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Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair value measurements

Summary of liabilities measured at fair value on recurring basis

​

​	​	​	​	​	​	​
​	​	As of December 31, 2018
​		Level 1		Level 2		Total
​	​	​	​	​	​	​
Assets
Short-term investments (i)		78,605		900,448		979,053
Equity investment with readily determinable fair values (ii)		238,915		—		238,915
​		317,520		900,448		1,217,968

​

​	​	​	​	​	​	​
​	​	As of December 31, 2019
​		Level 1		Level 2		Total
​	​	​	​	​	​	​
Assets
Short-term investments (i)		481,243		5,140,946		5,622,189
Equity investment with readily determinable fair values (ii)		115,926		—		115,926
Derivative - forward exchange contracts		—		6,340		6,340
​	​	597,169	​	5,147,286	​	5,744,455
Liabilities		​		​		​
Derivatives - forward exchange contracts		—		(11,495)		(11,495)

(i) Short-term investments represented the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. For the instruments whose fair value is provided by banks at the end of each period, the Company classifies the valuation techniques that use these inputs as Level 1 of fair value measurements. For the instruments whose fair value is estimated based on quoted prices of similar products provided by banks at the end of each period, the Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurements.

(ii) Equity investments with readily determinable fair values are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level 1 of fair value measurements.

Schedule of changes in level 3 instruments

The following table presents the changes in Level 3 liabilities for the year ended December 31, 2018.

​

​	​	​	​	​	​	​
​	​	Conversion feature	​	Conversion feature	​	​
​	​	embedded in Series A	​	embedded in Series B-2	​	​
​	​	Preferred Shares	​	Preferred Shares	​	Total
​		RMB		RMB		RMB
​	​	​	​	​	​	​
Balance as of January 1, 2018		—		—		—
Initial recognition upon the extinguishment of Huya’s Series A Preferred Shares and the issuance of Huya’s Series B-2 Preferred Shares as of March 8, 2018		572,237		320,097		892,334
Fair value loss on derivative liabilities		628,298		1,656,925		2,285,223
Foreign exchange		4,573		6,697		11,270
Derecognition of derivative liabilities upon the completion of Huya’s IPO		(1,205,108)		(1,983,719)		(3,188,827)
Balance as of December 31, 2018		—		—		—

Schedule of Certain Significant Estimates

​

​	​	​	​	​	​
Valuation Date		March 8, 2018		May 10, 2018
​	​	​	​	​	​
Volatility		50	%	50	%
Risk-free rate (3 months)		1.66	%	1.58	%
Risk-free rate (4 years)		2.52	%	2.46	%
Dividend yield		0	%	0	%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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