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INVESTMENTS
 12 Months Ended
Dec. 31, 2022
INVESTMENTS [Abstract]  
INVESTMENTS

7.
INVESTMENTS



The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company:


   
As of December 31,
  
   
2021
    
2022
  
    $
    $
 
Short-term investments
                
Debt securities:
                
   Held to maturity
    
869,931
      
557,249
  
   Available-for-sale
    
28,166
      
304,453
  
Equity securities
    
13,184
      
2,556
  
     
911,281
      
864,258
  
                 
Long-term investments
                
Debt securities:
                
   Held to maturity
    
66,071
      
64,790
  
   Available-for-sale
    
192,139
      
292,724
  
Equity securities
    
463,934
      
521,742
  
Equity method investments
    
152,419
      
196,104
  
Investments carried at fair value
    
178,298
      
178,233
  
     
1,052,861
      
1,253,593
  


Debt securities



Held to maturity investments include time deposits placed with financial institutions and sovereign bonds. Available-for-sale investments include sovereign bonds, convertible loans, corporate bonds and redeemable preference shares of investees. An impairment loss on available-for-sale investments of $51,000, nil and nil had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2020, 2021 and 2022, respectively.



Marketable equity securities



The net unrealized fair value (loss) gain of ($24,150), ($63,434) and $146 related to the marketable equity securities had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2020, 2021 and 2022, respectively.



Non-marketable equity securities



As a result of the deterioration in economic and market conditions, the Company determined an impairment indicator existed as of December 31, 2022 and the fair value of certain investments was less than their carrying amount. An impairment loss of $6,845, nil and $104,645 had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2020, 2021 and 2022, respectively.



Equity method investments



An impairment loss on equity method investments of $3,393, nil and $4,201 had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2020, 2021 and 2022, respectively.



The following table summarizes the cost or amortized cost, gross unrecognized gains and losses, gross unrealized gains and losses, and fair value of the Company’s debt securities and investments carried at fair value as of December 31, 2021 and 2022:
   
As of December 31, 2021
  
   
Cost or
amortized
cost
    
Gross
unrecognized
gains
    
Gross
unrecognized
losses
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
  
    $     $     $     $     $     $  
                                                 
Short-term investments
                                                
Debt securities:
                                                
   Held to maturity
    
869,931
      
26
      
(10
)
    
–
      
–
      
869,947
  
   Available-for-sale
    
28,190
      
–
      
–
      
40
      
(64
)
    
28,166
  
                                                 
Long-term investments
                                                
Debt securities:
                                                
   Held to maturity
    
66,071
      
2,354
      
(181
)
    
–
      
–
      
68,244
  
   Available-for-sale
    
192,257
      
–
      
–
      
1,287
      
(1,405
)
    
192,139
  
Investments carried at fair value
     151,227       –       –       27,071       –       178,298  
     
1,307,676
      
2,380
      
(191
)
    
28,398
      
(1,469
)
    
1,336,794
  


   
As of December 31, 2022
  
   
Cost or
amortized
cost
    
Gross
unrecognized
gains
    
Gross
unrecognized
losses
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
  
    $     $     $     $     $     $  
                                                 
Short-term investments
                                                
Debt securities:
                                                
   Held to maturity
    
557,249
      
4
      
(2
)
    
–
      
–
      
557,251
  
   Available-for-sale
    
304,649
      
–
      
–
      
26
      
(222
)
    
304,453
  
                                                 
Long-term investments
                                                
Debt securities:
                                                
   Held to maturity
    
64,790
      
551
      
(756
)
    
–
      
–
      
64,585
  
   Available-for-sale
    
301,020
      
–
      
–
      
151
      
(8,447
)
    
292,724
  
Investments carried at fair value
    
225,709
      
–
      
–
      
27,071
      
(74,547
)
    
178,233
  
     
1,453,417
      
555
      
(758
)
    
27,248
      
(83,216
)
    
1,397,246