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INVESTMENTS
 12 Months Ended
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