v3.22.1

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Investments at Amortized Cost and Fair Value

Short-term investments classification as of December 31, 2020 and 2021 were shown as below:

		As of December 31, 2020
		Cost or Amortized cost less allowance for credit losses				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			123,537				595				—				—				—				124,132
Available-for-sale debt investments			2,862				—				—				3				—				2,865

		As of December 31, 2021
		Cost or Amortized cost less allowance for credit losses				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)
Held-to-maturity debt investments			140,686				898				—				—				—				141,584				22,218
Available-for-sale debt investments			2,547				—				—				10				—				2,557				401

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 that do not qualify for NAV practical expedient for the years ended December 31, 2019, 2020 and 2021 were as follows:

		For the years ended December 31,
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions)
Gross unrealized gains			1,447				4,396				1,062				167
Gross unrealized losses (including impairment)(i)			(1,641	)			(2,679	)			(4,424	)			(694	)
Net unrealized (losses) gains on equity securities held			(194	)			1,717				(3,362	)			(527	)
Net realized gains on equity securities sold			211				266				—				—
Total net gains (losses) recognized			17				1,983				(3,362	)			(527	)

(i) Gross unrealized losses (downward adjustments excluding impairment) were RMB863 million, RMB378 million and RMB165 million (US$26 million) for the years ended December 31, 2019, 2020 and 2021, respectively.

Equity Method Investments

The following tables set forth the summarized financial information of Trip:

		As of September 30, (i)
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Current assets			65,782				76,596				12,020
Non-current assets			132,417				124,268				19,500
Current liabilities			61,360				73,517				11,536
Non-current liabilities			36,558				16,418				2,576
Noncontrolling interests			1,566				924				145

		For the twelve months ended September 30, (i)
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions)
Total revenues			34,958				21,704				20,313				3,188
Gross profit			27,627				16,838				15,916				2,498
Income (loss) from operations			4,271				(827	)			(723	)			(113	)
Net income (loss)			3,764				(2,236	)			1,198				188
Net income (loss) attributable to the investees			3,813				(2,243	)			1,288				202

(i) The Company adopted a one-quarter lag in reporting its share of equity income (loss) in Trip.

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,
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Due in 1 year			—				—				—
Due in 1 year through 5 years			1,587				1,685				264
Not due at a single maturity date			1,020				577				91
Total			2,607				2,262				355

Summary Of Estimated Fair Value of Long-Term Held-To-Maturity Investments

The following table summarizes the amortized cost of long-term held-to-maturity investments with stated contractual dates, classified by the contractual maturity date of the investments:

		As of December 31,
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Due in 1 year			—				—				—
Due in 1 year through 2 years			9,690				7,914				1,242
Due in 2 years through 3 years			50				—				—
Total			9,740				7,914				1,242

Long Term Investments

Schedule of Investments at Amortized Cost and Fair Value

Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2020 and 2021 are shown as below:

		As of December 31, 2020
		Cost or Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
		RMB				RMB				RMB				RMB
		(In millions)
Equity investments at fair value with readily determinable fair value			8,419				7,342				(2,783	)			12,978
Available-for-sale debt investments			2,804				166				(363	)			2,607
Investments accounted for at fair value			1,580				885				(227	)			2,238

		As of December 31, 2021
		Cost or Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
		RMB				RMB				RMB				RMB				US$
		(In millions)
Equity investments at fair value with readily determinable fair value			15,046				6,046				(4,717	)			16,375				2,570
Available-for-sale debt investments			2,820				216				(774	)			2,262				355
Investments accounted for at fair value			1,974				2,653				(399	)			4,228				663

Summary Of Estimated Fair Value of Long-Term Held-To-Maturity Investments

Long-term held-to-maturity investments classification as of December 31, 2020 and 2021 were shown as below:

As of December 31, 2020

Cost or Amortized cost

Gross unrecognized holding gains

Gross unrecognized holding losses

Fair value

RMB

RMB

RMB

RMB

(In millions)

Long-term held-to-maturity investments

9,740

14

—

9,754

As of December 31, 2021

Cost or Amortized cost

Gross unrecognized holding gains

Gross unrecognized holding losses

Fair value

RMB

RMB

RMB

RMB

US$

(In millions)

Long-term held-to-maturity investments

7,914

100

—

8,014

1,258

Summary of Break Down of Long Term Investments

The following table sets forth a breakdown of the categories of long-term investments held by the Company as of the dates indicated:

		As of December 31,
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Equity investments at fair value with readily determinable fair value			12,978				16,375				2,570
Equity investments without readily determinable fair value(i)			24,603				11,745				1,843
Available-for-sale debt investments			2,607				2,262				355
Equity method investments			24,067				24,808				3,893
Investments accounted for at fair value			2,238				4,228				663
Long-term held-to-maturity investments			9,740				7,914				1,242
Total long-term investments			76,233				67,332				10,566

(i) The total carrying value of equity investments without readily determinable fair value using NAV practical expedient was RMB957 million (US$150 million) for the year ended December 31, 2021. The total carrying value of equity investments without readily determinable fair value using measurement alternative was RMB10,788 million (US$1,693 million) for the year ended December 31, 2021.

Other Equity Method Investees Excluding Ctrip Com Member [Member]

Equity Method Investments

Financial information for the Company’s equity method investments other than Trip are summarized as a group as follow:

		As of September 30, (i)
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Current assets			96,713				125,266				19,657
Non-current assets			15,094				18,512				2,905
Current liabilities			73,842				90,744				14,240
Non-current liabilities			5,545				9,218				1,447
Noncontrolling interests			1,577				1,662				261

		For the twelve months ended September 30, (i)
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions)
Total revenues			12,598				13,981				21,380				3,355
Gross profit			6,247				5,083				7,624				1,196
(Loss) income from operations			(680	)			(1,282	)			1,238				194
Net (loss) income			(638	)			(832	)			2,065				324
Net (loss) income attributable to the investees			(933	)			(891	)			2,040				320

(i) The Company adopted a one-quarter lag in reporting its share of (loss) income in majority of its equity investees.

Equity Method Investments

Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values

The total carrying value of equity investments without readily determinable fair value that do not qualify for NAV practical expedient held as of December 31, 2020 and 2021 were as follows:

		As of December 31, 2020				As of December 31, 2021				As of December 31, 2021
		RMB				RMB				US$
		(In millions)
Initial cost basis			19,725				13,016				2,042
Cumulative unrealized gains			8,113				3,910				614
Cumulative unrealized losses (including impairment)			(3,235	)			(6,138	)			(963	)
Total carrying value			24,603				10,788				1,693

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