 and 2019, as well as their relationships with the Group: </div></div></div> <div style="width: 100%; float: right;"> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt 0px 0px auto; width: 96%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 49%; padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="width: 49%; padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Name of related parties </div></div> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Relationship with the Group </div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Tencent and its subsidiaries (“Tencent Group”)</div></div> </td> <td style="vertical-align: top; padding-left: 0px;"> </td> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">A shareholder with significant influence to the Group </div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Trendy (China) Group Holdings Limited and its subsidiaries (“Trendy Group”)</div></div> </td> <td style="vertical-align: top; padding-left: 0px;"> </td> <td style="vertical-align: bottom; padding-left: 0px;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">An entity controlled by a director of the Group </div></div> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Kunshan Baowei and its subsidiaries (“Baowei Group”)</div></td> <td style="vertical-align: top; padding-left: 0px;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; padding-left: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">A joint venture of the Group</div></td> </tr> </table> <div style=" font-size: 6pt; "> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> </div> <div style="margin-top: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2017<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div> 2018<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and 2019,</div> the Group entered into the following material related party transactions: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Purchase of goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">213,350</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">340,356</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,451,404</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Purchase of services </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,001</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">317,921</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">462,126</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Provision</div> of services </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">1,825</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">6,300</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">44,420</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Sales</div> of <div style="letter-spacing: 0px; top: 0px;;display:inline;">product</div> </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">111,510</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Details of the balances with related parties are as follows: </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(a) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from related parties (current and non<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current)</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from related parties consist of amounts due from companies controlled or significantly influenced by the Company, its shareholders and directors. </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(b) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from related parties (current and non<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>current) as of December 31, 2018 and 2019 amounted to RMB17,475 and RMB149,964, respectively, mainly including interest-bearing loans originated to the Group’s joint ventures and prepayments placed by the Group related to purchases of goods from companies significantly influenced by the Company, its shareholders and directors.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(c) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amounts due to related parties</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amounts due to companies controlled or significantly influenced by the Company, its shareholders and directors as of December 31, 2018 and 2019 amounted to RMB323,108 and RMB520,288, respectively, which were unsecured, interest<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>free, and related to purchases of goods and other services from these parties. </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the Group had borrowed RMB12,500 from Ningbo Shanjin for procurement, which carried a fixed interest rate of 3.05%.</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Purchase of goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">213,350</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">340,356</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,451,404</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Purchase of services </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,001</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">317,921</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">462,126</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Provision</div> of services </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">1,825</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">6,300</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">44,420</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Sales</div> of <div style="letter-spacing: 0px; top: 0px;;display:inline;">product</div> </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">111,510</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> 213350000 340356000 1451404000 1001000 317921000 462126000 1825000 6300000 44420000 111510000 17475000 149964000 323108000 12500000 0.0305 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">30. </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> payments</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Share incentive plan</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2011, the Group adopted the Vipshop Holdings Limited 2011 Stock Incentive Plan (the “2011 Plan”), which provide up to an aggregate of 7,350,000 Class A ordinary shares of the Group as share-based compensation to employees, directors, officers and consultants and other eligible personal of the Group. </div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2012, the Group adopted the 2012 Stock Incentive Plan (the “2012 Plan”), which provide up to an aggregate of 9,000,000 Class A ordinary shares of the Group, and the maximum aggregate number of </div></div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 0%; top: 0px;;display:inline;">shares that may be issued per calendar year is </div>1,500,000<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 0%; top: 0px;;display:inline;"> from </div>2012<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 0%; top: 0px;;display:inline;"> until the termination of the </div>2012<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 0%; top: 0px;;display:inline;"> Plan.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In July 2014, the Group adopted the 2014 Stock Incentive Plan (the “2014 Plan”), in which the maximum aggregate number of ordinary shares may be issued under the 2014 Plan is (i) 5,366,998 Class A ordinary shares, and (ii) an automatic increase on January 1 of each year after the effective date of the 2014 Plan by that number of shares representing 1.5% of the Group’s then total issued and outstanding share capital as of December 31 of the preceding year, or such less number as determined by the board of directors.</div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 8%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In January 2017, the Group granted 900,000 restricted shares to its senior management, and on the same date, the Group also granted 1,320,000 share options to its senior management at an exercise price of US$68.35 (approximately RMB444.71) per ordinary share pursuant to the Company’s 2014 Share Incentive plan. In December 2018, the exercise price of 660,000 share options among the foregoing batch was adjusted to US$26.30 (approximately RMB180.83) per ordinary share. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The expiration dates of the options were 5 to 10 years from grant date, vesting is subject to the continuous services of the option holders to the Group, and post-termination exercise period ranged from 3 to 9 months. During any authorized leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds a period of 90 days. Vesting of the option shall resume upon the option holders’ return to service to the Group. The vesting schedule shall be extended by the length of the suspension. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In the event of termination of the option holders’ continuous service for cause, the option holders’ right to exercise the option shall terminate concurrently, except otherwise determined by the plan administrator, and the Group shall have the rights to repurchase all vested options purchased by the option holders at a discount price determined by the plan administrator. The share option holders have waived any voting rights with regard to the shares and granted a power of attorney to the Board of Directors of the Group to exercise voting rights with respect to the shares. </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the Binomial model to determine the estimated fair value for each option granted below with the assistance of an independent valuation firm. The Group estimates that the forfeiture rate for key manag<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>ment and employees will be nil and 18% for 2017,  nil and 22% for 2018, <div style="letter-spacing: 0px; top: 0px;;display:inline;">as w<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>ll as nil<div style="letter-spacing: 0px; top: 0px;;display:inline;"> and 25% f<div style="letter-spacing: 0px; top: 0px;;display:inline;">or 2019, </div></div></div>respectively.</div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">The assumptions used in determining the fair value of the shar</div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;">e</div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"> options on the grant date were as follows:</div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Assumptions </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.96% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected volatility </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">61.0% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected life </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercise multiples </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.80 times</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average fair value of underlying ordinary shares (US$/share) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">25.09 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(1) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Expected dividend yield:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The expected dividend yield was estimated by the Group based on its dividend policy over the expected life of the options. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(2) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Risk-free interest rate:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate was estimated based on the US Treasury Bond as of the valuation date. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(3) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Expected volatility:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The volatility of the underlying ordinary shares was estimated based on historical volatility of the Group for the period before the valuation date with length commensurate to contractual life of the options. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(4) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Expected life:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The expected life was based on vesting term and contractual term of the share options. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(5) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Exercise multiples:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group estimated the exercise multiple based on a consideration of various research studies regarding exercise pattern from historical statistical data. </div></div></div><div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="display:inline;">(6) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">Fair value of underlying ordinary shares:</div></td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px; background: none;"/><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair values of ordinary shares were determined based on the closing price in the market. </div></div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2017, 2018 and 2019, the share option movements were as follows: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Options<br/>outstanding </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>exercise<br/>price per<br/>share </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>remaining<br/>contractual </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">years to<br/>expiry per<br/>share </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>fair value<br/>at grant<br/>date </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>intrinsic<br/>value per<br/>option </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Aggregate<br/>intrinsic<br/>value </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td style="padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2016 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,872,941 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.78 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><span style="-sec-ix-hidden:hidden12636702">4,97</span> years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,320,000 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68.35 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.00 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(454,708</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.95 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.75 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2017 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,738,233 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33.50 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.14 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(</div>356,736</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.65 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.77 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2018 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,381,497 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26.61 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.05 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(85,706 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.50 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.21 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,295,791 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27.59 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.09 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> as of December 31, 2019</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">357,500 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Options vested and expected to vest as of December 31, 2019 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,295,791 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27.59 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0); white-space: nowrap;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2.09 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">18.31</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">43.26</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">99,318,793</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"><div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercisable as of December 31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,938,291 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">23.95 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255); white-space: nowrap;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2.10 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">16.47</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">46.90</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">90,908,615</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> <div style="margin-bottom: 0px;margin-top: 0px;font-size: 6pt;"> </div><div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0px; margin-left: 8%; line-height: 12pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">For the years ended December 31, 2017, 2018 and 2019, the Group recognized share<div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">-</div>based payment expenses of RMB54,505, RMB65,884 and RMB65,165 </div><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">in connection with the share options granted to key management and employees, respectively. The total fair value of shares vested during the years ended December 31, 2017, 2018 and 2019 </div></div><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">was RMB236, RMB122,864 and RMB65,165, respectively.</div><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;"> </div></div></div> <div style="text-align: left;text-indent: 0%;font-family: Times New Roman;font-size: 10pt;margin-top: 6pt;margin-bottom: 0pt;margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, there was RMB67,474 (2018: RMB131,395) </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">unrecognized compensation cost related to unvested share options granted to key management and employees of the Group. The unvested share options expense relating to the share options of the Group is expected to be recognized over a weighted average period </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;">of 1 year on a straight-line basis schedule as of December 31, 2019. </div></div> <div style="margin-top: 18pt; margin-bottom: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top; padding-left: 0px;"><div style="font-weight:bold;display:inline;">(b) </div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> shares</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;">During 2017, 2018 and 2019, a total of 2,900,580, 1,102,576 and 2,418,556 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares were granted to executive officers, employees, members of Audit Committee and consultants of the Group under the 2012 and 2014 Plan, respectively.</div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">Most of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares granted have a vesting period of four years of employment services with the first <span style="-sec-ix-hidden:hidden12636328">one-fourth</span> vesting on the first anniversary from grant date, and the remaining <span style="-sec-ix-hidden:hidden12636327">three fourth</span> vesting on a monthly basis over a <div style="letter-spacing: 0px; top: 0px;;display:inline;">three-year</div> period ending on the fourth anniversary of the grant date. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares are not transferable and may not be sold or pledged and the holder has no voting or dividend right on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares. In the event a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shareholder’s employment for the Group is terminated for any reason prior to the fourth anniversary of the grant<div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;"> date, the holder’s right to</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;">the </div></div><div style="letter-spacing: 0px; font-size: 10pt; white-space: nowrap; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div></div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;"> shares will terminate effectively. The outstanding </div></div><div style="letter-spacing: 0px; font-size: 10pt; white-space: nowrap; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div></div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;"> shares shall be forfeited and automatically transferred to and reacquired by the Group without any consideration.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2017, 2018 and 2019, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares movement was as follows:</div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%; padding: 0px;"> </td> <td style="width: 9%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> shares<br/> outstanding </div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of January 1, 2017 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,419,865 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,900,580 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(925,623</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(464,564</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2017 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,930,258 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,102,576 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,322,560</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(786,772</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2018 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,923,502 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,418,556 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,102,773 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(839,468 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,399,817 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group recognized compensation expense over the four year service periods on a straight<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>line basis, and applied a forfeiture rate of nil for key management for 2017, 2018 and 2019, while the forfeiture rate is 18%, 22% and 25<div style="letter-spacing: 0px; top: 0px;;display:inline;">%</div> for employees for the years ended December 31, 2017, 2018 and 2019, respectively. The aggregate fair value of the restricted shares at grant dates was RMB1,082,797,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>RMB527,552 and RMB693,266 during the years ended December 31, 2017, 2018 and 2019 respectively. The fair values of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares are measured at the respective fair values of the Company’s ordinary shares on the grant-dates.</div> <div style="margin-top: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">For the years ended December 31, 2017, 2018 and 2019, the Group recognized share<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>based payment expenses of RMB612,593, RMB605,326 and RMB617,192 in connection with the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares granted to employees, respectively.</div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;">As of December 31, 2019 there was RMB998,075 (2018: RMB1,202,977) unrecognized compensation cost related to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares which is expected to be recognized over a weighted average vesting period of 2.38 years. The weighted average granted fair value per share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> shares granted during the years ended December 31, 2017, 2018 and 2019 was US$55.51 (approximately RMB361.18), US$65.59 (approximately RMB478.47) and US$41.43 (approximately RMB286.64) respectively.</div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"/> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(c) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Share-based awards relating to the Shan Shan Outlets</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, Shan Shan Outlets, a wholly-owned subsidiary of the Group, has adopted a Stock Incentive Plan (“the Shan Shan Plan”), which provided up to an aggregate of RMB150,000,000, representing 15% of the equity interest of the Shan Shan Outlets as share-based compensation to employees, external assigned employees and other eligible personal. The maximum contractual term of the Shan Shan Plan is 10 years.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, 7.5% of the equity interest of the Shan Shan Outlets share options were granted to its executive officer under the Shan Shan Plan.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The vesting period is 4 years where 62.5% will be vested on April 1, 2022 with the remaining to be vested ratably over the remaining vesting period.</div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">No consideration will be transferred to the Group upon exercise, where Shan Shan Outlets shall repurchase the shares at a price determined based on Shan Shan Outlet’s 3-year-audited-average net profit. Accordingly, the award is classified as a liability award with fair value recognised at each period end with the change in fair value is recognised in general and administrative expenses. For the year ended December 31, 2019, the Group recognized share-based payment expenses of RMB5,726 in connection with the share options granted.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the Monte Carlo Simulation Mode (the “MC” model) to determine the estimated fair value for share-based compensation liability below with the assistance of an independent valuation firm as of December 31, 2019.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The assumptions used in determining the fair value of the share-based awards as of December 31, 2019 were as follows:</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 84%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 78%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="width: 18%; padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt; width: 78%;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Assumptions</div> </div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 18%;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019 </div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">0%</div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2.53%~2.81%</div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expected volatility</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">23.41%~24.02%</div></div></div> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 78%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total fair value of underlying registered capital</div></div> </div></div> </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">226,756</div></div> </div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Notes:</div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield:</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The expected dividend yield was estimated by the Group based on Shan Shan Outlet’s dividend policy over the expected life of the awards.</div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate:</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate was estimated based on the China Government Bonds with a maturity life equal to the time period of the simulation as of the valuation date.</div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 8%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3) </div></td> <td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected volatility:</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The expected volatility was estimated based on the 3-year </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">average annualized volatility of comparable companies’ revenue.</div></div></div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 13%;"/> <div style="margin-top: 18pt; margin-bottom: 0px;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="width: 4%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(d) </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based</div> compensation expenses</div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2017, 2018 and 2019, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">share-based</div> compensation expenses have been included in the following balances on the consolidated statements of income and comprehensive income: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;;width:0.25%;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,235</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,151</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(112,683 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(40,364</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(41,063</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(35,038 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(206,073</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(203,594</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(180,493 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(347,426</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(353,402</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(359,869 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;;width:0.25%;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background: none;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(667,098</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(671,210</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(688,083 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;;width:0.25%;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 7350000 9000000 1500000 5366998 0.015 900000 1320000 68.35 444.71 660000 26.30 180.83 P5Y P10Y P3M P9M P90D 0 0.18 0 0.22 0 0.25 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%; padding: 0px;"/> <td style="width: 4%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-left: 0px; padding-bottom: 0.5pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Assumptions </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.96% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected volatility </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">61.0% </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Expected life </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercise multiples </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.80 times</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted average fair value of underlying ordinary shares (US$/share) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: center; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">25.09 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 0 0.0196 0.610 P5Y 2.80 25.09 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Options<br/>outstanding </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>exercise<br/>price per<br/>share </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>remaining<br/>contractual </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">years to<br/>expiry per<br/>share </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>fair value<br/>at grant<br/>date </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Weighted<br/>average<br/>intrinsic<br/>value per<br/>option </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Aggregate<br/>intrinsic<br/>value </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td style="padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2016 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,872,941 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.78 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><span style="-sec-ix-hidden:hidden12636702">4,97</span> years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,320,000 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">68.35 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.00 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(454,708</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.95 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.75 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2017 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,738,233 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33.50 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.14 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(</div>356,736</div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.65 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.77 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2018 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,381,497 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26.61 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3.05 years </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercised </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(85,706 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.50 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.21 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,295,791 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27.59 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.09 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 51%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> as of December 31, 2019</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">357,500 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Options vested and expected to vest as of December 31, 2019 </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,295,791 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27.59 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0); white-space: nowrap;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2.09 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">18.31</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">43.26</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding: 0in; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">99,318,793</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"><div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Exercisable as of December 31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,938,291 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">23.95 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255); white-space: nowrap;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">2.10 years</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">16.47</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">46.90</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="background: rgb(204, 238, 255); padding: 0in;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:Calibri,sans-serif;text-align:right;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">90,908,615</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/> 1872941 0.78 1320000 68.35 P4Y 454708 1.95 P3Y9M 2738233 33.50 P4Y1M20D 356736 1.65 P2Y9M7D 2381497 26.61 P3Y18D 85706 0.50 P1Y2M15D 2295791 27.59 P2Y1M2D 357500 2295791 27.59 P2Y1M2D 18.31 43.26 99318793000 1938291 23.95 P2Y1M6D 16.47 46.90 90908615000 54505000 65884000 65165000 236000 122864000 65165000 67474000 131395000 P1Y 2900580 1102576 2418556 P4Y P3Y <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%; padding: 0px;"> </td> <td style="width: 9%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> shares<br/> outstanding </div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of January 1, 2017 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,419,865 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,900,580 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(925,623</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(464,564</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2017 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,930,258 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,102,576 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,322,560</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(786,772</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2018 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,923,502 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Granted </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,418,556 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vested </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,102,773 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Forfeited </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(839,468 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019 </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,399,817 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 2419865 2900580 925623 464564 3930258 1102576 1322560 786772 2923502 2418556 1102773 839468 3399817 0 0 0 0.18 0.22 0.25 1082797000 527552000 693266000 612593000 605326000 617192000 998075000 1202977000 P2Y4M17D 55.51 361.18 65.59 478.47 41.43 286.64 150000000 0.15 P10Y 0.075 The vesting period is 4 years where 62.5% will be vested on April 1, 2022 with the remaining to be vested ratably over the remaining vesting period. P4Y 0.625 P3Y 5726000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 6pt auto 0px; width: 84%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 78%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="width: 18%; padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="text-align: left; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt; width: 78%;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Assumptions</div> </div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 18%;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019 </div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">0%</div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2.53%~2.81%</div></div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt; width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expected volatility</div></div></div> </td> <td style="vertical-align: top; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; font-size: 10pt; width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">23.41%~24.02%</div></div></div> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 78%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px; width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 78%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total fair value of underlying registered capital</div></div> </div></div> </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 18%;"> <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">226,756</div></div> </div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 0 0.0253 0.0281 0.2341 0.2402 226756 P3Y <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 84%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;;width:0.25%;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fulfillment expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,235</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,151</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(112,683 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Marketing expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(40,364</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(41,063</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(35,038 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Technology and content expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(206,073</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(203,594</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(180,493 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(347,426</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(353,402</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(359,869 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;;width:0.25%;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 63%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background: none;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(667,098</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(671,210</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(688,083 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:0.25%;">)</td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 63%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;;width:0.25%;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 73235000 73151000 112683000 40364000 41063000 35038000 206073000 203594000 180493000 347426000 353402000 359869000 667098000 671210000 688083000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">31</div><div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div></div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;"><div style="font-weight:bold;display:inline;">Segment information</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Segment revenue and results </div></div></div> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the prior years, the Group has identified two major business segments, Vip.com segment and </div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">internet finance. Due to operational changes, the Group has determined it has four operating segments in the current year. Vip.com and Shan Shan Outlets have been identified as reportable segments while internet finance and offline shop operating segments were aggregated as others. Given this change in the composition of the</div></div> <div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Group’s reportable segments, prior year segment information was restated to reflect the current reporting structure for the segments.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;">The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2017, 2018 and 2019:</div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,875,234 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,159,609 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">91,435,282 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">245,817</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">249,726 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">753,752 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,638,702 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment revenues (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(212,647</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(389,413</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,325,383 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,912,313 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,523,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">92,994,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Income (loss) from operations </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,063,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,353,658 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,267,814 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">6,255</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(366,025</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(215,459</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">227,719 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Unallocated expenses (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,006,767</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(717,086</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(728,414 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total income from operations </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,690,446 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,421,113 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,773,374 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total other (expenses) income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(149,593</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">325,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">169,431 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income before income taxes and share of loss of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,540,853 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,747,075 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,942,805 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-top: 1em; margin-bottom: 0em;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Depreciation of property and equipment, net (included in the measurement of segment profit or loss): </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total depreciation of property and equipment, net </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">714,656 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">715,087 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">771,049 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">22,551</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,184 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">55,203 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,768 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 70%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">720,840 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,290 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">830,368 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 70%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px; text-indent: 0px;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment revenues mainly consist of payment processing, financing services provided by </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; top: 0px; display: inline !important;;display:inline;">the internet finance business to Vip.com, promotion services provided by Vip.com to internet finance business and internal procurement between offline shops and Vip.com.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-bottom: 0px; margin-top: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Unallocated expenses include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are not allocated to segments.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest income and expenses (included in the measurement of segment profit or loss):</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">192,052 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">232,494 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">167,550 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">11,746</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,252 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,946 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">54,765 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(95,179</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(26,568</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(17,034 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,125 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">242,872 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,027 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Interest expense </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,821</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(103,504</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(42,424 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(8,989</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(121,793</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(82,808</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(51,625 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">95,179 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26,568 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">17,034 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(82,435</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(159,744</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(86,004 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income of investments accounted under the equity method </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(22,280</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,999</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(25,590</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">52,772</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"/> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(22,280</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,999</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">27,182</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; text-indent: 0%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following assets information is reviewed by the CODM: </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 74%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">34,867,619 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,727,525 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">5,732,260</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others</div> </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,695,044 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,122,893 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">43,562,663 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">48,582,678 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investments in equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">737,806 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Shan Shan Outlets</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,375,146</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,112,952 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total expenditure for additions of long-lived assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,556,067 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,260,978 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">641,722</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,893 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">374,973 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,593,960 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,277,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 18pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other segment information </div></div></div></div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Product revenues relate to sales of apparel, shoes and bags and other products. </div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other revenues relate to revenues from product promotion and online advertising, and commission fees charged to third-party merchants which the Group provides platform access for sales of their product, and revenues from logistic and warehouse services provided to vendors of the Group. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 61%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Product revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Apparel </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">24,642,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30,446,797 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33,575,532 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shoes and bags </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,340,015 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,442,178 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,045,520 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cosmetics </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,607,267 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,700,310 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,645,878 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Sportswear and sporting goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,747,077 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,699,740 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">7,333,523 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Home goods and other lifestyle products </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,875,682 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,808,677 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,306,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Toys, kids and baby </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,978,246 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,013,615 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,096,808 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,980,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">7,398,958 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,717,088 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">71,171,653 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">81,510,275 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">88,721,311 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,740,660 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,013,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,273,107 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,912,313 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,523,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">92,994,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Geographic information</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Substantially all revenues and long-lived assets of Group are derived from and located in the PRC.</div></div> 2 4 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 2%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,875,234 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,159,609 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">91,435,282 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">245,817</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">249,726 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">753,752 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,638,702 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment revenues (Note a) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(212,647</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(389,413</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,325,383 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,912,313 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,523,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">92,994,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Income (loss) from operations </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,063,238 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,353,658 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,267,814 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">6,255</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(366,025</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(215,459</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">227,719 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Unallocated expenses (Note b) </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,006,767</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(717,086</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(728,414 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total income from operations </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,690,446 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,421,113 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,773,374 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total other (expenses) income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(149,593</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">325,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">169,431 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 60%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Income before income taxes and share of loss of equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,540,853 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,747,075 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,942,805 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 60%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 72875234000 84159609000 91435282000 245817000 249726000 753752000 2638702000 -212647000 -389413000 -1325383000 72912313000 84523948000 92994418000 4063238000 3353658000 5267814000 6255000 -366025000 -215459000 227719000 -1006767000 -717086000 -728414000 2690446000 2421113000 4773374000 -149593000 325962000 169431000 2540853000 2747075000 4942805000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Total depreciation of property and equipment, net </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">714,656 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">715,087 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">771,049 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">22,551</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,184 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">55,203 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,768 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 70%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">720,840 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">770,290 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">830,368 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 70%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Note: </div></div> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(a)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px; text-indent: 0px;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment revenues mainly consist of payment processing, financing services provided by </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; top: 0px; display: inline !important;;display:inline;">the internet finance business to Vip.com, promotion services provided by Vip.com to internet finance business and internal procurement between offline shops and Vip.com.</div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="margin-bottom: 0px; margin-top: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px; background: none;"/> <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; padding-left: 0px;"> </td> <td style="width: 4%; vertical-align: top; padding-left: 0px;">(b)</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px;">Unallocated expenses include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are not allocated to segments.</td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 714656000 715087000 771049000 22551000 6184000 55203000 36768000 720840000 770290000 830368000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">192,052 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">232,494 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">167,550 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">11,746</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,252 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,946 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">54,765 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(95,179</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(26,568</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(17,034 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">101,125 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">242,872 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">217,027 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Interest expense </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(55,821</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(103,504</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(42,424 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="margin-left: 0.26in; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(8,989</div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></div> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(121,793</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(82,808</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(51,625 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Inter-segment interest income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">95,179 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26,568 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">17,034 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 69%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(82,435</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(159,744</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(86,004 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);">) </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 69%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 4%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: separate; border-spacing: 0;"> <tr style="font-size: 0px;"> <td style="width: 69%; padding: 0px;"> </td> <td style="width: 4%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></div> </td> <td style="padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt; padding-bottom: 0.5pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; font-size: 8pt;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income of investments accounted under the equity method </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(22,280</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,999</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(25,590</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div></div></div> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">52,772</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; font-size: 10pt;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"/> </td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(22,280</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(46,999</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; font-size: 10pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">27,182</div></div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="padding-right: 2pt; vertical-align: bottom; padding-bottom: 1.5px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 192052000 232494000 167550000 11746000 4252000 36946000 54765000 -95179000 -26568000 -17034000 101125000 242872000 217027000 55821000 103504000 42424000 8989000 121793000 82808000 51625000 -95179000 -26568000 -17034000 82435000 159744000 86004000 -22280000 -46999000 -25590000 52772000 -22280000 -46999000 27182000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 74%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">34,867,619 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,727,525 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">5,732,260</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Others</div> </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,695,044 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,122,893 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">43,562,663 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">48,582,678 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investments in equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investees </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">737,806 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(255, 255, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Shan Shan Outlets</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,375,146</div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,427 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,112,952 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total expenditure for additions of long-lived assets </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Vip.com </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,556,067 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,260,978 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shan Shan Outlets</div> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> <div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;">641,722</div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,893 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">374,973 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 74%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,593,960 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,277,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 74%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0); width: 3%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 34867619000 37727525000 5732260000 8695044000 5122893000 43562663000 48582678000 667427000 737806000 2375146000 667427000 3112952000 3556067000 3260978000 641722000 37893000 374973000 3593960000 4277673000 <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 92%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 61%; padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 3%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Product revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Apparel </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">24,642,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30,446,797 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33,575,532 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Shoes and bags </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,340,015 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,442,178 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,045,520 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cosmetics </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,607,267 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,700,310 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,645,878 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Sportswear and sporting goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,747,077 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,699,740 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">7,333,523 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Home goods and other lifestyle products </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,875,682 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,808,677 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,306,962 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Toys, kids and baby </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,978,246 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,013,615 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10,096,808 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other goods </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,980,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">7,398,958 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,717,088 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"/> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">71,171,653 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">81,510,275 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">88,721,311 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,740,660 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,013,673 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,273,107 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total net revenues </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">72,912,313 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,523,948 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">92,994,418 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 3%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> 24642418000 30446797000 33575532000 8340015000 8442178000 9045520000 10607267000 11700310000 14645878000 4747077000 5699740000 7333523000 9875682000 9808677000 8306962000 6978246000 8013615000 10096808000 5980948000 7398958000 5717088000 71171653000 81510275000 88721311000 1740660000 3013673000 4273107000 72912313000 84523948000 92994418000 <table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">3<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div>. </div> </div></div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;">Subsequent event<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div> </div></div></td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="margin-top: 6pt; margin-bottom: 0px;"/> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2020, the compensation committee of the Group approved and the Group <div style="letter-spacing: 0px; top: 0px;;display:inline;">has </div>granted, Mr. Eric Shen, the Group’s Chairman and Chief Executive Officer, and Mr. Arthur Hong, the Group’s Vice Chairman and Chief Operating Officer, option<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> to purchase 5,363,788 Class A ordinary shares. Both grants will vest over a six-year period, and their exercise price is US$66.85 per share, or US$13.37 per ADS. The fair value of the option<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> at <div style="letter-spacing: 0px; top: 0px;;display:inline;">gra<div style="letter-spacing: 0px; top: 0px;;display:inline;">nt date is <div style="letter-spacing: 0px; top: 0px;;display:inline;">estimated <div style="letter-spacing: 0px; top: 0px;;display:inline;">to </div>be </div>US$240,114 (approxi<div style="letter-spacing: 0px; top: 0px;;display:inline;">mately RMB1,671,625)</div></div></div></div>, which will be recognized in share-based compensation expenses over a six-year <div style="letter-spacing: 0px; top: 0px;;display:inline;">service </div>period.</div></div></div> <div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Beginning in January 2020, the recent outbreak of coronavirus (COVID-19) has impacted the Group’s operations, specifically the offline retail shops for walk-in customers. As precautionary measures, the government in China extended the Lunar New Year Holiday into February 2020 and has implemented travel restrictions and closures of certain central China ports and government offices. Offline retail shops of certain region in China have experienced extended closures after the Lunar New Year Holiday. As of the date of this report, the Group has experienced a decline in the offline product revenues as well as the lease income from Shan Shan Outlets. The online product revenue sales decreased also due to delayed logistic services and slow response from the supplier chain. </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: left; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">The government of China has lifted the quarantine measures within the country gradually from the end of March 2020 and the operation of the business has gradually resumed. While the impact of this disruption in 2020 to our business and related financial impacts cannot be reasonably estimated at this time, the Group expects that its consolidated results of operations for the first half of 2020 will be affected with potential continuing impacts on subsequent periods.</div></div> 5363788 P6Y 66.85 13.37 240114000 1671625000 P6Y <div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VIPSHOP HOLDINGS LIMITED </div></div></div> <div id="fin849102_7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Schedule I—Condensed Financial Information<div style="letter-spacing: 0px; top: 0px;;display:inline;"> of the Parent Company</div> </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Statements of Income and Comprehensive Income </div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(All amounts in thousands) </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%; padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="width: 1%; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="padding: 0px;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div> </td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 0in;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div> </td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid;font-size:8pt;"> <td style="vertical-align:bottom;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"> <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"> <div style="font-family: &quot;Times New Roman&quot;; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">Note 2(ad)</div> </td> <td style="vertical-align:bottom;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;"> </td> </tr> <tr style="background-color:#cceeff;page-break-inside:avoid;font-size:10pt;"> <td style="vertical-align: top; padding: 0px; width: 62%;"> <div style="font-family: &quot;Times New Roman&quot;; margin-left: 1em; text-align: left; text-indent: -1em; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">General and administrative expenses</div> </td> <td style="vertical-align: top; width: 1%;"> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;"> </td> <td style="vertical-align:bottom;text-align:right"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">(696,832</div> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;">)</td> <td style="vertical-align: top; width: 1%;"> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;"> </td> <td style="vertical-align:bottom;text-align:right"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">(694,847</div> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;">)</td> <td style="vertical-align: top; width: 1%;"> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;"> </td> <td style="vertical-align:bottom;text-align:right"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">(31,240</div> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;white-space:nowrap;">)</td> <td style="vertical-align: top; width: 1%;"> </td> <td style="vertical-align:bottom;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;"> </td> <td style="vertical-align:bottom;text-align:right"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">(4,487</div> </td> <td style="vertical-align:bottom;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other operating income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">77,513 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">36,087 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">39,385 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,657 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 62%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(</div>Loss<div style="letter-spacing: 0px; top: 0px;;display:inline;">) i<div style="letter-spacing: 0px; top: 0px;;display:inline;">ncome</div></div> from operations </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(619,319</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(658,760</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,145 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,170 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Interest expenses </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(54,665</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(57,293</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(9,062 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,302 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Share of results of equity method investees </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(21,319</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,642 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(6,163 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(885 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Equity income of subsidiaries and VIEs </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,644,958 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,843,198 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,023,912 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">577,999 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 62%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Net income </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">576,982 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 62%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other comprehensive income, net of tax of nil: </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Foreign currency translation adjustments </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,348 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,083</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25,773 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,702 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Share of comprehensive loss of subsidiaries </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(22,982</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 7%; height: 16px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">—  </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 7%; height: 16px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 5pt 0pt 0pt; width: 7%; height: 16px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 62%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 1px solid rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 62%;"> <div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Comprehensive income attributable to Vipshop Holdings Limited’s shareholders </div></div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,269,021 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,121,704 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,991,059 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">573,280 </div></div> </td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 62%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; border-bottom: 3px double rgb(0, 0, 0); padding-bottom: 0in;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> </tr> </table> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div> <div style="clear: both; max-height: 0px;"> </div><div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VIPSHOP HOLDINGS LIMITED </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Schedule I—Condensed Financial Information<div style="letter-spacing: 0px; top: 0px;;display:inline;"> of the Parent Company</div> </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Balance Sheets </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(All amounts in thousands, except for share and per share data) </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="10" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr> <td style="vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 8pt;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt;;font-weight:bold;display:inline;width:100%;"> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt;;font-weight:bold;display:inline;width:100%;"> </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt;;font-weight:bold;display:inline;width:100%;"> </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt;;font-weight:bold;display:inline;width:100%;"> </div></div></div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Note 2(ad)</div> </div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; line-height: 8pt; font-size: 8pt;;width:;"><div style="font-size: 8pt; line-height: 8pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 8pt; font-size: 8pt;;font-weight:bold;display:inline;width:100%;"> </div></div></div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">ASSETS </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">212 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">        </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">44 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">        </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">6 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investment in an equity<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>method investee </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">48,292 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">42,315 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,078 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Investment in subsidiaries and VIEs </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,937,122 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">16,643,391 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,390,674 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Amount due from subsidiaries and VIEs </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,614,563 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,146,414 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">739,236 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">TOTAL ASSETS </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,600,189 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,832,164 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,135,994 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES AND EQUITY </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,106 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,008 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">719 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Convertible senior notes </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,327,268 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,338,374 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,008 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">719 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">EQUITY </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%; white-space: nowrap;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 116,395,883 and<br/>117,584,362 <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>shares<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>issued and outstanding as of December 31, 2018 and 2019, respectively) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">75 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">76 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%; white-space: nowrap;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 16,510,358 and<br/>16,510,358 shares<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>issued and outstanding as of December 31, 2018 and 2019, respectively) </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital</div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,385,216 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,959,497 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,430,592 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Retained earnings </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">7,907,396 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,924,228 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,712,808 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accumulated other comprehensive loss </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(30,883</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,656 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(8,138 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Total shareholders’ equity </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">17,261,815 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,827,156 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,135,275 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 68%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,600,189 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,832,164 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,135,994 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 68%;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VIPSHOP HOLDINGS LIMITED </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Schedule I—Condensed Financial Information<div style="letter-spacing: 0px; top: 0px;;display:inline;"> of the Parent Company</div> </div></div></div><div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">STATEMENTS OF CASH FLOWS </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(All amounts in thousands) </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 12pt auto 0px; width: 100%; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 61%; padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="width: 1%; padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/> <td style="padding: 0px;"/></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Year ended December 31, </div></div></div></td> <td style="padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2017 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5pt;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">RMB </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;;width:;"> </td> <td colspan="2" style="vertical-align: bottom; padding-left: 0px;;width:;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">US$ </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;;width:;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid;font-size:8pt;"> <td style="vertical-align:bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"><div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; font-weight: normal; padding-right: 2pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"><div style="font-family: &quot;Times New Roman&quot;; text-align: center; font-size: 8pt; margin-bottom: 0pt; margin-top: 0pt; line-height: normal;">Note 2(ad)</div></td> <td style="vertical-align:bottom;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash flow from operating activities: </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,949,655 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,128,787 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,016,832 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">576,982 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 61%;"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="height: 8px; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Adjustments to reconcile net income to net cash by operating activities: </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Equity income of subsidiaries and variable interest entities </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,644,958</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,843,198</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(4,023,912</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(577,999 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Share of results of equit<div style="letter-spacing: 0px; top: 0px;;display:inline;">y-</div>method investees </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21,319 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,642</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,163 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">885 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation expenses </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">667,098 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">671,210 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Amortization of debt issuance cost </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,950 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Changes in operating assets and liabilities: </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Investment in subsidiaries and VIEs </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">176,370 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding-left: 0px; padding-right: 5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 5pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; padding-right: 5pt;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0px; padding-right: 5pt;"> </td> <td style="text-align: right; padding-left: 0px; padding-right: 5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">53,870 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(10,115</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt; height: 15px; width: 6%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;;display:inline;">(5,885</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="display:inline;">)</div> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt; height: 15px; width: 5%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;;display:inline;">(846</div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"><div style="display:inline;">)</div> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(44,109</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%;"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net cash generated from (used in) operating activities </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,825 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">121,412 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(6,802 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;">)<div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(978 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;">)<div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%;"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash flows from investing activities: </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">Loan to</div>) <div style="letter-spacing: 0px; top: 0px;;display:inline;">repa<div style="letter-spacing: 0px; top: 0px;;display:inline;">yment </div></div>from subsidiaries and VIEs </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,277,028</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(452,366</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,227,181 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">607,198 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%;"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net cash (used in) provided by investing activities </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(5,277,028</div></div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(452,366</div></div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px;"><div style="font-weight:bold;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,227,181 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">607,198 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%;"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;;"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash flows from financing activities: </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%;"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal; background: none;"/></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px;"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Proceeds from issuance of ordinary shares upon exercise of share options </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,969 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,947 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">297 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">43 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Redemption of convertible senior notes </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(21,697</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(4,220,841 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(606,286 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);">) </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Proceeds from issuance of ordinary shares to new investors </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,610,337 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; padding: 0pt 4pt 0pt 0pt; height: 15px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">— </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by (used in) financing activities </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,594,609 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3,947 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(4,220,544 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);">)<div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(606,243 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);">)<div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(204, 238, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Effect of exchange rate changes on cash and cash equivalents </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(44</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(95</div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);">) </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"><div style="font-size: 1pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Net increase in cash and cash equivalents </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">326,362 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(327,102</div></div></div></td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;">) </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(168 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);">)<div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;">(24</div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="font-size: 10pt; page-break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(204, 238, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents at beginning of the period </div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">952 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">327,314 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">212 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(204, 238, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30 </div></div></td> <td style="padding-right: 2pt; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 0.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 10pt; break-inside: avoid;"> <td style="padding: 0px; vertical-align: top; width: 61%; background-color: rgb(255, 255, 255);"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents at end of the period </div></div></div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">327,314 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">212 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">44 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align: top; padding-left: 0px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td> <td style="text-align: right; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6 </div></div></div></td> <td style="padding-right: 2pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 0px; background-color: rgb(255, 255, 255);"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size: 0pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 61%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; width: 1%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0); padding-left: 0px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td> <td style="padding-right: 2pt; vertical-align: bottom; padding-left: 0px; padding-bottom: 1.5px; font-family: &quot;Times New Roman&quot;; background-color: rgb(255, 255, 255);"> </td></tr></table><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="clear: both; max-height: 0px;"/><div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">VIPSHOP HOLDINGS LIMITED </div></div></div><div style="text-align: center; text-transform: uppercase; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">NOTE TO SCHEDULE I </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(All amounts in thousands, except for share or per share data) </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">Schedule I has been provided pursuant to the requirement of Rule<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"> 12-04(a)</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">4-08(e)(3)</div> of Regulation<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"> S-X, </div> which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of end of the most recently completed fiscal year.</div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>, RMB7,265,250<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>of the restricted capital and reserves are not available for distribution respectively, and as such, the condensed financial information of Vipshop Holdings Limited (“Parent Company”) has been presented. Relevant PRC laws and regulations also restrict the subsidiaries in PRC, the VIEs and VIEs’ subsidiaries from transferring a portion of their net assets to the Company in the form of loans and advances or cash dividends.</div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During each of the three years in the period ended December 31, 2019, <div style="letter-spacing: 0px; top: 0px;;display:inline;">no</div> cash dividend was declared and paid by the Parent Company. </div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, there were no material contingencies, significant provisions of long-term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Company, except for those which have been separately disclosed in the Consolidated Financial Statement, if any. </div></div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 18pt; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basis of preparation </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in its consolidated financial statements, except that the Parent Company has used the equity method to account for its investment in its subsidiaries, VIEs and VIEs’ subsidiaries. Accordingly, the condensed financial information presented herein represents the financial information of the Parent Company. </div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote discloses certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements. </div></div> 696832000 694847000 31240000 4487000 77513000 36087000 39385000 5657000 -619319000 -658760000 8145000 1170000 54665000 57293000 9062000 1302000 -21319000 1642000 -6163000 -885000 2644958000 2843198000 4023912000 577999000 1949655000 2128787000 4016832000 576982000 342348000 -7083000 -25773000 -3702000 -22982000 2269021000 2121704000 3991059000 573280000 212000 44000 6000 48292000 42315000 6078000 11937122000 16643391000 2390674000 9614563000 5146414000 739236000 21600189000 21832164000 3135994000 11106000 5008000 719000 4327268000 4338374000 5008000 719000 0.0001 0.0001 483489642 483489642 116395883 116395883 117584362 117584362 75000 76000 11000 0.0001 0.0001 16510358 16510358 16510358 16510358 16510358 16510358 11000 11000 2000 9385216000 9959497000 1430592000 7907396000 11924228000 1712808000 -30883000 -56656000 -8138000 17261815000 21827156000 3135275000 21600189000 21832164000 3135994000 1949655000 2128787000 4016832000 576982000 2644958000 2843198000 4023912000 577999000 -21319000 1642000 -6163000 -885000 667098000 671210000 5950000 176370000 53870000 -10115000 -5885000 -846000 -44109000 8825000 121412000 -6802000 -978000 5277028000 452366000 -4227181000 -607198000 -5277028000 -452366000 4227181000 607198000 5969000 3947000 297000 43000 21697000 4220841000 606286000 5610337000 5594609000 3947000 -4220544000 -606243000 -44000 -95000 -3000 -1000 326362000 -327102000 -168000 -24000 952000 327314000 212000 30000 327314000 212000 44000 6000 7265250000 0 0 0