Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2014 |
Document Fiscal Year Focus | 2,014 |
Document Fiscal Period Focus | FY |
Trading Symbol | CSHEF |
Entity Registrant Name | CHINA ENTERPRISES LTD |
Entity Central Index Key | 908,256 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 9,017,310 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | Dec. 31, 2013CNY (¥)¥ / sharesshares | Dec. 31, 2012CNY (¥)¥ / sharesshares | |
Operating activities | ||||
General and administrative expenses | $ (346) | ¥ (2,148) | ¥ (1,762) | ¥ (1,708) |
Non-operating income (expenses): | ||||
Dividend income | 623 | 3,866 | ||
Interest income | 22 | 137 | 145 | 164 |
Interest expense | (89) | (552) | (534) | (916) |
Net realized gain on investments | 148 | 919 | 1,330 | |
Unrealized gain (loss) on trading securities still held at the balance sheet date | (652) | (4,045) | 12,165 | 4,541 |
Others | ¥ | 10 | |||
Exchange loss | (108) | (667) | (76) | (490) |
Profit (loss) before income tax | (402) | (2,490) | 9,938 | 2,931 |
Income tax expense (note 6) | 0 | 0 | 0 | 0 |
Net income (loss) | (402) | (2,490) | 9,938 | 2,931 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustment | 1,826 | 11,328 | (14,217) | (3,548) |
Available-for-sale investment securities: | ||||
Change in unrealized (losses) gains | (222) | (1,377) | 7,041 | |
Net change | 1,604 | 9,951 | (7,176) | (3,548) |
Total comprehensive income (loss) | $ 1,202 | ¥ 7,461 | ¥ 2,762 | ¥ (617) |
Earnings (loss) per common share | ||||
Basic and diluted | (per share) | $ (0.04) | ¥ (0.28) | ¥ 1.10 | ¥ 0.33 |
Weighted average number of shares used in the calculation of earnings (loss) per common share | ||||
Basic and diluted | shares | 9,017,310 | 9,017,310 | 9,017,310 | 9,017,310 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, HKD in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 73,003 | ¥ 452,956 | ¥ 440,164 |
Prepaid expenses and other current assets | 24 | 149 | 149 |
Other receivables (note 3) | 1,374 | 8,527 | 7,682 |
Due from related parties (note 11) | 52 | 322 | 401 |
Trading securities (notes 4 and 8) | 4,937 | 30,632 | 36,569 |
Total current assets | 79,390 | 492,586 | 484,965 |
Deposits paid for acquisition of investments (note 5) | 20,513 | 127,278 | 127,278 |
Available-for-sale securities (notes 4 and 8) | 3,181 | 19,737 | 20,630 |
Other assets | 1 | 6 | 6 |
Total assets | 103,085 | 639,607 | 632,879 |
Current liabilities: | |||
Due to related parties (note 11) | 287 | ||
Payables to securities brokers (note 12) | 786 | 4,881 | 5,328 |
Accrued liabilities | 341 | 2,119 | 2,519 |
Other taxes payable | 444 | 2,753 | 2,753 |
Income taxes payable | 3,626 | 22,496 | 22,095 |
Total current liabilities | 5,197 | 32,249 | 32,982 |
Total liabilities | $ 5,197 | ¥ 32,249 | ¥ 32,982 |
Commitments and contingencies (note 9) | |||
Shareholders' equity: | |||
Common stock-par value US$0.01 per share (50,000,000 shares authorized; 9,017,310 shares issued and outstanding(note 7) | $ 124 | ¥ 770 | ¥ 770 |
Additional paid-in capital | 161,325 | 1,000,958 | 1,000,958 |
Accumulated other comprehensive losses | (2,775) | (17,218) | (27,169) |
Accumulated deficit | (60,786) | (377,152) | (374,662) |
Total shareholders' equity | 97,888 | 607,358 | 599,897 |
Total liabilities and shareholders' equity | $ 103,085 | ¥ 639,607 | ¥ 632,879 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 9,017,310 | 9,017,310 |
Common stock, shares outstanding | 9,017,310 | 9,017,310 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | Common Stock [Member]USD ($)shares | Common Stock [Member]CNY (¥)shares | Additional paid-in capital [Member]USD ($) | Additional paid-in capital [Member]CNY (¥) | Accumulated other compre-hensive (losses) income [Member]USD ($) | Accumulated other compre-hensive (losses) income [Member]CNY (¥) | Accumulated deficit [Member]USD ($) | Accumulated deficit [Member]CNY (¥) |
Beginning balance at Dec. 31, 2011 | ¥ 597,752 | ¥ 770 | ¥ 1,000,958 | ¥ (16,445) | ¥ (387,531) | |||||
Beginning balance, Shares at Dec. 31, 2011 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | 2,931 | 2,931 | ||||||||
Foreign currency translation adjustment | (3,548) | (3,548) | ||||||||
Ending balance at Dec. 31, 2012 | 597,135 | ¥ 770 | 1,000,958 | (19,993) | (384,600) | |||||
Ending balance, Shares at Dec. 31, 2012 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | 9,938 | 9,938 | ||||||||
Foreign currency translation adjustment | (14,217) | (14,217) | ||||||||
Unrealized gain (loss) on available-for-sale securities | 7,041 | 7,041 | ||||||||
Ending balance at Dec. 31, 2013 | 599,897 | ¥ 770 | 1,000,958 | (27,169) | (374,662) | |||||
Ending balance, Shares at Dec. 31, 2013 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | $ (402) | (2,490) | (2,490) | |||||||
Foreign currency translation adjustment | 1,826 | 11,328 | 11,328 | |||||||
Unrealized gain (loss) on available-for-sale securities | (222) | (1,377) | (1,377) | |||||||
Ending balance at Dec. 31, 2014 | $ 97,888 | ¥ 607,358 | $ 124 | ¥ 770 | $ 161,325 | ¥ 1,000,958 | $ (2,775) | ¥ (17,218) | $ (60,786) | ¥ (377,152) |
Ending balance, Shares at Dec. 31, 2014 | shares | 9,017,310 | 9,017,310 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2012CNY (¥) | |
Cash flows from operating activities: | ||||
Net income (loss) | $ (402) | ¥ (2,490) | ¥ 9,938 | ¥ 2,931 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||
Net realized loss (gain) on investments | (148) | (919) | (1,330) | |
Unrealized (gain) loss on trading securities still held at the balance sheet date | 652 | 4,045 | (12,165) | (4,541) |
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 5 | 130 | ||
Other payables | (290) | 86 | ||
Accrued liabilities | (64) | (400) | (660) | (2,106) |
Net cash (used in) provided by operating activities | 38 | 236 | (3,172) | (4,830) |
Cash flows from investing activities: | ||||
(Advances to) repayment from an unrelated party | (101) | (628) | 6,938 | 234 |
Decrease in due from related parties | 14 | 88 | 1,008 | 13,260 |
Purchases of trading securities | (4,787) | |||
Proceeds from trading securities | 459 | 2,851 | 10,946 | |
Increase (decrease) in payables to securities brokers | (72) | (447) | 385 | (14,833) |
Net cash provided by investing activities | 300 | 1,864 | 8,331 | 4,820 |
Cash flows used in financing activities: | ||||
Changes in due to related parties | (47) | (292) | (70,117) | (1,736) |
Net cash used in financing activities | (47) | (292) | (70,117) | (1,736) |
Effect of exchange rate change | 1,770 | 10,984 | (12,429) | (4,297) |
Net increase (decrease) in cash and cash equivalents | 2,061 | 12,792 | (77,387) | (6,043) |
Cash and cash equivalents, beginning of year | 70,942 | 440,164 | 517,551 | 523,594 |
Cash and cash equivalents, end of year | 73,003 | 452,956 | 440,164 | 517,551 |
Supplemental schedule of cash flow information: | ||||
Income taxes paid | 0 | 0 | 0 | 0 |
Interest paid | $ 89 | ¥ 552 | ¥ 534 | ¥ 916 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES China Enterprises Limited (the “Company”) was incorporated in Bermuda on January 28, 1993. Its common stock trades on the OTC (Over-the-Counter) Securities Marketplace in the United States of America (the “US”). China Strategic Holdings Limited (“CSH”), a public company listed on The Stock Exchange of Hong Kong Limited (the “HKSE”), was the Company’s ultimate parent company before its completion of a group reorganization in May 2006 following which the Company became a wholly-owned subsidiary of Group Dragon Investments Limited (“GDI”), a then equity method affiliate of Hanny Holdings Limited (“Hanny”), a public company listed on the HKSE. In June 2006, Hanny acquired a controlling interest in GDI and became the parent company. On December 8, 2006, Hanny became a subsidiary of ITC Corporation Limited (“ITC”), a public company listed on HKSE and, as a result, ITC became the ultimate parent company. On May 18, 2007, Hanny ceased to be a subsidiary of ITC and Hanny became the ultimate parent company until 2008 when Hanny reduced its equity interest in the Company. Following the completion of the distribution of its Hanny shares to its shareholders in November 2010, ITC’s interests in Hanny dropped from 42% to 0.1%. As of December 31, 2014, Hanny held a 28.95% equity interest in the Company. There have been no further changes in the Company’s ownership status. The accompanying financial statements include the financial statements of the Company and its wholly owned subsidiaries which primarily consist of Million Good Limited (“Million Good”, incorporated in the British Virgin Islands, “BVI”, principally engaged in investment holding), Wealth Faith Limited (“Wealth Faith”, incorporated in the BVI, principally engaged in investment holding), Cosmos Regent Limited (“Cosmos Regent”, incorporated in the BVI, principally engaged in investment holding), Cyber Generation Limited (“Cyber Generation”, incorporated in the BVI, principally engaged in investment holding) and Whole Good Limited (“Whole Good”, incorporated in the BVI, principally engaged in investment holding). The Company and all of its subsidiaries are collectively referred to as the “Group”. Based in Hong Kong, the Company has historically been engaged in tire manufacturing, trading and related businesses, and actively participated in the management of China-based companies in a variety of industries for strategic operating purposes. As of January 1, 2010, the Company had a 26% equity interest in Hangzhou Zhongce Rubber Co., Limited (“HZ”, located in Hangzhou, Zhejiang Province, the PRC). HZ and its consolidated subsidiaries (the “PRC entities”) are engaged in the manufacture of rubber tires in the PRC. On November 28, 2011, the Company sold all of its ownership interests in HZ to CZ Tire Holdings Limited, an independent third party company incorporated in the British Virgin Islands. Following the disposal of all of its interest in the tire business in 2011, the Company had no revenue producing businesses and began actively seeking new investment opportunities, including entering into an agreement through its wholly owned subsidiary to purchase a 40% equity interest in Million Cube Limited (“Million Cube”) in 2012. Million Cube has acquired a 45% equity interest and corresponding shareholder loans of Paragon Winner Company Limited (“Paragon”). Paragon was formed to invest in a joint venture that is developing a golf course, hotel and resort complex at Sanya City in the PRC. The transaction was completed in March 2015 after the Company’s wholly-owned subsidiary had obtained all necessary governmental and other consents. Following the closing of the transaction and pursuant to the Agreement, the Company has the right to appoint one director to Million Cube’s board of directors, in order to exercise influence over the financial and operating decisions of the golf resort business. The Company has continued to seek new strategic investment opportunities in the PRC, including Hong Kong. Apart from the golf resort business, the Company is also looking at other potential investments and has a long term goal to build a platform of value-added and productive businesses under the strategic direction of the Company whereby it can exercise significant influence over the financial and operating decisions of its investees for financial returns. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Basis of Consolidation The Company consolidates all entities in which it is the primary beneficiary of variable interests in variable interest entities and entities in which it has a controlling financial interest. The Company did not have a variable interest in any variable interest entity during the periods presented. The consolidated financial statements include the assets, liabilities, revenue and expenses of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. (c) Cash and Cash Equivalents The Company considers cash on hand, demand deposits with banks with original maturities of three months or less when purchased to be cash and cash equivalents. (d) Trading Securities Trading securities refer to equity securities that are bought and held principally for the purpose of selling them in the near term, and are reported at fair value, with unrealized gains and losses included in earnings. The fair value of the Company’s investments in trading securities is based on the quoted market price on the last business day of the fiscal year. (e) Available-for-sale Securities Available-for-sale securities consist of quoted equity securities that are not designated as trading securities. They are held at fair value with unrealized gains and losses, net of tax, reported in accumulated other comprehensive gain or losses. Any unrealized losses that are deemed other-than-temporary are included in current period earnings and removed from accumulated other comprehensive gain or losses. Realized gains and losses on investment securities are included in current period earnings. For purposes of computing realized gains and losses, the cost basis of each investment sold is generally based on the average cost method. The Company regularly evaluates whether the decline in fair value of available-for-sale securities is other-than-temporary and objective evidence of impairment could include: • The severity and duration of the fair value decline; • Deterioration in the financial condition of the issuer; and • Evaluation of the factors that could cause individual securities to have an other-than-temporary impairment. No such other-than-temporary decline in fair value was recognized during the years ended December 31, 2013 and 2014. (f) Income Taxes Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and unutilized tax loss carry forwards by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. The Company adopted ASC Topic 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. (g) Foreign Currencies The functional currency of the Company and its Hong Kong domiciled subsidiaries is Hong Kong dollars. The Company has elected Renminbi as its reporting currency. Foreign currency transactions are translated into the functional currencies of the Company and its subsidiaries at the applicable exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currencies using the applicable exchange rates prevailing at the respective balance sheet dates. Exchange differences are included in the consolidated statements of operations. Assets and liabilities of the Company and its subsidiaries domiciled in Hong Kong have been translated into Renminbi at the rates of exchange prevailing at the balance sheet dates and all income and expense items are translated into Renminbi at the average rates of exchange over the year. Exchange differences resulting from the translation have been recorded as a component of comprehensive losses. The translation of Renminbi amounts into US$ amounts are included solely for the convenience of readers and have been made at US$1.00 = Rmb6.2046, the noon buying rate from the Federal Reserve Bank of New York on December 31, 2014. No representation is made that the Renminbi amounts could have been, or could be, converted into United States dollar at that rate or at any other rate. (h) Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the year. The Company did not have dilutive potential common shares during fiscal 2012, 2013 and 2014. (i) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the years presented. Actual results may differ from those estimates. Significant estimates in these financial statements that are susceptible to change as more information becomes available are collectability of receivables, impairment of deposits paid for acquisition of investments and available-for-sale securities, and valuation allowances for deferred tax assets. (j) Financial Instruments The Company recognizes all derivative instruments on the balance sheet at fair value with changes in fair values reported in the consolidated statements of operations. The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of its cash and cash equivalents, advances to affiliates, and amounts due from related parties. The Company has reviewed the credit worthiness and financial position of its related parties for credit risks associated with amounts due from them. These entities have good credit standing and the Company does not expect to incur significant losses for uncollected advances from these entities. (k) Comprehensive Income Comprehensive income represents changes in equity resulting from transactions and other events and circumstances from non-owner sources. Comprehensive income consists of net income (loss) and the foreign exchange differences arising from translation to the reporting currency and unrealized gains and losses on available-for-sale securities. (l) Recently Issued Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)—Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal that “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Entities may “early adopt” the guidance for new disposals. The Company does not expect ASU 2014-08 to have a significant impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company does not expect ASU 2014-09 to have a significant impact on its revenue recognition. In June 2014, the FASB issued ASU 2014-12, “Compensation—Stock Compensation (Topic 718)” which provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company does not expect that the adoption will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. This standard requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guideline is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The Company does not expect that the adoption will have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company does not anticipate that this adoption will have a significant impact on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Other Receivables | 3. OTHER RECEIVABLES Other receivables as of December 31, 2013 and 2014 represented a short-term advance to an independent third party company which was unsecured, non-interest bearing and had no fixed repayment terms. The amount was settled in full in March 2015. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2014 | |
Investments Schedule [Abstract] | |
Investments | 4. INVESTMENTS 2013 2014 2014 Rmb Rmb US$ Trading securities: Adjusted cost 78,291 73,531 11,851 Unrealized gains 4,098 936 151 Unrealized losses (45,820 ) (43,835 ) (7,065 ) Total at fair value 36,569 30,632 4,937 Equity securities listed in Hong Kong 19,433 11,602 1,870 Equity securities listed in Singapore 17,136 19,030 3,067 Total 36,569 30,632 4,937 Available-for-sale securities: Equity securities listed in Hong Kong: Cost 13,697 14,023 2,260 Impairment recognized in earnings — — — Adjusted amortized cost 13,697 14,023 2,260 Unrealized gains 7,041 5,664 913 Exchange differences (108 ) 50 8 Total at fair value 20,630 19,737 3,181 As of the end of reporting period, the Company considers the declines in market value of its marketable securities in its investment portfolio not to be other than temporary in nature and no impairment is recorded. Fair values were determined using closing prices of each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. No impairment loss was recognized for the years presented. |
Deposits Paid for Acquisition o
Deposits Paid for Acquisition of Investments | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Deposits Paid for Acquisition of Investments | 5. DEPOSITS PAID FOR ACQUISITION OF INVESTMENTS a) On April 15, 2008, Wealth Faith, a direct, wholly-owned subsidiary, entered into a Memorandum of Understanding (“MOU”) with a third party for the acquisition of a 10% equity ownership interest in Always Rich Resources Inc. (“Always Rich”), an unrelated investment holding company. Always Rich indirectly holds a partial interest in a property under development and a parcel of land situated in Guangzhou, the PRC. The total consideration for the acquisition of the interest in Always Rich was Rmb150,000. A deposit of Rmb75,000 was paid to a third party vendor on April 24, 2008. On June 30, 2011, the MOU lapsed. The deposit of Rmb67,500 was refunded to the Company. Rmb7,500 was charged by the third party as an administrative fee and recorded as an expense of the Company for the year ended December 31, 2011. b) On June 1, 2011, the Company, through Wealth Faith, entered into a Memorandum of Understanding under which Wealth Faith will acquire an equity interest from a third party in an investment holding company with the intention of jointly operating a golf and hotel complex in the PRC. Under the Memorandum of Understanding, refundable deposits amounting to HK$154,800 or Rmb127,278 have been paid to the third party. The deposits were funded by the settlement of the Convertible Notes of Rosedale Hotel Holdings Limited (“Rosedale”), which matured on July 7, 2011 and accrued interest that totaled HK$73,800 or Rmb59,778 and a refund of deposits paid for acquisition of a property investment company of Rmb67,500 (see (a) above). On September 28, 2012, the Company entered into a definitive investment agreement (the “Agreement”) with a third party vendor. The Agreement provides for the purchase by Wealth Faith Limited of 40% of the equity interest in Million Cube Limited (“Million Cube”), a company incorporated in the BVI from the third party vendor at a consideration of HK$200,000 or approximately US$25,600. The Company, through Wealth Faith, has previously deposited HK$154,800 or Rmb127,278 in earnest money with the third party vendor, which will be applied toward the purchase price. According to the Agreement, the earnest money is refundable in full, without interest, within one month from the date of the receipt of a written notice from the Company if the Company is not satisfied with the conditions precedent as stated in the Agreement. The transaction was completed in March 2015. As of December 31, 2013 and 2014, Million Cube was held 51% by the third party vendor and 49% by a company listed in Singapore, the chairman of which is Dr Allan Yap, the chairman, chief executive director and a director of the Company. Business of Million Cube Effective on May 31, 2012, Million Cube acquired from ITC Properties Group Limited, a company incorporated in Bermuda and listed on the HKSE (“ITC Properties”), a 45% equity interest of Paragon Winner Company Limited (“Paragon”). Paragon was incorporated in the BVI and engages in the development and operation of Sanya Sun Valley Golf Resort in Yalong Bay, Sanya City, PRC. After the completion of Wealth Faith’s purchasing of 40% equity interests in Million Cube, Wealth Faith has a right to appoint one director to Million Cube’s board of directors. With the director’s nomination right and the 40% equity interests in Million Cube, the Company considers that they have significant influence in management decisions of Million Cube. Accordingly, the Company adopts equity method to account for the investment. In addition, since Million Cube has 45% of the issued capital and corresponding shareholder loans of Paragon; the Company, through the investments, effectively held approximately 18% of equity interests in Paragon after the completion of its purchasing of 40% equity interests in Million Cube. ITC Properties retained a 55% equity interest in Paragon, then reduced its interest to 36.5% in February 2014 and further reduced it to 11% in April 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES The components of profit (loss) from operations before income tax are as follows: Year ended December 31, 2012 2013 2014 2014 Rmb Rmb Rmb US$ The PRC — — — — All other jurisdictions 2,931 9,938 (2,490 ) (402 ) 2,931 9,938 (2,490 ) (402 ) Income tax expense consists of: Year ended December 31, 2012 2013 2014 2014 Rmb Rmb Rmb US$ Current — — — — Deferred — — — — — — — — Bermuda The Company was incorporated under the laws of Bermuda and, under current Bermuda law, is not subject to tax on income or on capital gains. The Company has received an undertaking from the Ministry of Finance of Bermuda pursuant to the provisions of the Exempted Undertakings Tax Protection Act, 1966, as amended, that in the event that Bermuda enacts any legislation imposing tax computed on profits or income, including any dividend or capital gains withholding tax, or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any such tax shall not be applicable to the Company or to any of its operations or the shares, debentures or other obligations of the Company until March 28, 2016. This undertaking is not to be construed so as to (i) prevent the application of any such tax or duty on such person as an ordinary resident in Bermuda; or (ii) prevent the application of any tax payable in accordance with the provision of the Land Tax Act, 1967 or otherwise payable in relation to any land leased to the Company in Bermuda. British Virgin Islands (“BVI”) The Company has certain of its subsidiaries incorporated under the laws of the BVI. Pursuant to the rules and regulations of the BVI, these subsidiaries are not subject to any income tax in the BVI. Under the International Business Companies Act of the BVI as currently in effect, a holder of common stock who is not a resident of the BVI is exempt from BVI income tax on dividends paid with respect to the common stock and all holders of common stock are not liable for BVI income tax on gains realized during that year on sale or disposal of such shares; the BVI does not impose a withholding tax on dividends paid by a company incorporated under the International Business Companies Act. There are no capital gains, gift or inheritance taxes levied by the BVI on companies incorporated under the International Business Companies Act. In addition, the common stock is not subject to transfer taxes, stamp duties or similar charges. There is no income tax treaty or convention currently in effect between the United States and the BVI. Hong Kong The Company and certain of its subsidiaries are operating in Hong Kong and their income taxes have been calculated by applying a profits tax rate of 16.5% to the estimated taxable income earned in or derived from Hong Kong. The tax positions for the years 2007 to 2014 may be subject to examination by the Hong Kong tax authorities. PRC The Company adopted the provisions of ASC Topic 740 effective January 1, 2007. The Group has made its assessment of the level of tax authority for each tax position (including the potential application of interest and penalties) based on the technical merits, and has measured the unrecognized tax benefits associated with the tax positions. Based on the evaluation by the Company, it is concluded that there are no significant uncertain tax positions requiring recognition in the financial statements. The Company has no material unrecognized tax benefit which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. The Company classifies interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2013 and 2014, there is no interest and penalties related to uncertain tax positions. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The tax impact of temporary differences gives rise to the following deferred tax asset and liability: 2013 2014 2014 Rmb Rmb US$ Current deferred tax asset: Tax losses 20,502 21,230 3,422 Valuation allowances (20,502 ) (21,230 ) (3,422 ) — — — Movement in valuation allowance: 2013 2014 2014 Rmb Rmb US$ At the beginning of the year 21,949 20,502 3,304 Current year movement (1,447 ) 728 118 At the end of the year 20,502 21,230 3,422 The Group has total tax operating loss carry forwards of RMB124,257 and RMB128,664 as of December 31, 2013 and 2014, respectively, which are available for offset against future profits that may be carried forward indefinitely. The valuation allowance refers to the estimated portion of the deferred tax assets that are not “more likely than not” to be realized. The reconciliation of the effective income tax rate based on profit (loss) from operations before income taxes to the statutory income tax rates in Hong Kong is as follows: Year ended December 31, 2012 2013 2014 Profits tax rate in Hong Kong 16.5 % 16.5 % 16.5 % Permanent differences relating to non-taxable income and non-deductible expenses (24.3 %) (5.4 %) 1.7 % Change in valuation allowance 7.8 % (11.1 %) (18.2 %) Effective tax rate — — — |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Capital Stock | 7. CAPITAL STOCK Share Capital The Company was incorporated with an initial share capital of 1,200,000 shares of Common Stock with a par value of US$0.01 each which was later reclassified to Supervoting Common Stock. On May 14, 1993, the authorized share capital of the Company was further increased from US$12 to US$700 by the creation of 50,000,000 shares of Common Stock of par value US$0.01 each and 18,800,000 shares of Supervoting Common Stock of par value US$0.01 each. As a result, there are 20,000,000 shares of authorized Supervoting Common Stock. 6,000,000 shares of Supervoting Common Stock (including the 1,200,000 shares of Common Stock reclassified to Supervoting Common Stock) were issued to the then ultimate parent company of the Company as consideration for the transfer of two PRC entities to the Company on June 23, 1993. The Company subsequently redeemed 3,000,000 shares of its outstanding Supervoting Common Stock at their par value of US$0.01 per share and in September 2006, the Company converted the remaining outstanding 3,000,000 shares of Supervoting Common Stock into the same number of shares of Common Stock with a par value of US$0.01 each pursuant to the by-laws of the Company upon receipt of a written notification from the sole holder of Supervoting Common Stock. There was no outstanding Supervoting Common Stock as of December 31, 2013 and 2014. Capital Stock Each share of Supervoting Common Stock is entitled to 10 votes whereas each share of Common Stock is entitled to one vote. The Common Stock is identical to the Supervoting Common Stock as to the payment of dividends. Except for the difference in voting rights described above, the Supervoting Common Stock and the Common Stock rank pari passu in all respects. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. FAIR VALUE MEASUREMENTS Effective from January 1, 2008, the Company adopted ASC Topic 820 “Fair Value Measurement and Disclosures” for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). ASC Topic 820 defines fair value as the price that would be received to sell the asset or paid to transfer a liability (i.e. the “exit price”) 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 Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy ASC Topic 820 establishes a fair value hierarchy that 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. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 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 model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 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. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2014: Quoted prices In Active Market for Identical Assets (Level 1) Rmb Significant Other Observable Inputs (Level 2) Rmb Significant Unobservable (Level 3) Rmb Balance as of December 31, 2013 Rmb Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,540 — — 2,540 - Gaming, entertainment and tourist-related 6,171 — — 6,171 - Property development and investment 8,824 — — 8,824 - Others 1,898 — — 1,898 19,433 — — 19,433 - Equity securities listed in Singapore - Business management and consultancy, and provision of telecommunications and information technology services (through an associate) 17,136 — — 17,136 36,569 — — 36,569 Available-for-sale securities: - Equity securities listed in Hong Kong - Hotel operations 20,630 — — 20,630 Total 57,199 — — 57,199 Quoted prices Significant Significant Balance as of Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,429 — — 2,429 - Gaming, entertainment and tourist-related 3,301 — — 3,301 - Property development and investment 5,872 — — 5,872 - Others — — — — 11,602 — — 11,602 - Equity securities listed in Singapore - Business management and consultancy, and provision of telecommunications and information technology services (through an associate) 19,030 — — 19,030 30,632 — — 30,632 Available-for-sale securities: - Equity securities listed in Hong Kong - Hotel operations 19,737 — — 19,737 Total 50,369 — — 50,369 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES There were no outstanding capital commitments as of December 31, 2013 or 2014. |
Distribution of Profit
Distribution of Profit | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Distribution of Profit | 10. DISTRIBUTION OF PROFIT (a) Dividends The Company did not propose or pay any dividends on the outstanding Common Stock for the years ended December 31, 2012, 2013 and 2014. (b) Profit appropriation As of December 31, 2013 and 2014, the Company had no distributable reserves. |
Related Party Balances, Transac
Related Party Balances, Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Balances, Transactions and Arrangements | 11. RELATED PARTY BALANCES, TRANSACTIONS AND ARRANGEMENTS Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. Other than those disclosed elsewhere in the consolidated financial statements, the Company had the following related party balances: Due from/to Related Parties 2013 2014 2014 Rmb Rmb US$ Due from: CSH 1 87 — — GDI and its subsidiaries (“GDI Group”) 2 2 1 Hanny and its subsidiaries (except GDI Group) (note 1) 312 320 51 401 322 52 Due to: CSH 1 287 — — 1 Ms Eva Chan Ling is the deputy chairman and a director of the Company. She is also an executive director of CSH until June 1, 2014 and the managing director of Rosedale. As of December 31, 2013 and 2014, the Company held a 7.4% equity interest of Rosedale, of which 43,325,554 shares and 5,334,870 shares were recorded as available-for-sale securities and trading securities, respectively. Dr. Allan Yap is the chairman, chief executive director and a director of the Company. He is appointed as the chairman of Rosedale with effect from December 30, 2014. As of December 31, 2013 and 2014, the amounts due from/to related parties were unsecured, non-interest bearing and had no fixed repayment terms. |
Payables to Securities Brokers
Payables to Securities Brokers | 12 Months Ended |
Dec. 31, 2014 | |
Brokers and Dealers [Abstract] | |
Payables to Securities Brokers | 12. PAYABLES TO SECURITIES BROKERS As of December 31, 2013 and 2014, the payables to securities brokers were bearing interest at 8% to 11.25% per annum, repayable on demand, and secured by trading and available-for-sale securities (note 13). |
Pledge of Assets
Pledge of Assets | 12 Months Ended |
Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | |
Pledge of Assets | 13. PLEDGE OF ASSETS As of December 31, 2013 and 2014, trading and available-for-sale securities amounting to Rmb54,769 and Rmb48,045 (US$7,743) are collateralized to secure the security trading margin facilities of the Company. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 14. CONCENTRATION OF CREDIT RISK As of December 31, 2013 and 2014, approximately 99.6% and 99.1% respectively of the Company’s cash is maintained with one bank within Taiwan. To protect the interest of depositors, Taiwan introduced deposit insurance which provides maximum compensation of NT$3,000 (approximately RMB590) per depositor if a bank becomes bankrupt. The Company has not experienced any losses due to the bank failure and monitors the soundness and the credit ratings of the bank on a periodic basis. Thus, the Company believes it is currently not exposed to any material risks on its bank deposits with the bank. |
Market Rate Risk
Market Rate Risk | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Market Rate Risk | 15. MARKET RATE RISK On August 11, 2015, the PBOC has cut the RMB’s reference rate by 1.9 percent, sparking the sharpest fall in the currency since the dollar peg ended a decade ago. The move by the PBOC comes amid growing signs of a deepening slowdown in the mainland economy. The PBOC said that the reference rate move was a one-time adjustment, and it will strengthen the market’s role in the fixing of the rate and promote the convergence of the onshore and offshore rates. The PBOC also said it will keep the currency stable at a reasonable level. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS The Company has evaluated all events or transactions that occurred through the date the consolidated financial statements were issued, and has determined that there were no material recognizable nor subsequent events or transactions which would require recognition or disclosure in the consolidated financial statements other than those disclosed elsewhere in the consolidated financial statements. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of Consolidation | (b) Basis of Consolidation The Company consolidates all entities in which it is the primary beneficiary of variable interests in variable interest entities and entities in which it has a controlling financial interest. The Company did not have a variable interest in any variable interest entity during the periods presented. The consolidated financial statements include the assets, liabilities, revenue and expenses of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. |
Cash and Cash Equivalents | (c) Cash and Cash Equivalents The Company considers cash on hand, demand deposits with banks with original maturities of three months or less when purchased to be cash and cash equivalents. |
Trading Securities | (d) Trading Securities Trading securities refer to equity securities that are bought and held principally for the purpose of selling them in the near term, and are reported at fair value, with unrealized gains and losses included in earnings. The fair value of the Company’s investments in trading securities is based on the quoted market price on the last business day of the fiscal year. |
Available-for-sale Securities | (e) Available-for-sale Securities Available-for-sale securities consist of quoted equity securities that are not designated as trading securities. They are held at fair value with unrealized gains and losses, net of tax, reported in accumulated other comprehensive gain or losses. Any unrealized losses that are deemed other-than-temporary are included in current period earnings and removed from accumulated other comprehensive gain or losses. Realized gains and losses on investment securities are included in current period earnings. For purposes of computing realized gains and losses, the cost basis of each investment sold is generally based on the average cost method. The Company regularly evaluates whether the decline in fair value of available-for-sale securities is other-than-temporary and objective evidence of impairment could include: • The severity and duration of the fair value decline; • Deterioration in the financial condition of the issuer; and • Evaluation of the factors that could cause individual securities to have an other-than-temporary impairment. No such other-than-temporary decline in fair value was recognized during the years ended December 31, 2013 and 2014. |
Income Taxes | (f) Income Taxes Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and unutilized tax loss carry forwards by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. The Company adopted ASC Topic 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Foreign Currencies | (g) Foreign Currencies The functional currency of the Company and its Hong Kong domiciled subsidiaries is Hong Kong dollars. The Company has elected Renminbi as its reporting currency. Foreign currency transactions are translated into the functional currencies of the Company and its subsidiaries at the applicable exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currencies using the applicable exchange rates prevailing at the respective balance sheet dates. Exchange differences are included in the consolidated statements of operations. Assets and liabilities of the Company and its subsidiaries domiciled in Hong Kong have been translated into Renminbi at the rates of exchange prevailing at the balance sheet dates and all income and expense items are translated into Renminbi at the average rates of exchange over the year. Exchange differences resulting from the translation have been recorded as a component of comprehensive losses. The translation of Renminbi amounts into US$ amounts are included solely for the convenience of readers and have been made at US$1.00 = Rmb6.2046, the noon buying rate from the Federal Reserve Bank of New York on December 31, 2014. No representation is made that the Renminbi amounts could have been, or could be, converted into United States dollar at that rate or at any other rate. |
Earnings (Loss) Per Share | (h) Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the year. The Company did not have dilutive potential common shares during fiscal 2012, 2013 and 2014. |
Use of Estimates | (i) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the years presented. Actual results may differ from those estimates. Significant estimates in these financial statements that are susceptible to change as more information becomes available are collectability of receivables, impairment of deposits paid for acquisition of investments and available-for-sale securities, and valuation allowances for deferred tax assets. |
Financial Instruments | (j) Financial Instruments The Company recognizes all derivative instruments on the balance sheet at fair value with changes in fair values reported in the consolidated statements of operations. The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of its cash and cash equivalents, advances to affiliates, and amounts due from related parties. The Company has reviewed the credit worthiness and financial position of its related parties for credit risks associated with amounts due from them. These entities have good credit standing and the Company does not expect to incur significant losses for uncollected advances from these entities. |
Comprehensive Income | (k) Comprehensive Income Comprehensive income represents changes in equity resulting from transactions and other events and circumstances from non-owner sources. Comprehensive income consists of net income (loss) and the foreign exchange differences arising from translation to the reporting currency and unrealized gains and losses on available-for-sale securities. |
Recently Issued Accounting Pronouncements | (l) Recently Issued Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)—Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal that “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Entities may “early adopt” the guidance for new disposals. The Company does not expect ASU 2014-08 to have a significant impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company does not expect ASU 2014-09 to have a significant impact on its revenue recognition. In June 2014, the FASB issued ASU 2014-12, “Compensation—Stock Compensation (Topic 718)” which provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company does not expect that the adoption will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. This standard requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guideline is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The Company does not expect that the adoption will have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company does not anticipate that this adoption will have a significant impact on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Fair Value Measurements | Effective from January 1, 2008, the Company adopted ASC Topic 820 “Fair Value Measurement and Disclosures” for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). ASC Topic 820 defines fair value as the price that would be received to sell the asset or paid to transfer a liability (i.e. the “exit price”) 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 Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy ASC Topic 820 establishes a fair value hierarchy that 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. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 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 model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 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. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Investments Schedule [Abstract] | |
Summary of Investments | 2013 2014 2014 Rmb Rmb US$ Trading securities: Adjusted cost 78,291 73,531 11,851 Unrealized gains 4,098 936 151 Unrealized losses (45,820 ) (43,835 ) (7,065 ) Total at fair value 36,569 30,632 4,937 Equity securities listed in Hong Kong 19,433 11,602 1,870 Equity securities listed in Singapore 17,136 19,030 3,067 Total 36,569 30,632 4,937 Available-for-sale securities: Equity securities listed in Hong Kong: Cost 13,697 14,023 2,260 Impairment recognized in earnings — — — Adjusted amortized cost 13,697 14,023 2,260 Unrealized gains 7,041 5,664 913 Exchange differences (108 ) 50 8 Total at fair value 20,630 19,737 3,181 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Components of Profit (Loss) from Operations Before Income Tax | The components of profit (loss) from operations before income tax are as follows: Year ended December 31, 2012 2013 2014 2014 Rmb Rmb Rmb US$ The PRC — — — — All other jurisdictions 2,931 9,938 (2,490 ) (402 ) 2,931 9,938 (2,490 ) (402 ) Income tax expense consists of: Year ended December 31, 2012 2013 2014 2014 Rmb Rmb Rmb US$ Current — — — — Deferred — — — — — — — — |
Schedule of Tax Impact on Deferred Tax Asset and Liability | The tax impact of temporary differences gives rise to the following deferred tax asset and liability: 2013 2014 2014 Rmb Rmb US$ Current deferred tax asset: Tax losses 20,502 21,230 3,422 Valuation allowances (20,502 ) (21,230 ) (3,422 ) — — — |
Schedule of Movement in Valuation Allowance | Movement in valuation allowance: 2013 2014 2014 Rmb Rmb US$ At the beginning of the year 21,949 20,502 3,304 Current year movement (1,447 ) 728 118 At the end of the year 20,502 21,230 3,422 |
Reconciliation of Effective Income Tax Rate Based on Profit (Loss) from Operations before Income Taxes to Statutory Income Tax Rates | The reconciliation of the effective income tax rate based on profit (loss) from operations before income taxes to the statutory income tax rates in Hong Kong is as follows: Year ended December 31, 2012 2013 2014 Profits tax rate in Hong Kong 16.5 % 16.5 % 16.5 % Permanent differences relating to non-taxable income and non-deductible expenses (24.3 %) (5.4 %) 1.7 % Change in valuation allowance 7.8 % (11.1 %) (18.2 %) Effective tax rate — — — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2014: Quoted prices In Active Market for Identical Assets (Level 1) Rmb Significant Other Observable Inputs (Level 2) Rmb Significant Unobservable (Level 3) Rmb Balance as of December 31, 2013 Rmb Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,540 — — 2,540 - Gaming, entertainment and tourist-related 6,171 — — 6,171 - Property development and investment 8,824 — — 8,824 - Others 1,898 — — 1,898 19,433 — — 19,433 - Equity securities listed in Singapore - Business management and consultancy, and provision of telecommunications and information technology services (through an associate) 17,136 — — 17,136 36,569 — — 36,569 Available-for-sale securities: - Equity securities listed in Hong Kong - Hotel operations 20,630 — — 20,630 Total 57,199 — — 57,199 Quoted prices Significant Significant Balance as of Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,429 — — 2,429 - Gaming, entertainment and tourist-related 3,301 — — 3,301 - Property development and investment 5,872 — — 5,872 - Others — — — — 11,602 — — 11,602 - Equity securities listed in Singapore - Business management and consultancy, and provision of telecommunications and information technology services (through an associate) 19,030 — — 19,030 30,632 — — 30,632 Available-for-sale securities: - Equity securities listed in Hong Kong - Hotel operations 19,737 — — 19,737 Total 50,369 — — 50,369 |
Related Party Balances, Trans27
Related Party Balances, Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Due from/to Related Parties | Due from/to Related Parties 2013 2014 2014 Rmb Rmb US$ Due from: CSH 1 87 — — GDI and its subsidiaries (“GDI Group”) 2 2 1 Hanny and its subsidiaries (except GDI Group) (note 1) 312 320 51 401 322 52 Due to: CSH 1 287 — — 1 Ms Eva Chan Ling is the deputy chairman and a director of the Company. She is also an executive director of CSH until June 1, 2014 and the managing director of Rosedale. |
Organization and Principal Ac28
Organization and Principal Activities - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2012 | Sep. 28, 2012 | May. 31, 2012 | Nov. 30, 2010 | Jan. 01, 2010 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Date of incorporation | Jan. 28, 1993 | |||||||
Place of incorporation | Bermuda | |||||||
HZ [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 26.00% | |||||||
Million Cube [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 51.00% | 40.00% | ||||||
Million Cube [Member] | Non Complete Agreements [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 40.00% | |||||||
Paragon [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 55.00% | 11.00% | 36.50% | 18.00% | 45.00% | |||
Paragon [Member] | Non Complete Agreements [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 45.00% | |||||||
ITC Parent[Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 42.00% | |||||||
Percentage of ownership interest | 0.10% | |||||||
Hanny Parent [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Equity interest percentage | 28.95% |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014CNY (¥)¥ / $shares | Dec. 31, 2013CNY (¥)shares | Dec. 31, 2012shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents maturity period | The Company considers cash on hand, demand deposits with banks with original maturities of three months or less when purchased to be cash and cash equivalents. | ||
Other-than-temporary losses reclassified into earnings | ¥ | ¥ 0 | ¥ 0 | |
Noon buying rate | ¥ / $ | 6.2046 | ||
Dilutive potential common shares | shares | 0 | 0 | 0 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2014CNY (¥) | |
Trading securities: | ||||
Adjusted cost | $ 11,851 | ¥ 78,291 | ¥ 73,531 | |
Unrealized gains | 151 | ¥ 936 | 4,098 | |
Unrealized losses | (7,065) | ¥ (43,835) | (45,820) | |
Trading securities total at fair value | 4,937 | 36,569 | 30,632 | |
Equity securities listed in Hong Kong: | ||||
Cost | 2,260 | 13,697 | 14,023 | |
Impairment recognized in earnings | 0 | 0 | 0 | |
Adjusted amortized cost | 2,260 | 13,697 | 14,023 | |
Adjusted amortized cost | 2,260 | 13,697 | 14,023 | |
Unrealized gains | 913 | 7,041 | 5,664 | |
Exchange differences | 8 | (108) | 50 | |
Total at fair value | 3,181 | 20,630 | 19,737 | |
Equity securities listed in Hong Kong [Member] | ||||
Trading securities: | ||||
Trading securities total at fair value | 1,870 | 19,433 | 11,602 | |
Equity securities listed in Singapore [Member] | ||||
Trading securities: | ||||
Trading securities total at fair value | $ 3,067 | ¥ 17,136 | ¥ 19,030 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014CNY (¥) | |
Investments Schedule [Abstract] | |
Impairment loss | ¥ 0 |
Deposits Paid for Acquisition32
Deposits Paid for Acquisition of Investments - Additional Information (Detail) ¥ in Thousands, HKD in Thousands, $ in Thousands | Jun. 30, 2011CNY (¥) | Jun. 01, 2011CNY (¥) | Jun. 01, 2011HKD | Dec. 31, 2014USD ($) | Dec. 31, 2011CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2014HKD | Apr. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2013CNY (¥) | Dec. 31, 2012 | Sep. 28, 2012USD ($) | Sep. 28, 2012HKD | May. 31, 2012 | Jun. 01, 2011HKD | Apr. 24, 2008CNY (¥) | Apr. 15, 2008CNY (¥) |
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Deposited in earnest money | $ 20,513 | ¥ 127,278 | HKD 154,800 | ¥ 127,278 | |||||||||||||
Percentage of issued capital | 45.00% | ||||||||||||||||
Million Cube [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Equity interest percentage | 51.00% | 51.00% | 51.00% | 40.00% | 40.00% | ||||||||||||
Total consideration for acquisition | $ 25,600 | HKD 200,000 | |||||||||||||||
Paragon [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Equity interest percentage | 55.00% | 55.00% | 55.00% | 11.00% | 36.50% | 18.00% | 45.00% | ||||||||||
Wealth Faith Wholly Owned Subsidiary [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Refundable deposits amount paid | ¥ 127,278 | HKD 154,800 | |||||||||||||||
Debt instrument, maturity date | Jul. 7, 2011 | Jul. 7, 2011 | |||||||||||||||
Wealth Faith Wholly Owned Subsidiary [Member] | Settlement of Convertible Notes of Rosedale Plus Accrued Interest [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Deposit paid was funded by third party | ¥ 59,778 | HKD 73,800 | |||||||||||||||
Wealth Faith Wholly Owned Subsidiary [Member] | Refund of Acquisition of a Property Investment Company [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Deposit paid was funded by third party | ¥ 67,500 | ||||||||||||||||
Wealth Faith Wholly Owned Subsidiary [Member] | Always Rich Resources Inc. [Member] | |||||||||||||||||
Deposit Paid for Acquisition of Investments Disclosure [Line Items] | |||||||||||||||||
Equity interest percentage | 10.00% | ||||||||||||||||
Total consideration for acquisition | ¥ 150,000 | ||||||||||||||||
Deposit paid | ¥ 75,000 | ||||||||||||||||
Deposit refunded | ¥ 67,500 | ||||||||||||||||
Administrative fee | ¥ 7,500 |
Income Taxes - Components of Pr
Income Taxes - Components of Profit (Loss) from Operations Before Income Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2012CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
The PRC | $ 0 | ¥ 0 | ¥ 0 | ¥ 0 |
All other jurisdictions | (402) | (2,490) | 9,938 | 2,931 |
Profit (loss) before income tax and equity in earnings of equity method affiliates | (402) | (2,490) | 9,938 | 2,931 |
Current | 0 | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 | 0 |
Income tax expense | $ 0 | ¥ 0 | ¥ 0 | ¥ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Profits tax rate in Hong Kong | 16.50% | 16.50% | 16.50% |
Uncertain tax positions, interest and penalties | ¥ 0 | ¥ 0 | |
Tax positions, description | According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. | ||
Operating loss carry forwards | ¥ 128,664,000 | ¥ 124,257,000 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year | 2,007 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year | 2,014 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Impact on Deferred Tax Asset and Liability (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013USD ($) | Dec. 31, 2013CNY (¥) | Dec. 31, 2012CNY (¥) |
Current deferred tax asset: | |||||
Tax losses | $ 3,422 | ¥ 21,230 | ¥ 20,502 | ||
Valuation allowances | (3,422) | (21,230) | $ (3,304) | (20,502) | ¥ (21,949) |
Current deferred tax asset, net | $ 0 | ¥ 0 | ¥ 0 |
Income Taxes - Schedule of Move
Income Taxes - Schedule of Movement in Valuation Allowance (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Valuation Allowance [Abstract] | |||
At the beginning of the year | $ 3,304 | ¥ 20,502 | ¥ 21,949 |
Current year movement | 118 | 728 | (1,447) |
At the end of the year | $ 3,422 | ¥ 21,230 | ¥ 20,502 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate Based on Profit (Loss) from Operations before Income Taxes to Statutory Income Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Profits tax rate in Hong Kong | 16.50% | 16.50% | 16.50% |
Permanent differences relating to non-taxable income and non-deductible expenses | 1.70% | (5.40%) | (24.30%) |
Change in valuation allowance | (18.20%) | (11.10%) | 7.80% |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | Jun. 23, 1993Entity$ / sharesshares | Sep. 30, 2006$ / sharesshares | Dec. 31, 2014Vote / shares$ / sharesshares | Dec. 31, 2013shares | May. 14, 1993USD ($)$ / sharesshares | Jan. 28, 1993USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Common stock, par value | $ / shares | $ 0.01 | |||||
Authorized share capital | $ | $ 700,000 | $ 12,000 | ||||
Common stock, shares issued | 9,017,310 | 9,017,310 | ||||
Number of PRC entities transferred | Entity | 2 | |||||
Common stock, shares outstanding | 9,017,310 | 9,017,310 | ||||
Common Stock voting rights, description | Each share of Supervoting Common Stock is entitled to 10 votes whereas each share of Common Stock is entitled to one vote. | |||||
Supervoting Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 20,000,000 | 1,200,000 | ||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, increase in shares authorized | 18,800,000 | |||||
Common stock, shares issued | 6,000,000 | |||||
Common Stock outstanding shares redeemed | 3,000,000 | |||||
Converted outstanding Common Stock | 3,000,000 | |||||
Common stock, shares outstanding | 0 | 0 | ||||
Number of votes entitled | Vote / shares | 10 | |||||
Additional Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 50,000,000 | |||||
Common stock, par value | $ / shares | $ 0.01 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of votes entitled | Vote / shares | 1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Trading securities | |||
Trading securities | $ 4,937 | ¥ 30,632 | ¥ 36,569 |
Available-for-sale securities: | |||
Available-for-sale securities | $ 3,181 | 19,737 | 20,630 |
Fair Value, Measurements, Recurring [Member] | |||
Trading securities | |||
Trading securities | 30,632 | 36,569 | |
Available-for-sale securities: | |||
Trading and Available-for-sale securities | 50,369 | 57,199 | |
Fair Value, Measurements, Recurring [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | |||
Trading securities | |||
Trading securities | 30,632 | 36,569 | |
Available-for-sale securities: | |||
Trading and Available-for-sale securities | 50,369 | 57,199 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | |||
Trading securities | |||
Trading securities | 11,602 | 19,433 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Hotel operations [Member] | |||
Trading securities | |||
Trading securities | 2,429 | 2,540 | |
Available-for-sale securities: | |||
Available-for-sale securities | 19,737 | 20,630 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Gaming, entertainment and tourist-related [Member] | |||
Trading securities | |||
Trading securities | 3,301 | 6,171 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Property development and investment [Member] | |||
Trading securities | |||
Trading securities | 5,872 | 8,824 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Others [Member] | |||
Trading securities | |||
Trading securities | 1,898 | ||
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | |||
Trading securities | |||
Trading securities | 11,602 | 19,433 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | Hotel operations [Member] | |||
Trading securities | |||
Trading securities | 2,429 | 2,540 | |
Available-for-sale securities: | |||
Available-for-sale securities | 19,737 | 20,630 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | Gaming, entertainment and tourist-related [Member] | |||
Trading securities | |||
Trading securities | 3,301 | 6,171 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | Property development and investment [Member] | |||
Trading securities | |||
Trading securities | 5,872 | 8,824 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | Others [Member] | |||
Trading securities | |||
Trading securities | 1,898 | ||
Fair Value, Measurements, Recurring [Member] | Singapore [Member] | Business management and consultancy, and provision of telecommunications and information technology services (through an associate) [Member] | |||
Trading securities | |||
Trading securities | 19,030 | 17,136 | |
Fair Value, Measurements, Recurring [Member] | Singapore [Member] | Quoted prices In Active Market for Identical Assets (Level 1) [Member] | Business management and consultancy, and provision of telecommunications and information technology services (through an associate) [Member] | |||
Trading securities | |||
Trading securities | ¥ 19,030 | ¥ 17,136 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding capital commitments | ¥ 0 | ¥ 0 |
Distribution of Profit - Additi
Distribution of Profit - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Dividends paid on outstanding common stock | ¥ 0 | ¥ 0 | ¥ 0 |
Distributable reserves | ¥ 0 | ¥ 0 |
Related Party Balances, Trans42
Related Party Balances, Transactions and Arrangements - Due from/to Related Parties (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Due from: | |||
Due from related parties | $ 52 | ¥ 322 | ¥ 401 |
Due to: | |||
Due to related parties | 287 | ||
CSH and its subsidiaries [Member] | |||
Due from: | |||
Due from related parties | 87 | ||
Due to: | |||
Due to related parties | 287 | ||
GDI and its subsidiaries ("GDI Group") [Member] | |||
Due from: | |||
Due from related parties | 1 | 2 | 2 |
Hanny and its subsidiaries (except GDI Group) [Member] | |||
Due from: | |||
Due from related parties | $ 51 | ¥ 320 | ¥ 312 |
Related Party Balances, Trans43
Related Party Balances, Transactions and Arrangements - Additional Information (Detail) - Rosedale Hotel Holdings Limited [Member] - shares | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Equity interest percentage | 7.40% | 7.40% |
Available-for-sale Securities [Member] | ||
Related Party Transaction [Line Items] | ||
Number of share in equity interest | 43,325,554 | 43,325,554 |
Trading Securities [Member] | ||
Related Party Transaction [Line Items] | ||
Number of share in equity interest | 5,334,870 | 5,334,870 |
Payables to Securities Brokers
Payables to Securities Brokers - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | ||
Securities Financing Transaction [Line Items] | ||
Percentage of bearing interest payable to securities brokers | 8.00% | 8.00% |
Maximum [Member] | ||
Securities Financing Transaction [Line Items] | ||
Percentage of bearing interest payable to securities brokers | 11.25% | 11.25% |
Pledge of Assets - Additional I
Pledge of Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Financial Instruments Pledged as Collateral [Abstract] | |||
Trading securities and available-for-sale securities pledged as collateral | $ 7,743 | ¥ 48,045 | ¥ 54,769 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Taiwan [Member] ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2014CNY (¥) | Dec. 31, 2014TWD | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Cash maintained with one bank | 99.10% | 99.10% | 99.60% |
Maximum compensation insured per depositor | ¥ 590 | TWD 3,000,000 |
Market Rate Risk - Additional I
Market Rate Risk - Additional Information (Detail) | Aug. 11, 2015 |
Subsequent Event [Member] | |
Concentration Risk [Line Items] | |
Currency reference rate reduction percentage | 1.90% |