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Investments (Tables)
12 Months Ended
Dec. 31, 2023
Schedule of Short-term Investments at Amortized Cost and Fair Value
Short-term investments classification as of December 31, 2022 and 2023 were shown as below:
 
   
As of December 31, 2022
 
   
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
    119,984       631       (151     —        —        120,464  
Available-for-sale
debt investments
    847       —        —        8       —        855  
 
 
 
As of December 31, 2023
 
 
 
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
    166,999       835       (94                 167,740       23,626  
Available-for-sale
debt investments
    1,642                   29             1,671       235  
Equity Method Investments Financial information for the Group’s equity method investments are summarized as a group as follow:
 
    
As of December 31,
 
    
2022
    
2023
    
2023
 
    
RMB
    
RMB
    
US$
 
                      
    
(In millions)
 
Current assets
     230,934        271,407        38,227  
Non-current
assets
     147,034        154,364        21,742  
Current liabilities
     179,519        227,894        32,098  
Non-current
liabilities
     37,397        30,226        4,257  
Noncontrolling interests
     2,434        2,461        347  
 
    
For the years ended December 31,
 
    
2021
    
2022
   
2023
    
2023
 
    
RMB
    
RMB
   
RMB
    
US$
 
    
(In millions)
 
Total revenues
     41,693        42,123       60,042        8,457  
Gross profit
     23,540        23,925       40,304        5,677  
Income from operations
     515        617       8,120        1,144  
Net income (loss)
     3,263        (1,292     9,544        1,344  
Net income (loss) attributable to the investees
     3,328        (1,239     9,493        1,337  
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, classified by the contractual maturity date of the investments:

 
 
  
As of December 31,
 
 
  
2022
 
  
2023
 
  
2023
 
 
  
RMB
 
  
RMB
 
  
US$
 
 
  
(In millions)
 
Due in 1 year through 5 years
     1,581        2,154        303  
Not due at a single maturity date
     866        1,528        216  
  
 
 
    
 
 
    
 
 
 
Total
     2,447        3,682        519  
  
 
 
    
 
 
    
 
 
 
Long Term Investments  
Schedule of Investments accounted for at fair value
Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2022 and 2023 are shown as below:
 
    
As of December 31, 2022
 
    
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
     15,835        2,731        (6,466     12,100  
Available-for-sale
debt investments
     3,735        283        (1,571     2,447  
Investments accounted for at fair value
     2,331        2,855        (570     4,616  
 
    
As of December 31, 2023
 
    
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
     14,716        1,698        (6,804 )     9,610        1,354  
Available-for-sale
debt investments
     4,360        455        (1,133 )     3,682        519  
Investments accounted for at fair value
     2,547        2,942        (648     4,841        682  
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 the NAV practical expedient for the years ended December 31, 2021, 2022 and 2023 were as follows:
 
    
For the years ended

December 31,
 
    
2021
   
2022
   
2023
   
2023
 
    
RMB
   
RMB
   
RMB
   
US$
 
    
(In millions)
 
Gross unrealized gains
     1,062       218       571       80  
Gross unrealized losses (including impairment)
(i)
     (4,424     (2,418     (744     (105
  
 
 
   
 
 
   
 
 
   
 
 
 
Net unrealized losses on equity securities held
     (3,362     (2,200     (173     (25
Net realized gains on equity securities sold
     —        90       251       35  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total net (losses) gains recognized
     (3,362     (2,110     78       10  
  
 
 
   
 
 
   
 
 
   
 
 
 
 
(i)
Gross unrealized losses (downward adjustments excluding impairment) were RMB165 million, nil and RMB8 million (US$1 million) for the years ended December 31, 2021, 2022 and 2023, respectively.
Summary of Breakdown of Long-term Investments
The following table sets forth a breakdown of the categories of long-term investments held by the Group as of the dates indicated:
 
    
As of December 31,
 
    
2022
    
2023
    
2023
 
    
RMB
    
RMB
    
US$
 
    
(In millions)
 
Equity investments at fair value with readily determinable fair value
     12,100        9,610        1,354  
Equity investments without readily determinable fair value using the NAV practical expedient
     945        942        133  
Equity investments without readily determinable fair value using the measurement alternative
     9,249        8,093        1,140  
Available-for-sale
debt investments
     2,447        3,682        519  
Equity method investments
     25,940        20,789        2,927  
Investments accounted for at fair value
     4,616        4,841        682  
  
 
 
    
 
 
    
 
 
 
Total long-term investments
     55,297        47,957        6,755  
  
 
 
    
 
 
    
 
 
 
Schedule of the Carrying Amount 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 the NAV practical expedient held as of December 31, 2022 and 2023 were as follows:
 
    
As of

December 31,
2022
   
As of

December 31,
2023
   
As of

December 31,
2023
 
    
RMB
   
RMB
   
US$
 
    
(In millions)
 
Initial cost basis
     13,741       13,586       1,914  
Cumulative unrealized gains
     4,026       3,099       436  
Cumulative unrealized losses (including impairment)
     (8,518     (8,592     (1,210
  
 
 
   
 
 
   
 
 
 
Total carrying value
     9,249       8,093       1,140