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Fair Value Measurement

12 Months Ended

Dec. 31, 2025

14. Fair Value Measurement

The following table summarizes, for assets measured at fair value on a recurring basis, the respective fair value and the classification by level of input within the fair value hierarchy as of December 31, 2024 and 2025:


	Fair Value Measurements
			Quoted Prices in
			Active Market		Significant Other		Significant
			for Identical Assets		Observable Inputs		Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(In US$ thousands)
As of December 31, 2024:
Wealth management products, short term ⁽¹⁾	$	69,947	$	—	$	69,947	$	—
Wealth management products, long term ⁽²⁾		194,746		—		194,746		—
Equity securities with readily determinable market value ⁽³⁾		136,832		136,832		—		—
Total	$	401,525	$	136,832	$	264,693	$	—

As of December 31, 2025:
Wealth management products, short term ⁽¹⁾	$	76,917	$	—	$	76,917	$	—
Wealth management products, long term ⁽²⁾		201,244		—		201,244		—
Equity securities with readily determinable market value ⁽³⁾		158,090		158,090		—		—
Total	$	436,251	$	158,090	$	278,161	$	—

(1)	Included in short-term investments on the Group’s consolidated balance sheets.

(2)	Included in other non-current assets on the Group’s consolidated balance sheets.

(3)	Included in long-term investments on the Group’s consolidated balance sheets.

Recurring

The Group measures short-term and long-term wealth management products, and equity securities with readily determinable fair values at fair value on a recurring basis. The fair values of the Group’s equity securities with readily determinable fair values are determined based on the quoted market price (Level 1). The fair values of the Group’s short-term and long-term wealth management products are determined based on the quoted market price for similar products (Level 2). The Group recorded US$ 32.1 million, US$18.6 million and US$21.3 million fair value change gain for equity securities with readily determinable fair values for the year ended December 31, 2023, 2024 and 2025, respectively.

14. Fair Value Measurement (Continued)

Non-recurring

For those equity investments without readily determinable fair value, the Group measures them at market value when observable price changes are identified or impairment charges are recognized. The market values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The Group classifies the valuation techniques on those investments that use similar identifiable transaction prices as Level 2 of fair value measurements. The Group measures equity method investments at fair value on a non-recurring basis only if an impairment charge is recognized.

Certain privately held investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the investees’ financial performance, assumptions about future growth, and future financing plan, with impairment charges incurred and recorded in earnings for the period then ended. For the years ended December 31, 2023, 2024 and 2025, US$25.7 million, US$38.7 million and US$6.0 million impairment charges were recorded for those equity investments without readily determinable fair values, which was reflected in investment - related impairment and provision mentioned in Note 4 and nil, US$6.6 million and US$19.7 million impairment charges were recorded for equity method investment, which was reflected in the income (loss) from equity method investments on consolidated statement of comprehensive income. As of December 31, 2024 and 2025, the carrying value of these impaired investments measured at Level 3 inputs were US$22.2 million and US$96.9 million, respectively. The fair value of the privately held investments was measured either based on discounted cash flow with unobservable inputs including the discount curve of market interest rates and financial projections, or based on market approach with unobservable inputs including the selection of comparable public peer companies and multiples.

The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they were determined to be impaired. In accordance with the Group’s policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheets date or when facts and circumstances warrant a review, the Group performed an impairment assessment on its goodwill by reporting unit at least annually. The Group recognized no impairment charge of goodwill arising from previous acquisitions for the years ended December 31, 2023, 2024 and 2025, respectively.

The carrying amount of cash and cash equivalents, short-term investments, accounts receivable due from third parties, accounts receivable due from Alibaba, accounts receivable due from other related parties, amount due from SINA, accounts payable, accrued and other liabilities approximates fair values because of their short-term nature.

The Group determines the fair value of its unsecured senior notes using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes and convertible senior notes as Level 2 in the fair value hierarchy. The fair value of unsecured senior notes amounted to US$671.3 million and US$712.5 million as of December 31, 2024 and 2025, respectively. The fair value of convertible senior notes amounted to US$362.8 million and US$383.0 million as of December 31, 2024 and 2025, respectively.