Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
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, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | |
Operating activities | ||||
General and administrative expenses | ¥ (2,163) | $ (332) | ¥ (2,732) | ¥ (2,803) |
Non-operating income (expenses): | ||||
Dividend income | 97 | 15 | ||
Interest income | 5,422 | 833 | 2,617 | 86 |
Interest expense | (778) | (120) | (682) | (563) |
Gain on dissolution of subsidiaries (note 5) | 6,460 | 993 | ||
Net realized loss on investments | (229) | (35) | (1,258) | (409) |
Unrealized gain (loss) on trading securities still held at the balance sheet date | (2,264) | (348) | 2,424 | 9,966 |
Exchange (loss) gain | ¥ | 244 | (2,215) | ||
Profit before income tax | 6,545 | 1,006 | 613 | 4,062 |
Income tax expense (note 6) | 0 | 0 | 0 | 0 |
Net income | 6,545 | 1,006 | 613 | 4,062 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustment | (50,891) | (7,822) | 47,437 | 26,046 |
Change in unrealized (losses) gain | 2,066 | 318 | (2,968) | (2,811) |
Net change | (48,825) | (7,504) | 44,469 | 23,235 |
Total comprehensive income (loss) | ¥ (42,280) | $ (6,498) | ¥ 45,082 | ¥ 27,297 |
Earnings per common share Basic and diluted | (per share) | ¥ 0.73 | $ 0.11 | ¥ 0.07 | ¥ 0.45 |
Weighted average number of shares used in the calculation of earnings 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, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 473,954 | $ 72,845 | ¥ 499,854 |
Prepaid expenses and other current assets | 139 | 21 | 150 |
Due from related parties (note 11) | 154 | 24 | 167 |
Trading securities (notes 3 and 8) | 9,564 | 1,470 | 20,457 |
Total current assets | 483,811 | 74,360 | 520,628 |
Long-term investment (note 4) | 166,760 | 25,631 | 179,960 |
Available-for-sale securities (notes 3 and 8) | 16,798 | 2,582 | 15,983 |
Other assets | 6 | ||
Total assets | 667,369 | 102,573 | 716,577 |
Current liabilities: | |||
Payables to securities brokers (note 12) | 7,084 | 1,089 | 6,839 |
Other payable | 1,592 | 245 | 1,267 |
Accrued liabilities | 1,348 | 207 | 1,314 |
Other taxes payable | 2,753 | 423 | 2,753 |
Income taxes payable | 17,135 | 2,634 | 24,667 |
Total current liabilities | 29,912 | 4,598 | 36,840 |
Total liabilities | 29,912 | 4,598 | 36,840 |
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) | 770 | 118 | 770 |
Additional paid-in capital | 1,000,958 | 153,844 | 1,000,958 |
Accumulated other comprehensive income | 1,661 | 256 | 50,486 |
Accumulated deficit | (365,932) | (56,243) | (372,477) |
Total shareholders' equity | 637,457 | 97,975 | 679,737 |
Total liabilities and shareholders' equity | ¥ 667,369 | $ 102,573 | ¥ 716,577 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | CNY (¥) | USD ($) | Common Stock [Member]CNY (¥)shares | Common Stock [Member]USD ($)shares | Additional paid-in Capital [Member]CNY (¥) | Additional paid-in Capital [Member]USD ($) | Accumulated other comprehensive (losses) / income [Member]CNY (¥) | Accumulated other comprehensive (losses) / income [Member]USD ($) | Accumulated deficit [Member]CNY (¥) | Accumulated deficit [Member]USD ($) |
Beginning balance at Dec. 31, 2014 | ¥ 607,358 | ¥ 770 | ¥ 1,000,958 | ¥ (17,218) | ¥ (377,152) | |||||
Beginning balance, Shares at Dec. 31, 2014 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | 4,062 | 4,062 | ||||||||
Foreign currency translation adjustment | 26,046 | 26,046 | ||||||||
Unrealized gain (loss) on available-for-sale Securities | (2,811) | (2,811) | ||||||||
Ending balance at Dec. 31, 2015 | 634,655 | ¥ 770 | 1,000,958 | 6,017 | (373,090) | |||||
Ending balance, Shares at Dec. 31, 2015 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | 613 | 613 | ||||||||
Foreign currency translation adjustment | 47,437 | 47,437 | ||||||||
Unrealized gain (loss) on available-for-sale Securities | (2,968) | (2,968) | ||||||||
Ending balance at Dec. 31, 2016 | 679,737 | ¥ 770 | 1,000,958 | 50,486 | (372,477) | |||||
Ending balance, Shares at Dec. 31, 2016 | shares | 9,017,310 | 9,017,310 | ||||||||
Net income (loss) | 6,545 | $ 1,006 | 6,545 | |||||||
Foreign currency translation adjustment | (50,891) | (7,822) | (50,891) | |||||||
Unrealized gain (loss) on available-for-sale Securities | 2,066 | 318 | 2,066 | |||||||
Ending balance at Dec. 31, 2017 | ¥ 637,457 | $ 97,975 | ¥ 770 | $ 118 | ¥ 1,000,958 | $ 153,844 | ¥ 1,661 | $ 256 | ¥ (365,932) | $ (56,243) |
Ending balance, Shares at Dec. 31, 2017 | 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, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 6,545 | $ 1,006 | ¥ 613 | ¥ 4,062 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Net gain on dissolution of subsidiaries (note 5) | (6,460) | (993) | ||
Net realized loss on investments | 229 | 35 | 1,258 | 409 |
Unrealized (gain) loss on trading securities still held at the balance sheet date | 2,264 | 348 | (2,424) | (9,966) |
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 10 | |||
Accrued liabilities | 131 | 20 | 118 | (1,011) |
Net cash (used in) provided by operating activities | 2,709 | 416 | (435) | (6,496) |
Cash flows (used in) provided by from investing activities: | ||||
Repayment from an unrelated party | 417 | 64 | 145 | 9,139 |
(Increase) Decrease in due from related parties | 183 | (13) | ||
Purchases of trading securities | (6,933) | |||
Proceeds from trading securities | 7,273 | 1,118 | 16,079 | 12,568 |
Increase in payables to securities brokers | 781 | 120 | 683 | 818 |
Payment for long-term investment | (37,164) | |||
Net cash provided by (used in) investing activities | 8,471 | 1,302 | 10,157 | (14,652) |
Effect of exchange rate change | (37,080) | (5,699) | 34,423 | 23,901 |
Net increase (decrease) in cash and cash equivalents | (25,900) | (3,981) | 44,145 | 2,753 |
Cash and cash equivalents, beginning of year | 499,854 | 76,826 | 455,709 | 452,956 |
Cash and cash equivalents, end of year | 473,954 | 72,845 | 499,854 | 455,709 |
Supplemental schedule of cash flow information: | ||||
Income taxes paid | 0 | 0 | 0 | 0 |
Interest paid | ¥ 778 | $ 120 | ¥ 682 | ¥ 563 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [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) 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). 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. On March 27, 2015, the Company closed on the acquisition of Million Cube. 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, 2017 | |
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, and highly liquid investments 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 Available-for-sale 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 • 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, 2016 and 2017. (f) Long-term investment In accordance with ASC 325-20, Investments-Other: Cost Method Investments No impairment loss had been recorded for the years ended December 31, 2016 and 2017. (g) 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 de-recognition, (h) 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 = RMB 6.5063, the noon buying rate from the Federal Reserve Bank of New York on December 31, 2017. 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. (i) Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the year. The Company did not have dilutive potential common share equivalents during fiscal 2015, 2016 and 2017. (j) 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, valuation allowances for deferred tax assets and impairment with respect to i) trading securities, ii) available-for-sale (k) 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, 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 on advances provided to these entities. (l) 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 (m) Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, No.2015-14 No. 2014-09 On January 5, 2016, the FASB issued ASU No. 2016-01 2016-01”), Recognition On February 25, 2016, the FASB issued ASU No. 2016-02 2016-02”), 2016-02 2016-02 right-of-use 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial In August 2016, the FASB issued ASU No. 2016-15, In November 2016, the FASB issued ASU No. 2016-18, beginning-of-period end-of-period In January 2017, the FASB issued ASU No. 2017-01, In January 2017, the FASB issued ASU No. 2017-04, 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Investments | 3. INVESTMENTS 2016 2017 2017 Rmb Rmb US$ Trading securities: Adjusted cost 59,017 54,688 8,405 Additions 6,933 — — Unrealized gains 2,463 — — Unrealized losses (46,087 ) (46,926 ) (7,212 ) Exchange differences (1,869 ) 1,802 277 Total at fair value 20,457 9,564 1,470 Equity securities listed in Hong Kong 20,457 9,564 1,470 Available-for-sale Equity securities listed in Hong Kong: Cost 15,789 14,631 2,249 Impairment recognized in earnings — — — Adjusted amortized cost 15,789 14,631 2,249 Unrealized (loss)/ gains (115 ) 1,951 300 Exchange differences 309 216 33 Total at fair value 15,983 16,798 2,582 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, therefore 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. |
Long - Term Investment
Long - Term Investment | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Long - Term Investment | 4. LONG- TERM INVESTMENT Cost method investment On March 27, 2015, the Company closed on the acquisition of 40% interests in Million Cube. Million Cube is essentially an investment vehicle and without substantive operating activities of its own. Million Cube has only one investment in 45% of the issued capital and corresponding shareholder loans of Paragon, which was acquired in 2012 from ITC Properties Group Limited, a company incorporated in Bermuda and listed on the HKSE (“ITC Properties”). Paragon was incorporated in the BVI and engages in the development and operation of Sanya Sun Valley Golf Resort in Yalong Bay, Sanya China, PRC. Through the investments, the Company has effective held approximately 18% of interests in Paragon after the completion of its purchasing of 40% interest in Million Cube. Although Wealth Faith had appointed one director to Million Cube’s board of director, as there are no other operating activities in Million Cube, the Company has no significant influence over its investment in Million Cube and the substantive investment, which is the Company’s secondary investment in Paragon. As such, the Company records the investment in Million Cube at cost and adjusts for other-than-temporary declines in fair value and distributions of earnings. As of December 31, 2017, the carrying amount of the long-term investment was RMB 166,760 (HK$200,000). The management of the Company considered that no impairment was required on its long-term investment because there was a significant appreciation of the underlying asset, a piece of land in Yalong Bay, held by Paragon. The Company appointed a third party professional valuer to re-assess |
Dissolution of Subsidiaries
Dissolution of Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dissolution of Subsidiaries | 5. DISSOLUTION OF SUBSIDIARIES 2016 2017 2017 Rmb Rmb US$ Net assets disposed of: Other long term assets — 6 1 Income taxes payable — (6,466 ) (994 ) Gain on dissolution of subsidiaries — (6,460 ) (993 ) During 2017, Orion (B.V.I.) Tire Corporation, a 60% owned subsidiary incorporated in BVI and Whole Good Limited, a 100% owned subsidiary incorporated in BVI, were dissolved and a gain was recorded on dissolution |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES The components of profit from operations before income tax are as follows: Year ended December 31, 2015 2016 2017 2017 Rmb Rmb Rmb US$ The PRC — — — — All other jurisdictions 4,062 613 6,545 1,006 4,062 613 6,545 1,006 Income tax expense consists of: Year ended December 31, 2015 2016 2017 2017 Rmb Rmb Rmb US$ Current — — — — Deferred — — — — — — — — Bermuda The Company is 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 Amendment Act, 2011, 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 31, 2035. 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. British Virgin Islands (“BVI”) - continued 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 2010 to 2017 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, 2016 and 2017, 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: 2016 2017 2017 Rmb Rmb US$ Current deferred tax asset: Tax losses 19,285 19,552 3,005 Valuation allowances (19,285 ) (19,552 ) (3,005 ) — — — Movement in valuation allowance: 2016 2017 2017 Rmb Rmb US$ At the beginning of the year 18,484 19,285 2,964 Current year movement 801 267 41 At the end of the year 19,285 19,552 3,005 The Group has total tax operating loss carry forwards of RMB 118,496 and RMB 116,881 as of December 31, 2016 and 2017, 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, 2015 2016 2017 Profits tax rate in Hong Kong 16.5 % 16.5 % 16.5 % Permanent differences relating to non-taxable non-deductible (28.2 %) (27.4 %) (18 %) Change in valuation allowance 11.7 % 10.9 % 1.5 % Effective tax rate — — — |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | 7. CAPITAL STOCK Share Capital The Company did not issue any Common Stock for the years ended December 31, 2015, 2016 and 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 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, 2016 and 2017: Quoted prices Significant Significant Balance Rmb Rmb Rmb Rmb Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 1,968 — — 1,968 - Gaming, entertainment and tourist-related 8,809 — — 8,809 - Property development and investment 7,629 — — 7,629 - Others 2,051 — — 2,051 20,457 — — 20,457 Available-for-sale - Equity securities listed in Hong Kong - Hotel operations 15,983 — — 15,983 Total 36,440 — — 36,440 Quoted prices Significant Significant Balance Balance Rmb Rmb Rmb Rmb US$ Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,068 — — 2,068 318 - Gaming, entertainment and tourist-related 2,948 — — 2,948 453 - Property development and investment 4,548 — — 4,548 699 9,564 — — 9,564 1,470 Available-for-sale - Equity securities listed in Hong Kong - Hotel operation 16,798 — — 16,798 2,582 Total 26,362 — — 26,362 4,052 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES There were no outstanding capital commitments as of December 31, 2016 or 2017. |
Distribution of Profit
Distribution of Profit | 12 Months Ended |
Dec. 31, 2017 | |
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, 2015, 2016 and 2017. (b) Profit appropriation As of December 31, 2016 and 2017, the Company had no distributable reserves. |
Related Party Balances, Transac
Related Party Balances, Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
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 Related Parties 2016 2017 2017 Rmb Rmb US$ Due from: Master Glory Group Limited and its subsidiaries (Formerly known as: Hanny Holdings Limited) 167 154 24 167 154 24 As of December 31, 2016 and 2017, the Company held a 6.2% equity interest in Rosedale, of which 43,325,554 shares and 5,334,870 shares were recorded as available-for-sale As of December 31, 2016 and 2017, the amounts due from related parties were unsecured, non-interest |
Payables to Securities Brokers
Payables to Securities Brokers | 12 Months Ended |
Dec. 31, 2017 | |
Brokers and Dealers [Abstract] | |
Payables to Securities Brokers | 12. PAYABLES TO SECURITIES BROKERS As of December 31, 2016 and 2017, the payables to securities brokers were bearing interest at 11% to 11.25% per annum, repayable on demand, and secured by trading and available-for-sale |
Pledge of Assets
Pledge of Assets | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Pledge of Assets | 13. PLEDGE OF ASSETS As of December 31, 2016 and 2017, trading and available-for-sale |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 14. CONCENTRATION OF CREDIT RISK As of December 31, 2016 and 2017, approximately 99.9% and 98.8%, respectively, of the Company’s cash is maintained with one bank in Taiwan. To protect the interest of depositors, Taiwan introduced deposit insurance which provides maximum compensation of NT$3,000 (approximately RMB657) per depositor if a bank becomes bankrupt. The Company has historically 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, 2017 | |
Text Block [Abstract] | |
Market Rate Risk | 15. MARKET RATE RISK On August 11, 2015, the People’s Bank of China (“PBOC”) has cut the RMB’s reference rate by 1.9%, 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 one-year |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
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 available to be issued (May 15, 2018), 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, 2017 | |
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, and highly liquid investments 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 Available-for-sale 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 • 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, 2016 and 2017. |
Long-term investment | (f) Long-term investment In accordance with ASC 325-20, Investments-Other: Cost Method Investments No impairment loss had been recorded for the years ended December 31, 2016 and 2017. |
Income Taxes | (g) 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 de-recognition, |
Foreign Currencies | (h) 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 = RMB 6.5063, the noon buying rate from the Federal Reserve Bank of New York on December 31, 2017. 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 Per Share | (i) Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the year. The Company did not have dilutive potential common share equivalents during fiscal 2015, 2016 and 2017. |
Use of Estimates | (j) 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, valuation allowances for deferred tax assets and impairment with respect to i) trading securities, ii) available-for-sale |
Financial Instruments | (k) 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, 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 on advances provided to these entities. |
Comprehensive Income | (l) 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 |
Recently Issued Accounting Pronouncements | (m) Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, No.2015-14 No. 2014-09 On January 5, 2016, the FASB issued ASU No. 2016-01 2016-01”), Recognition On February 25, 2016, the FASB issued ASU No. 2016-02 2016-02”), 2016-02 2016-02 right-of-use 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial In August 2016, the FASB issued ASU No. 2016-15, In November 2016, the FASB issued ASU No. 2016-18, beginning-of-period end-of-period In January 2017, the FASB issued ASU No. 2017-01, In January 2017, the FASB issued ASU No. 2017-04, 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 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, 2017 | |
Investments Schedule [Abstract] | |
Summary of Investments | 2016 2017 2017 Rmb Rmb US$ Trading securities: Adjusted cost 59,017 54,688 8,405 Additions 6,933 — — Unrealized gains 2,463 — — Unrealized losses (46,087 ) (46,926 ) (7,212 ) Exchange differences (1,869 ) 1,802 277 Total at fair value 20,457 9,564 1,470 Equity securities listed in Hong Kong 20,457 9,564 1,470 Available-for-sale Equity securities listed in Hong Kong: Cost 15,789 14,631 2,249 Impairment recognized in earnings — — — Adjusted amortized cost 15,789 14,631 2,249 Unrealized (loss)/ gains (115 ) 1,951 300 Exchange differences 309 216 33 Total at fair value 15,983 16,798 2,582 |
Dissolution of Subsidiaries (Ta
Dissolution of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Gain on Dissolution of Subsidiaries | 2016 2017 2017 Rmb Rmb US$ Net assets disposed of: Other long term assets — 6 1 Income taxes payable — (6,466 ) (994 ) Gain on dissolution of subsidiaries — (6,460 ) (993 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Profit from Operations Before Income Tax | The components of profit from operations before income tax are as follows: Year ended December 31, 2015 2016 2017 2017 Rmb Rmb Rmb US$ The PRC — — — — All other jurisdictions 4,062 613 6,545 1,006 4,062 613 6,545 1,006 Income tax expense consists of: Year ended December 31, 2015 2016 2017 2017 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: 2016 2017 2017 Rmb Rmb US$ Current deferred tax asset: Tax losses 19,285 19,552 3,005 Valuation allowances (19,285 ) (19,552 ) (3,005 ) — — — |
Schedule of Movement in Valuation Allowance | 2016 2017 2017 Rmb Rmb US$ Current deferred tax asset: Tax losses 19,285 19,552 3,005 Valuation allowances (19,285 ) (19,552 ) (3,005 ) — — — Movement in valuation allowance: 2016 2017 2017 Rmb Rmb US$ At the beginning of the year 18,484 19,285 2,964 Current year movement 801 267 41 At the end of the year 19,285 19,552 3,005 |
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, 2015 2016 2017 Profits tax rate in Hong Kong 16.5 % 16.5 % 16.5 % Permanent differences relating to non-taxable non-deductible (28.2 %) (27.4 %) (18 %) Change in valuation allowance 11.7 % 10.9 % 1.5 % Effective tax rate — — — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017: Quoted prices Significant Significant Balance Rmb Rmb Rmb Rmb Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 1,968 — — 1,968 - Gaming, entertainment and tourist-related 8,809 — — 8,809 - Property development and investment 7,629 — — 7,629 - Others 2,051 — — 2,051 20,457 — — 20,457 Available-for-sale - Equity securities listed in Hong Kong - Hotel operations 15,983 — — 15,983 Total 36,440 — — 36,440 Quoted prices Significant Significant Balance Balance Rmb Rmb Rmb Rmb US$ Current Assets: Trading securities - Equity securities listed in Hong Kong - Hotel operations 2,068 — — 2,068 318 - Gaming, entertainment and tourist-related 2,948 — — 2,948 453 - Property development and investment 4,548 — — 4,548 699 9,564 — — 9,564 1,470 Available-for-sale - Equity securities listed in Hong Kong - Hotel operation 16,798 — — 16,798 2,582 Total 26,362 — — 26,362 4,052 |
Related Party Balances, Trans28
Related Party Balances, Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Due from Related Parties | Due from Related Parties 2016 2017 2017 Rmb Rmb US$ Due from: Master Glory Group Limited and its subsidiaries (Formerly known as: Hanny Holdings Limited) 167 154 24 167 154 24 |
Organization and Principal Ac29
Organization and Principal Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2012 | 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] | Non Complete Agreements [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Equity interest percentage | 40.00% | ||
Paragon [Sub-Member] | Non Complete Agreements [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Equity interest percentage | 45.00% |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017CNY (¥)¥ / $shares | Dec. 31, 2016CNY (¥)¥ / $shares | Dec. 31, 2015shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents maturity period | The Company considers cash on hand, demand deposits with banks, and highly liquid investments 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 | |
Impairment loss | ¥ 0 | ¥ 0 | |
Noon buying rate | ¥ / $ | 6.5063 | 6.9430 | |
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, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | |
Trading securities: | ||||
Adjusted cost | ¥ 54,688 | ¥ 59,017 | $ 8,405 | |
Additions | 6,933 | |||
Unrealized gains | 2,463 | |||
Unrealized losses | (46,926) | $ (7,212) | (46,087) | |
Exchange differences | 1,802 | $ 277 | (1,869) | |
Trading securities total at fair value | 9,564 | 20,457 | 1,470 | |
Equity securities listed in Hong Kong: | ||||
Cost | 14,631 | 15,789 | 2,249 | |
Impairment recognized in earnings | 0 | 0 | 0 | |
Adjusted amortized cost | 14,631 | 15,789 | 2,249 | |
Adjusted amortized cost | 14,631 | 15,789 | 2,249 | |
Unrealized (loss)/ gains | 1,951 | (115) | 300 | |
Exchange differences | 216 | 309 | 33 | |
Total at fair value | 16,798 | 15,983 | 2,582 | |
Equity securities listed in Hong Kong [Member] | ||||
Trading securities: | ||||
Trading securities total at fair value | ¥ 9,564 | ¥ 20,457 | $ 1,470 |
Investments - Additional Inform
Investments - Additional Information (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investments Schedule [Abstract] | ||
Impairment loss | ¥ 0 | ¥ 0 |
Long-Term Investment - Addition
Long-Term Investment - Additional Information (Detail) $ in Thousands | Mar. 27, 2015 | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017HKD ($) |
Percentage of issued capital | 45.00% | ||||
Long-term investment | ¥ 166,760,000 | ¥ 179,960,000 | $ 25,631 | $ 200,000,000 | |
Impairment loss | 0 | 0 | |||
Million Cube [Member] | |||||
Acquired Interest Percentage | 40.00% | ||||
Paragon [Sub-Member] | |||||
Acquired Interest Percentage | 18.00% | ||||
Impairment loss | ¥ 0 | ¥ 0 |
Dissolution of Subsidiaries - S
Dissolution of Subsidiaries - Summary of Gain on Dissolution of Subsidiaries (Detail) - Dec. 31, 2017 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Net assets disposed of: | ||
Other long term assets | ¥ 6 | $ 1 |
Income taxes payable | (6,466) | (994) |
Gain on dissolution of subsidiaries | ¥ (6,460) | $ (993) |
Dissolution of Subsidiaries - A
Dissolution of Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Orion BVI Tire Corporation [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Dissolution of stock in subsidiary, percentage | 60.00% |
Whole Good Limited [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Dissolution of stock in subsidiary, percentage | 100.00% |
Income Taxes - Components of Pr
Income Taxes - Components of Profit from Operations Before Income Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
The PRC | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 |
All other jurisdictions | 6,545 | 1,006 | 613 | 4,062 |
Profit before income tax | 6,545 | 1,006 | 613 | 4,062 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | ¥ 116,881,000 | ¥ 118,496,000 | |
Earliest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year | 2,010 | ||
Latest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year | 2,017 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Impact on Deferred Tax Asset and Liability (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Current deferred tax asset: | |||||
Tax losses | ¥ 19,552 | $ 3,005 | ¥ 19,285 | ||
Valuation allowances | (19,552) | (3,005) | (19,285) | $ (2,964) | ¥ (18,484) |
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, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Valuation Allowance [Abstract] | |||
At the beginning of the year | ¥ 19,285 | $ 2,964 | ¥ 18,484 |
Current year movement | 267 | 41 | 801 |
At the end of the year | ¥ 19,552 | $ 3,005 | ¥ 19,285 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | (18.00%) | (27.40%) | (28.20%) |
Change in valuation allowance | 1.50% | 10.90% | 11.70% |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Common Stock issued during the period | 0 | 0 | 0 |
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, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Trading securities | |||
Trading securities | ¥ 9,564 | $ 1,470 | ¥ 20,457 |
Available-for-sale securities: | |||
Available-for-sale securities | 16,798 | 2,582 | 15,983 |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale securities: | |||
Trading and Available-for-sale securities | 26,362 | 4,052 | 36,440 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Market for Identical Assets (Level 1) [Member] | |||
Available-for-sale securities: | |||
Trading and Available-for-sale securities | 26,362 | 36,440 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | |||
Trading securities | |||
Trading securities | 9,564 | 1,470 | 20,457 |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Hotel operation [Member] | |||
Trading securities | |||
Trading securities | 2,068 | 318 | 1,968 |
Available-for-sale securities: | |||
Available-for-sale securities | 16,798 | 2,582 | 15,983 |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Gaming, entertainment and tourist-related [Member] | |||
Trading securities | |||
Trading securities | 2,948 | 453 | 8,809 |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Property development and investment [Member] | |||
Trading securities | |||
Trading securities | 4,548 | $ 699 | 7,629 |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Others [Member] | |||
Trading securities | |||
Trading securities | 2,051 | ||
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted Prices In Active Market for Identical Assets (Level 1) [Member] | |||
Trading securities | |||
Trading securities | 9,564 | 20,457 | |
Fair Value, Measurements, Recurring [Member] | Hong Kong [Member] | Quoted Prices In Active Market for Identical Assets (Level 1) [Member] | Hotel operation [Member] | |||
Trading securities | |||
Trading securities | 2,068 | 1,968 | |
Available-for-sale securities: | |||
Available-for-sale securities | 16,798 | 15,983 | |
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 | 2,948 | 8,809 | |
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 | ¥ 4,548 | 7,629 | |
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 | ¥ 2,051 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) | Dec. 31, 2017 | Dec. 31, 2016 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Dividends paid on outstanding common stock | ¥ 0 | ¥ 0 | ¥ 0 |
Distributable reserves | ¥ 0 | ¥ 0 |
Related Party Balances, Trans45
Related Party Balances, Transactions and Arrangements - Due from Related Parties (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Due from: | |||
Due from related parties | ¥ 154 | $ 24 | ¥ 167 |
Master Glory Group Limited and its subsidiaries (Formerly known as: Hanny Holdings Limited) [Member] | |||
Due from: | |||
Due from related parties | ¥ 154 | $ 24 | ¥ 167 |
Related Party Balances, Trans46
Related Party Balances, Transactions and Arrangements - Additional Information (Detail) - Rosedale Hotel Holdings Limited [Member] - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Equity interest percentage | 6.20% | 6.20% |
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, 2017 | Dec. 31, 2016 | |
Minimum [Member] | ||
Securities Financing Transaction [Line Items] | ||
Percentage of bearing interest payable to securities brokers | 11.00% | 11.00% |
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, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Financial Instruments Pledged as Collateral [Abstract] | |||
Trading securities and available-for-sale securities pledged as collateral | ¥ 24,383 | $ 3,748 | ¥ 34,558 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - TAIWAN, PROVINCE OF CHINA | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017TWD ($) | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Cash maintained with one bank | 98.80% | 98.80% | 99.90% |
Maximum compensation insured per depositor | ¥ 657,000 | $ 3,000,000 |
Market Rate Risk - Additional I
Market Rate Risk - Additional Information (Detail) - ¥ / $ | Aug. 11, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Risks and Uncertainties [Abstract] | |||
Currency reference rate reduction percentage | 1.90% | ||
Foreign exchnage rate | 6.5063 | 6.9430 |