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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2023
FAIR VALUE MEASUREMENTS [Abstract] |
FAIR VALUE MEASUREMENTS |
22. | FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 – Inputs that are based on quoted prices and market observable data of similar instruments in active markets Level 3 – Unobservable inputs that are supported by little or no market activities The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Derivative instruments are categorized within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. As of December 31, 2022 and 2023, assets and liabilities categorized within Level 3 of the fair value hierarchy included investments in convertible loan, investments in sovereign bonds, investments carried at fair value, investments in equity securities accounted under measurement alternative, redeemable preference shares of investees and other assets. Investments in debt securities – the carrying amount approximates fair value due to its short-term nature. Investments carried at fair value or measurement alternative – the Company used Market Adjusted Option Pricing Model Backsolve, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees, liquidity factors and a selection of comparable companies. The significant unobservable input used to determine the fair value of investments carried at fair value or measurement alternative under the market adjusted Option Pricing Model Backsolve is as follows:
| As of December 31, 2022 |  | As of December 31, 2023 |
Unobservable input(1) | Weighted average(2) |  | Range |  | Weighted average(2) |  | Range |
Market adjustment | (20%) |  | (90%) to 7% |  | (54%) |  | (54%) |
| (1) | Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment.
| (2) | Input was weighted based on the fair value of the investments included in the range.
Convertible Notes – the Company used commonly accepted valuation methodology to determine the fair value. The valuation methodology takes into account the volatility and implied credit yield. Other assets – the Company used market approach to determine the fair value of certain assets by comparing to the sale and purchase transactions of comparable assets in the market, adjusted with differences such as size, physical condition, location and etc. Assets and liabilities measured or reported at fair value on a recurring basis are summarized below:
|  | As of December 31, 2022 |
|  | Quoted prices in active markets for identical assets (Level 1) $ |  |  | Significant other observable inputs (Level 2) $ |  |  | Unobservable inputs (Level 3) $ |  |  | Total $ |
Held-to-maturity investments |  |  | 621,346 |  |  |  | – |  |  |  | 490 |  |  |  | 621,836 |
Available-for-sale investments |  |  | 562,051 |  |  |  | – |  |  |  | 35,126 |  |  |  | 597,177 |
Equity securities |  |  | 2,008 |  |  |  | 548 |  |  |  | – |  |  |  | 2,556 |
Investments carried at fair value |  |  | – |  |  |  | – |  |  |  | 178,233 |  |  |  | 178,233 |
Other assets |  |  | – |  |  |  | – |  |  |  | 9,668 |  |  |  | 9,668 |
Derivative assets(1) |  |  | – |  |  |  | 3 |  |  |  | – |  |  |  | 3 |
Derivative liabilities(2) |  |  | – |  |  |  | (2,277 | ) |  |  | – |  |  |  | (2,277 | )
Share appreciation rights |  |  | (5,420 | ) |  |  | – |  |  |  | – |  |  |  | (5,420 | )
2023 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (82,666 | ) |  |  | (82,666 | )
2024 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (190,646 | ) |  |  | (190,646 | )
2025 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,148,639 | ) |  |  | (1,148,639 | )
2026 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,454,421 | ) |  |  | (1,454,421 | )
|  |  | 1,179,985 |  |  |  | (1,726 | ) |  |  | (2,652,855 | ) |  |  | (1,474,596 | )
|  | As of December 31, 2023 |
|  | Quoted prices in active markets for identical assets (Level 1) $ |  |  | Significant other observable inputs (Level 2) $ |  |  | Unobservable inputs (Level 3) $ |  |  | Total $ |
Held-to-maturity investments |  |  | 1,780,898 |  |  |  | – |  |  |  | 407 |  |  |  | 1,781,305 |
Available-for-sale investments |  |  | 4,177,564 |  |  |  | – |  |  |  | 20,442 |  |  |  | 4,198,006 |
Equity securities |  |  | 23,495 |  |  |  | 87 |  |  |  | – |  |  |  | 23,582 |
Other assets |  |  | – |  |  |  | – |  |  |  | 9,465 |  |  |  | 9,465 |
Derivative assets(1) |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | 13 |
Derivative liabilities(2) |  |  | – |  |  |  | (2,818 | ) |  |  | – |  |  |  | (2,818 | )
Share appreciation rights |  |  | (5,522 | ) |  |  | – |  |  |  | – |  |  |  | (5,522 | )
2024 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (168,410 | ) |  |  | (168,410 | )
2025 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,179,739 | ) |  |  | (1,179,739 | )
2026 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,556,532 | ) |  |  | (1,556,532 | )
|  |  | 5,976,435 |  |  |  | (2,718 | ) |  |  | (2,874,367 | ) |  |  | 3,099,350 |
| (1) | Included in prepaid expenses and other assets in the consolidated balance sheets and not designated as hedges.
| (2) | Included in accrued expenses and other payables in the consolidated balance sheets and not designated as hedges.
Certain long-term equity securities that were accounted for using measurement alternative were measured at fair value on a non-recurring basis and were categorized within Level 3 of the fair value hierarchy because significant unobservable inputs were used to estimate its fair value. Assets remeasured at fair value within Level 3 of the fair value hierarchy on a non-recurring basis were $264,899 and $251,232 as of December 31, 2022 and 2023, respectively. Reconciliations of assets and liabilities measured at fair value on a recurring basis and are categorized within Level 3 of the fair value hierarchy are as follows:
|  | $ |
Available-for-sale investments |  |  |  |
Balance as of January 1, 2021 |  |  | 21,357 |
Additions |  |  | 35,298 |
Conversion into ordinary shares of investees |  |  | (21,340 | )
Net unrealized loss included in other comprehensive income |  |  | (958 | )
Translation gain included in other comprehensive income |  |  | 19 |
Balance as of December 31, 2021 |  |  | 34,376 |
Additions |  |  | 3,198 |
Settlement |  |  | (1,266 | )
Net unrealized loss included in other comprehensive income |  |  | (1,193 | )
Translation gain included in other comprehensive income |  |  | 11 |
Balance as of December 31, 2022 |  |  | 35,126 |
Settlement |  |  | (278 | )
Impairment |  |  | (3,873 | )
Conversion into ordinary shares of investee |  |  | (9,945 | )
Net unrealized loss included in other comprehensive income |  |  | (588 | )
Balance as of December 31, 2023 |  |  | 20,442 |
Investments carried at fair value |  |  |
Balance as of January 1, 2021 |  |  | – |
Additions |  |  | 151,227 |
Net investment gain included in earnings |  |  | 27,071 |
Balance as of December 31, 2021 |  |  | 178,298 |
Additions |  |  | 74,482 |
Net investment loss included in earnings |  |  | (74,547 | )
Balance as of December 31, 2022 |  |  | 178,233 |
Transfer out of Level 3 due to change in status(1) |  |  | (178,233 | )
Balance as of December 31, 2023 |  |  | – |
| (1) | See note 2(l) for more information.
|  | $ |
Other assets |  |  |  |
Balance as of January 1, 2021 |  |  | 19,024 |
Additions |  |  | 186 |
Disposals |  |  | (3,513 | )
Write-down included in earnings |  |  | (3,627 | )
Translation loss included in other comprehensive income |  |  | (359 | )
Balance as of December 31, 2021 |  |  | 11,711 |
Additions |  |  | 56 |
Disposals |  |  | (679 | )
Write-down included in earnings |  |  | (476 | )
Translation loss included in other comprehensive income |  |  | (944 | )
Balance as of December 31, 2022 |  |  | 9,668 |
Additions |  |  | 122 |
Disposals |  |  | (464 | )
Write-down included in earnings |  |  | 40 |
Translation gain included in other comprehensive income |  |  | 99 |
Balance as of December 31, 2023 |  |  | 9,465 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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