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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENT

Schedule of fair value assets measured on recurring basis

Assets measured at fair value on a recurring basis are summarized below (in millions):

		Fair Value Measurement at December 31, 2021 Using
		Level 1				Level 2				Level 3				Fair Value at December 31, 2021
		RMB				RMB				RMB				RMB				US$
Assets
Financial products (Note 2, 7)			—				22,857				—				22,857				3,587
Time deposits (Note 2, 7)			—				19,807				—				19,807				3,108
Financial instruments (Note 2)			—				14				—				14				2
Equity securities (Note 7)			8,571				—				—				8,571				1,345
Available-for-sale debt investments (Note 7)			—				—				3,354				3,354				526
Total Assets			8,571				42,678				3,354				54,603				8,568
Liabilities
Exchangeable senior notes (Note 17)			—				3,791				—				3,791				595
Financial instruments (Note 2)			—				39				—				39				6
Total Liabilities			—				3,830				—				3,830				601

		Fair Value Measurement at December 31, 2022 Using
		Level 1				Level 2				Level 3				Fair Value at December 31, 2022
		RMB				RMB				RMB				RMB				US$
Assets
Financial products (Note 2, 7)			—				15,893				—				15,893				2,304
Time deposits (Note 2, 7)			—				25,166				—				25,166				3,649
Financial instruments (Note 2)			—				70				48				118				17
Equity securities (Note 7)			11,934				—				—				11,934				1,730
Available-for-sale debt investments (Note 7)			—				—				2,601				2,601				377
Total Assets			11,934				41,129				2,649				55,712				8,077
Liabilities
Exchangeable senior notes (Note 17)			—				4,204				—				4,204				610
Financial instruments (Note 2)			—				84				—				84				12
Total Liabilities			—				4,288				—				4,288				622

Schedule of roll forward of major Level 3 Investments

The roll forward of major Level 3 Investments are as follows (RMB in millions):

		Total
Fair value of Level 3 Investments as at December 31, 2020			2,856
Transfer into Level 3			(35	)
New addition			704
Disposal of investments			(66	)
Effect of exchange rate change			(44	)
The change in fair value of the investments			(61	)
Fair value of Level 3 Investments as at December 31, 2021			3,354
New addition			86
Disposal of investments			(28	)
Effect of exchange rate change			152
Expected credit losses			(906	)
The change in fair value of the investments			(57	)
Fair value of Level 3 Investments as at December 31, 2022			2,601

Schedule of significant unobservable inputs adopted in the valuation

The significant unobservable inputs adopted in the valuation as of December 31, 2022 are as follows:

Unobservable Input
Revenue growth rate		2.5%-100%
Weighted average cost of capital		13.5%-21%
Lack of marketability discount		15%-30%
Expected volatility		41%-68.05%
Probability		Liquidation scenario: 30%-100% Redemption scenario: 10%-45% IPO scenario: 0%~40%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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