CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2023

	As of December 31,
	2022		2023
	$		$

2023 Convertible Notes		31,237		–
2024 Convertible Notes		151,459		151,764
2025 Convertible Notes		1,144,794		1,146,369
2026 Convertible Notes		2,042,497		1,803,416
		3,369,987		3,101,549

Issuance of Convertible Notes and Terms

The Company issued the following convertible notes and the terms are as follows:

	2023 Convertible Notes	2024 Convertible Notes	2025 Convertible Notes	2026 Convertible Notes
Issuance date	June 18, 2018	November 18, 2019	May 22, 2020	September 14, 2021
Maturity date	July 1, 2023	December 1, 2024	December 1, 2025	September 15, 2026
Principal amount	$575,000	$1,150,000	$1,150,000	$2,875,000
Interest rate	2.25%	1.00%	2.375%	0.25%
Initial conversion rate	50.5165 American Depositary Shares (“ADSs”) per $1 principal amount, equivalent to $19.80 per ADS	19.9475 ADSs per $1 principal amount, equivalent to $50.13 per ADS	11.0549 ADSs per $1 principal amount, equivalent to $90.46 per ADS	2.0964 ADSs per $1 principal amount, equivalent to $477.01 per ADS
Agreed conversion date	January 1, 2023	June 1, 2024	September 1, 2025	June 15, 2026

Carrying Amount of the Liability Components

The following table presents the carrying amount of the Convertible Notes:

	As of December 31, 2022															As of December 31, 2023
	2023 Convertible Notes			2024 Convertible Notes			2025 Convertible Notes			2026 Convertible Notes			Total			2024 Convertible Notes			2025 Convertible Notes			2026 Convertible Notes			Total
	$			$			$			$			$			$			$			$			$

Principal		31,300			152,048			1,149,500			2,057,784			3,390,632			152,048			1,149,500			1,813,273			3,114,821
Less: unamortized issuance cost and debt discount		(63	)		(589	)		(4,706	)		(15,287	)		(20,645	)		(284	)		(3,131	)		(9,857	)		(13,272	)
Net carrying amount		31,237			151,459			1,144,794			2,042,497			3,369,987			151,764			1,146,369			1,803,416			3,101,549

Capped Calls

In connection with the offering of 2024 Convertible Notes and 2025 Convertible Notes, the Company entered into separately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The details of the Capped Calls are as follows:

	2024 Convertible Notes		2025 Convertible Notes

Initial strike price per share	$	50.13	$	90.46
Initial cap price per share	$	70.36	$	136.54