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Investments (Tables) | 6 Months Ended
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Jun. 30, 2020
Schedule of Investments at Amortized Cost and Fair Value | Short-term investments classification as of December 31, 2019 and June 30, 2020 were shown as below:
|  | As of December 31, 2019 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Held-to-maturity debt investments |  |  | 107,287 |  |  |  | 367 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,654 |
Available-for-sale debt investments |  |  | 5,440 |  |  |  | — |  |  |  | — |  |  |  | 197 |  |  |  | — |  |  |  | 5,637 |
|  | As of June 30, 2020 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Held-to-maturity debt investments |  |  | 125,022 |  |  |  | 1,049 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 126,071 |  |  |  | 17,844 |
Available-for-sale debt investments |  |  | 7,138 |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 7,152 |  |  |  | 1,012 |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the six-month periods ended June 30, 2019 and 2020 were as follows:
|  | For the six months ended |
|  | June 30, 2019 |  |  | June 30, 2020 |  |  | June 30, 2020 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Gross unrealized gains |  |  | 1,157 |  |  |  | 1,340 |  |  |  | 190 |
Gross unrealized losses (including impairment) (i) (ii) |  |  | (527 | ) |  |  | (2,689 | ) |  |  | (381 | )
Net unrealized gains (losses) on equity securities held |  |  | 630 |  |  |  | (1,349 | ) |  |  | (191 | )
Net realized gains on equity securities sold |  |  | 222 |  |  |  | 252 |  |  |  | 36 |
Total net gains (losses) recognized in others, net |  |  | 852 |  |  |  | (1,097 | ) |  |  | (155 | )
(i) | Gross unrealized losses (downward adjustments excluding impairment) were nil and RMB100 million (US$14 million) for the six-month periods ended June 30, 2019 and 2020, respectively.
(ii) | Including re-measurement losses of nil and RMB278 million (US$39 million) relating to previously held equity interest in business combination achieved in stages for the six-month periods ended June 30, 2019 and 2020, respectively.
Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments | The following table summarizes the estimated fair value of available-for-sale debt investments with stated contractual dates, classified by the contractual maturity date of the investments:
|  | As of December 31, |  |  | As of June 30, |
|  | 2019 |  |  | 2020 |  |  | 2020 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  |  |  |  | (unaudited) |
Due in 1 year |  |  | 505 |  |  |  | — |  |  |  | — |
Due in 1 year through 5 years |  |  | 10 |  |  |  | 1,550 |  |  |  | 220 |
Due in 5 years through 10 years |  |  | 1,486 |  |  |  | — |  |  |  | — |
Not due at a single maturity date |  |  | 1,969 |  |  |  | 2,051 |  |  |  | 290 |
Total |  |  | 3,970 |  |  |  | 3,601 |  |  |  | 510 |
Long Term Investments |
Schedule of Investments at Amortized Cost and Fair Value | Long-term investments classification, excluding equity method investments and equity investments at fair value without readily determinable fair value, as of December 31, 2019 and June 30, 2020 were shown as below:
|  | As of December 31, 2019 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 11,769 |  |  |  | — |  |  |  | — |  |  |  | 2,195 |  |  |  | (2,630 | ) |  |  | 11,334 |
Available-for-sale debt investments |  |  | 3,913 |  |  |  | — |  |  |  | — |  |  |  | 138 |  |  |  | (81 | ) |  |  | 3,970 |
Investments accounted for at fair value |  |  | 1,309 |  |  |  | — |  |  |  | — |  |  |  | 597 |  |  |  | (87 | ) |  |  | 1,819 |
Long-term held-to-maturity investments |  |  | 496 |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 491 |
|  | As of June 30, 2020 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Equity investments at fair value with readily determinable fair value |  |  | 12,346 |  |  |  | — |  |  |  | — |  |  |  | 3,632 |  |  |  | (3,509 | ) |  |  | 12,469 |  |  |  | 1,765 |
Available-for-sale debt investments |  |  | 3,528 |  |  |  | — |  |  |  | — |  |  |  | 186 |  |  |  | (113 | ) |  |  | 3,601 |  |  |  | 510 |
Investments accounted for at fair value |  |  | 1,430 |  |  |  | — |  |  |  | — |  |  |  | 554 |  |  |  | (153 | ) |  |  | 1,831 |  |  |  | 259 |
Long-term held-to-maturity investments |  |  | 502 |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 513 |  |  |  | 73 |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | The total carrying value of equity investments measured at fair value using the measurement alternative held as of December 31, 2019 and June 30, 2020 were as follows:
|  | As of December 31, 2019 |  |  | As of June 31, 2020 |  |  | As of June 31, 2020 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  |  |  |  | (unaudited) |
Initial cost basis |  |  | 21,211 |  |  |  | 21,911 |  |  |  | 3,101 |
Cumulative unrealized gains |  |  | 5,636 |  |  |  | 6,884 |  |  |  | 974 |
Cumulative unrealized losses (including impairment) |  |  | (2,161 | ) |  |  | (4,272 | ) |  |  | (605 | )
Total carrying value |  |  | 24,686 |  |  |  | 24,523 |  |  |  | 3,470 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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- Definition Tabular disclosure of investment in equity security without readily determinable fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=120269885&loc=SL75117539-209714 + Details
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