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Financial Instruments

12 Months Ended

Dec. 31, 2024

Financial Instruments

Financial Instruments

29. Financial Instruments

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2023 (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	Fair Value Measurements
​		​		(RMB)	​	​		​
​	​	​	​	Quoted Prices in	​	​	​	​
​	​	​	​	Active Market	​	Significant Other	​	Significant
​	​	​	​	for Identical	​	Observable	​	Unobservable
​	​	​	​	Assets	​	Inputs	​	Inputs
​		Total		(Level 1)		(Level 2)		(Level 3)
Equity investments with readily determinable fair values	​	3,107,266	​	3,107,266	​	—	​	—
Short-term investments		4,436,057	​	—		4,436,057	​	—
Investments accounted for at fair values		490,781	​	—	​	—	​	490,781
Total	​	8,034,104	​	3,107,266		4,436,057	​	490,781

​

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2024 (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	Fair Value Measurements
​		​		(RMB)		​		​
​	​	​	​	Quoted Prices in	​	​	​	​
​	​	​	​	Active Market	​	Significant Other	​	Significant
​	​	​	​	for Identical	​	Observable	​	Unobservable
​	​	​	​	Assets	​	Inputs	​	Inputs
​		Total		(Level 1)		(Level 2)	​	(Level 3)
Equity investments with readily determinable fair values	​	2,375,785	​	2,375,785	​	—	​	—
Short-term investments		10,756,143	​	—		10,756,143	​	—
Investments accounted for at fair values	​	241,570	​	—	​	—	​	241,570
Total		13,373,498	​	2,375,785		10,756,143	​	241,570

​

The rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements of short-term bank loans. For other financial assets and liabilities with carrying values that approximate fair value, if measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. As of December 31, 2023 and 2024, certain equity investments without determinable fair value (Note 11) were measured using significant unobservable inputs (Level 3) and written down from their respective carrying value to fair value, with impairment charges of RMB274.2 million and RMB1.0 billion incurred and recorded in earnings for the years then ended.

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The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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