content_image/237824.jpg content_image/237825.jpg
## 32. Capital management (cont’d) 

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

(RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS, EXCEPT PER SHARE DATA) 

No changes were made in the objectives, policies or processes during the years ended December 31, 2012 and 2013. 

As disclosed in Note 25, certain subsidiaries of the Group are required by the relevant authorities in the PRC to contribute and maintain a non-distributable statutory reserve fund whose utilization is subject to approval by the relevant authorities in the PRC. This externally imposed capital requirement has been complied with by the subsidiaries of the Group for the financial years ended December 31, 2012 and 2013. 

## 33. Fair value measurement 

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities. 

Fair value hierarchy for financial instruments measured at fair value as at December 31, 2012: 

<img src='content_image/237824.jpg'>

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2013: 

<img src='content_image/237825.jpg'>

There have been no transfers between Level 1 and Level 2 during the period. 

