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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2023
FAIR VALUE MEASUREMENTS  
Schedule of Investments Measured at Fair Value on Recurring Basis

    

Fair Value Measurements at Reporting Date Using

Quote prices in

Balance as of

active market

Significant other

Significant

December 31, 

for identical

observable

unobservable

Description

    

2022

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

Assets:

 

  

 

  

 

  

 

  

Foreign exchange forward contracts- receivable

119,625

119,625

Equity securities applying fair value option

178,871

178,871

Available-for-sale securities – current

104,499

104,499

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

1,070,699

1,070,699

Foreign exchange forward contracts- payable

59,911

59,911

Foreign exchange options

 

3,226

3,226

    

Fair Value Measurements at Reporting Date Using

Quote prices in

Balance as of

active market

Significant other

Significant

December 31, 

for identical

observable

unobservable

Description

    

2023

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

Assets:

 

  

 

  

 

  

 

  

Short term investments - equity linked notes

48,875

48,875

Foreign exchange forward contracts- receivable

 

103,100

103,100

Equity securities applying fair value option

228,706

228,706

Available-for-sale securities – non-current

104,134

104,134

Equity securities with readily determinable fair value

330,414

330,114

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

782,969

782,969

Foreign exchange forward contracts- payable

25,307

25,307

Foreign exchange options

1,159

1,159

Financial liabilities measured at fair value(current and non-current portion)

 

831,333

 

 

 

831,333

Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

    

For the year ended December 31, 

    

2021

    

2022

    

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

1,831,612

1,098,736

1,070,699

Foreign exchange loss/(gain)

 

(8,560)

60,038

(54,377)

Change in fair value of convertible senior notes loss/(gain)

 

(327,762)

12,083

84,669

Change in the instrument-specific credit risk gain

(56,224)

(100,158)

(70,732)

Conversion of convertible senior notes

(340,330)

(247,290)

Balance on December 31,

 

1,098,736

1,070,699

782,969

    

For the year ended December 31,

    

2021

    

2022

    

2023

RMB

RMB

RMB

Balance on January 1,

 

(12,924)

(2,659)

(3,226)

Addition of foreign exchange options

 

(8,544)

3,596

(72,240)

Change in fair value of foreign exchange options gain/(loss)

 

18,809

(4,163)

74,307

Balance on December 31,

 

(2,659)

(3,226)

(1,159)

Schedule of changes in Level 3 fair value of available-for-sale securities-current

    

For the year ended December 31, 

    

2021

    

2022

    

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

104,499

Addition

 

100,000

Interest accrual

3,526

1,974

Settlement of puttable bond

(105,500)

Change in fair value

 

973

(973)

Balance on December 31,

 

104,499

Schedule of changes in Level 3 fair value of available-for-sale securities - non-current

    

For the year ended December 31,

2021

2022

2023

RMB

RMB

RMB

Balance on January 1,

 

 

 

Addition

 

 

 

85,000

Change in fair value

 

 

 

19,134

Balance on December 31,

 

 

 

104,134

Schedule of assets Measured on Recurring Basis, Equity Securities

For the year ended December 31,

2021

2022

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

 

 

178,871

Addition

 

 

77,000

 

Change in fair value

 

 

101,871

 

49,835

Balance on December 31,

 

 

178,871

 

228,706

Schedule of level 3 fair value of guarantee liabilities

For the year ended December 31,

2021

2022

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

 

 

Additions

 

 

 

830,540

Profit distribution

 

 

 

793

Balance on December 31,

 

 

 

831,333

Schedule of fair value of call spread option contracts

    

For the year ended December 31,

    

2021

    

2022

    

2023

RMB

RMB

RMB

Balance on January 1,

 

756,929

Issuance of call options

 

Foreign exchange gain

 

251

Change in fair value of call options gain

 

(136,121)

Settlement of call options

 

(621,059)

Balance on December 31,

 

Schedule of Change in Fair Value of rate swap Derivatives

    

For the year ended December 31, 

    

2021

    

2022

    

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

12,294

Change in fair value of interest rate swap

 

Change in fair value of interest rate swap cash flow hedges

12,294

Cash settlement

 

(12,294)

Balance on December 31,

12,294

Schedule of Change in Fair Value of Derivatives

    

For the year ended December 31, 

    

2021

    

2022

    

2023

    

RMB

    

RMB

    

RMB

Balance on January 1,

 

57,332

12,142

Additions

 

Amortization

 

(6,365)

Cancellation

 

(38,825)

(12,142)

Balance on December 31,

 

12,142

    

    

Type of derivatives

Equity

    

  

Foreign

Foreign

Available-

Available-

securities

For the year

exchange

exchange

Foreign

for-sale

for-sale

applying

ended

forward -

forward -

Convertible

exchange

Financial

securities

securities

fair value

December 31, 

    

realized

    

unrealized

    

senior notes

    

Call Option

    

Options

    

liabilities

    

-current

    

non-current

    

option

    

Total

2021

 

393,523

(104,643)

327,762

(136,121)

18,809

499,330

2022

 

(150,538)

(13,818)

(12,083)

(4,163)

973

101,871

(77,758)

2023

 

(407,245)

18,079

(31,188)

74,307

(973)

19,134

49,835

(278,051)

Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments

Unobservable inputs of convertible senior notes

    

  

Expected volatility

 

61.53

%

Risk free interest rate

 

5.11

%

Discount rate

 

24.36

%

Unobservable inputs of available-for-sale securities - non-current

    

    

Expected volatility

 

50.60

%

Risk free interest rate

 

2.3

%

Unobservable inputs of equity securities applying fair value option

    

    

Expected volatility

 

33.6

%

Risk free interest rate

 

2.1

%

Unobservable inputs of foreign exchange option

    

    

Expected volatility

5.44% - 6.92

%

Risk free interest rate

 

2.08

%