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Long-term Investments | 12 Months Ended
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Dec. 31, 2025
Long-term Investments |
Long-term Investments | 4. Long-term Investments Long-term investments comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The following sets forth the changes in the Group’s long-term investments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Equity Securities | ​ | ​ | ​ | ​ | Equity Securities With | ​ | ​ | ​
​ | ​ | Without Readily | ​ | ​ | ​ | ​ | Readily Determinable | ​ | ​ | ​
​ | ​ ​ ​ | Determinable Fair Values | ​ ​ ​ | Equity Method | ​ ​ ​ | Fair Values | ​ ​ ​ | Total
​ | ​ | (In US$ thousands)
Balance at December 31, 2022 | ​ | $ | 196,579 | ​ | $ | 557,501 | ​ | $ | 239,550 | ​ | $ | 993,630
Investments made/transfers from prepayments | ​ | ​ | 70,864 | ​ | ​ | 303,845 | ​ | ​ | — | ​ | ​ | 374,709
Income from equity method investments, net | ​ | ​ | — | ​ | ​ | 13,392 | ​ | ​ | — | ​ | ​ | 13,392
Dividend declared from equity method investments | ​ | ​ | — | ​ | ​ | (4,683) | ​ | ​ | — | ​ | ​ | (4,683)
Disposal of investments | ​ | ​ | (3,463) | ​ | ​ | (14,250) | ​ | ​ | — | ​ | ​ | (17,713)
Changes from measurement alternative to consolidation (Note 6) | ​ | ​ | (43,988) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (43,988)
Reclassification of equity investment with readily determinable fair value to equity-method investment | ​ | ​ | — | ​ | ​ | 153,407 | ​ | ​ | (153,407) | ​ | ​ | —
Impairment on investments | ​ | ​ | (25,706) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (25,706)
Fair value change through earnings | ​ | ​ | 10,877 | ​ | ​ | — | ​ | ​ | 32,125 | ​ | ​ | 43,002
Currency translation adjustment | ​ | ​ | (3,873) | ​ | ​ | (8,384) | ​ | ​ | — | ​ | ​ | (12,257)
Balance at December 31, 2023 | ​ | ​ | 201,290 | ​ | ​ | 1,000,828 | ​ | ​ | 118,268 | ​ | ​ | 1,320,386
Investments made/transfers from prepayments/other non-current assets | ​ | ​ | 136,985 | ​ | ​ | 25,838 | ​ | ​ | — | ​ | ​ | 162,823
Loss from equity method investments, net | ​ | ​ | — | ​ | ​ | (12,170) | ​ | ​ | — | ​ | ​ | (12,170)
Dividend declared from equity method investments | ​ | ​ | — | ​ | ​ | (10,269) | ​ | ​ | — | ​ | ​ | (10,269)
Disposal of investments | ​ | ​ | (2,228) | ​ | ​ | (21,811) | ​ | ​ | — | ​ | ​ | (24,039)
Impairment on investments | ​ | ​ | (38,689) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (38,689)
Fair value change through earnings | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,564 | ​ | ​ | 18,564
Currency translation adjustment | ​ | ​ | (1,383) | ​ | ​ | (26,024) | ​ | ​ | — | ​ | ​ | (27,407)
Balance at December 31, 2024 | ​ | ​ | 295,975 | ​ | ​ | 956,392 | ​ | ​ | 136,832 | ​ | ​ | 1,389,199
Investments made/transfers from prepayments/other non-current assets | ​ | ​ | 357 | ​ | ​ | 186,038 | ​ | ​ | — | ​ | ​ | 186,395
Income from equity method investments, net | ​ | ​ | — | ​ | ​ | 76,666 | ​ | ​ | — | ​ | ​ | 76,666
Dividend declared from equity method investments | ​ | ​ | — | ​ | ​ | (12,807) | ​ | ​ | — | ​ | ​ | (12,807)
Disposal of investments | ​ | ​ | (522) | ​ | ​ | (23,460) | ​ | ​ | — | ​ | ​ | (23,982)
Impairment on investments | ​ | ​ | (5,972) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,972)
Fair value change through earnings | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,258 | ​ | ​ | 21,258
Currency translation adjustment | ​ | ​ | 1,854 | ​ | ​ | 30,735 | ​ | ​ | — | ​ | ​ | 32,589
Balance at December 31, 2025 | ​ | $ | 291,692 | ​ | $ | 1,213,564 | ​ | $ | 158,090 | ​ | $ | 1,663,346
​ ​ 4. Long-term Investments (Continued) For the years ended December 31, 2023, 2024 and 2025, the Group invested in private companies totaling US$70.9 million, US$137.0 million and US$0.4 million, respectively, which were accounted for under investments without readily determinable fair values. These investments were primarily to further expand and strengthen the Group’s ecosystem and mainly included a follow - on investment of US$40.0 million in a company providing online brokerage services during 2023 and a US$127.0 million investment in a media company focusing on providing financial information in 2024. The Group also recognized investments of US$303.8 million,US$25.8 million and US$186.0 million in companies, which were accounted for under equity method, for the years ended December 31, 2023, 2024 and 2025, respectively. These investments mainly included US$230.8 million investment in INMYSHOW Digital Technology (Group) Co., Ltd. (“INMYSHOW”, a Shanghai Stock Exchange listed company, providing social and new media marketing services) in 2023, and several investment funds in 2023 to 2025, respectively. In March 2023, the Group purchased all equity interests in ShowWorld HongKong Limited, a shareholder of INMYSHOW. As the shares of INMYSHOW was the only asset held by ShowWorld HongKong Limited, the transaction was considered an asset acquisition. Furthermore, as the Group and ShowWorld HongKong Limited are under the common control of SINA, the transaction was considered an asset acquisition under common control. According to ASC 805-50, for a transfer of assets between entities under common control, the acquirer entity shall initially measure the assets and liabilities transferred at their carrying values in the accounts of the transferring entity. Therefore, the newly acquired shares of INMYSHOW was recorded in the Group’s consolidated balance sheets using their carrying value at SINA’s, and the difference between the consideration paid by the Group and the carrying value of US$230.8 million of the assets was recognized in additional paid-in capital as a distribution on the acquisition date. Immediately following this transaction and together with the Group’s existing shareholding in INMYSHOW, the Group held in the aggregate approximately 26.57% of the total issued shares of INMYSHOW. Consequently, the Group reclassified its investment in INMYSHOW from equity securities with readily determinable fair values to equity method. The Group used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes. Changes in the carrying value of the equity investment under measurement alternative will be recognized whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is lower than the carrying value. The Group classifies the valuation techniques on investments that use similar identifiable transaction prices as Level 2 of fair value measurements. The following table summarizes the total carrying value of the equity investments accounted for under the measurement alternative as of December 31, 2024 and 2025, respectively, including cumulative upward and downward adjustments made to the initial cost basis of the securities. ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Cumulative Results
​ | ​ | (In US$ thousands)
Initial cost basis | ​ | $ | 824,481
Upward adjustments | ​ | ​ | 92,736
Downward adjustments | ​ | ​ | (618,408)
Foreign currency translation | ​ | ​ | (2,834)
Total carrying value at December 31, 2024 | ​ | $ | 295,975
​ | ​ | ​ | ​
Initial cost basis | ​ | $ | 824,316
Upward adjustments | ​ | ​ | 92,736
Downward adjustments | ​ | ​ | (624,380)
Foreign currency translation | ​ | ​ | (980)
Total carrying value at December 31, 2025 | ​ | $ | 291,692
​ ​ 4. Long-term Investments (Continued) The Group assessed or engaged third-party valuation firms to help the management assess the fair value of certain investments, using Level 3 of fair value measurement and concluded that impairment was warranted for those investments at the year-end. Thus, the Group recognized US$38.7 million and US$6.0 million impairment charges to investments without readily determinable fair value for the years ended December 31, 2024 and 2025, respectively. The impairment charges mainly included a US$30.0 million impairment on a US-based company manufacturing hydrogen-powered autonomous trucks in 2024 and a US$3.7 million write-off on a company engaging in online literature business in 2025 due to their negative financial performance with no obvious upturn or potential financing solutions in the foreseeable future or adverse changes in their regulatory environment. Investments in marketable equity securities are valued using the market approach based on the quoted prices in active markets at the reporting dates. The Group classified the valuation techniques that use these inputs as Level 1 of fair value measurements. The Group records the investment in Didi Global Inc. (“Didi”), a company operating a mobility technology platform, under equity securities with readily determinable fair values and recognized a fair value change gain of US$18.6 million and US$21.3 million in 2024 and 2025, respectively. The following table shows the carrying amount and fair value of the marketable securities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Cost | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ ​ ​ | Basis | ​ ​ ​ | Gains | ​ ​ ​ | Losses | ​ ​ ​ | Value
​ |  | (In US$ thousands)
Didi | ​ | $ | 142,000 | ​ | $ | — | ​ | $ | (5,168) | ​ | $ | 136,832
December 31, 2024 | ​ | $ | 142,000 | ​ | $ | — | ​ | $ | (5,168) | ​ | $ | 136,832
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Didi | ​ | $ | 142,000 | ​ | $ | 16,090 | ​ | $ | — | ​ | $ | 158,090
December 31, 2025 | ​ | $ | 142,000 | ​ | $ | 16,090 | ​ | $ | — | ​ | $ | 158,090
​ For the year ended December 31, 2025, equity method investments held by the Group in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. The condensed financial information of the Group’s equity method investments is summarized as a group as follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31,
​ | ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Operating data: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Revenue | ​ | $ | 850,102 | ​ | $ | 744,438 | ​ | $ | 724,635
Gross profit | ​ | $ | 298,736 | ​ | $ | 159,383 | ​ | $ | 248,742
Income (loss) from operations | ​ | $ | 12,153 | ​ | $ | (35,142) | ​ | $ | 261,453
Net income (loss) | ​ | $ | 8,188 | ​ | $ | (72,168) | ​ | $ | 226,200
Net income (loss) attributable to the investees’ shareholders | ​ | $ | 9,856 | ​ | $ | (68,129) | ​ | $ | 227,062
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ |  | (In US$ thousands)
Balance sheet data: |  | ​ | ​ |  | ​ | ​
Current assets | ​ | $ | 1,833,099 | ​ | $ | 2,105,598
Non-current assets | ​ | $ | 2,770,207 | ​ | $ | 3,388,111
Current liabilities | ​ | $ | 1,310,409 | ​ | $ | 1,297,642
Long-term liabilities | ​ | $ | 4,230 | ​ | $ | 168,023
Non-controlling interests | ​ | $ | (4,121) | ​ | $ | (2,387)
​ 4. Long-term Investments (Continued) The Group recorded investment-related impairment and provision of US$23.6 million, US$93.4 million and US$6.0 million for the years ended December 31, 2023, 2024 and 2025, respectively, due to various adverse factors affecting the performance of the investees that arose in the respective periods. The impairment charges recorded in 2023 mainly included a US$15.9 million write-off on an online education company. The impairment charges recorded in 2024 included a US$30.0 million impairment on a US-based company manufacturing hydrogen-powered autonomous trucks due to adverse changes in its regulatory environments, and a US$49.0 million impairment reflecting increased valuation uncertainty that arose in 2024 associated with the extended transaction timeline of a commercial property investment. The impairment charges recorded in 2025 mainly included a US$3.7 million write-off on a company engaging in online literature business.

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