Yongye International, Inc. | 2013 | FY | 3

The fair values of the warrants outstanding as of December 31, 2012 were determined based on the Binominal option pricing model, using the following key assumptions:
   
 
 
December 31, 2012
 
 
 
April
 
September
 
 
 
Warrants
 
Warrants
 
 
 
 
 
 
 
 
 
 
Expected volatility
 
 
-
 
 
45
%
 
 
 
 
 
 
 
 
 
 
Expected dividends yield
 
 
-
 
 
0
%
 
 
 
 
 
 
 
 
 
 
Time to maturity
 
 
-
 
 
0.7 years
 
 
 
 
 
 
 
 
 
 
 
Risk-free interest rate per annum
 
 
-
 
 
0.063
%
 
 
 
 
 
 
 
 
 
 
Fair value of underlying common shares (per share)
 
US$
5.83
 
US$
5.83
 
 

us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock