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INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
INVESTMENTS [Abstract] |
INVESTMENTS |
7. | INVESTMENTS
The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
|  | $ |  |  | $ |
Short-term investments |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 557,249 |  |  |  | 1,731,154 |
Available-for-sale |  |  | 304,453 |  |  |  | 792,908 |
Equity securities |  |  | 2,556 |  |  |  | 23,582 |
|  |  | 864,258 |  |  |  | 2,547,644 |
Long-term investments |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 64,790 |  |  |  | 49,726 |
Available-for-sale |  |  | 292,724 |  |  |  | 3,405,098 |
Equity securities |  |  | 521,742 |  |  |  | 612,729 |
Equity method investments |  |  | 196,104 |  |  |  | 195,009 |
Investments carried at fair value |  |  | 178,233 |  |  |  | – |
|  |  | 1,253,593 |  |  |  | 4,262,562 |
Debt securities Held-to-maturity investments include time deposits placed with financial institutions and sovereign bonds. Available-for-sale investments include sovereign bonds, convertible loans, corporate bonds and redeemable preference shares of investees. Marketable equity securities The net unrealized fair value (loss) gain of ($63,434), $146 and ($2,069) related to the marketable equity securities had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2021, 2022 and 2023, respectively. Non-marketable equity securities As of December 31, 2022 and 2023, the Company determined an impairment indicator existed due to the deterioration in economic and market conditions and the fair value of certain investments was less than their carrying amount. Impairment losses Impairment losses are included in net investment loss in the consolidated statements of operations:
|  | Years ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | $ |  |  | $ |  |  | $ |
Impairment losses |  |  |  |  |  |  |  |  |  |  |  |
Non-marketable equity securities |  |  | – |  |  |  | 104,645 |  |  |  | 86,076 |
Equity method investments |  |  | – |  |  |  | 4,201 |  |  |  | 10,608 |
The following table summarizes the cost or amortized cost, gross unrecognized gains and losses, gross unrealized gains and losses, and fair value of the Company’s debt securities and investments carried at fair value as of December 31, 2022 and 2023:
|  | As of December 31, 2022 |
|  | Cost or amortized cost |  |  | Gross unrecognized gains |  |  | Gross unrecognized losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 557,249 |  |  |  | 4 |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | 557,251 |
Available-for-sale |  |  | 304,649 |  |  |  | – |  |  |  | – |  |  |  | 26 |  |  |  | (222 | ) |  |  | 304,453 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 64,790 |  |  |  | 551 |  |  |  | (756 | ) |  |  | – |  |  |  | – |  |  |  | 64,585 |
Available-for-sale |  |  | 301,020 |  |  |  | – |  |  |  | – |  |  |  | 151 |  |  |  | (8,447 | ) |  |  | 292,724 |
Investments carried at fair value |  |  | 225,709 |  |  |  | – |  |  |  | – |  |  |  | 27,071 |  |  |  | (74,547 | ) |  |  | 178,233 |
|  |  | 1,453,417 |  |  |  | 555 |  |  |  | (758 | ) |  |  | 27,248 |  |  |  | (83,216 | ) |  |  | 1,397,246 |
|  | As of December 31, 2023 |
|  | Cost or amortized cost |  |  | Gross unrecognized gains |  |  | Gross unrecognized losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 1,731,154 |  |  |  | 9 |  |  |  | (23 | ) |  |  | – |  |  |  | – |  |  |  | 1,731,140 |
Available-for-sale |  |  | 792,431 |  |  |  | – |  |  |  | – |  |  |  | 885 |  |  |  | (408 | ) |  |  | 792,908 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  | 49,726 |  |  |  | 632 |  |  |  | (193 | ) |  |  | – |  |  |  | – |  |  |  | 50,165 |
Available-for-sale |  |  | 3,407,262 |  |  |  | – |  |  |  | – |  |  |  | 15,002 |  |  |  | (17,166 | ) |  |  | 3,405,098 |
|  |  | 5,980,573 |  |  |  | 641 |  |  |  | (216 | ) |  |  | 15,887 |  |  |  | (17,574 | ) |  |  | 5,979,311 |

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