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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful receivables	$ 20,093	$ 20,670
Allowance for amount due from related parties	3	5
Allowance for financing receivables, current	18,213	18,556
Allowance for prepayments and other current assets	13,086	13,141
Current liabilities	3,086,407	3,071,684
Non-current liabilities	$ 85,309	$ 497,237
Treasury shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Number of treasury shares held	426,996,825	251,663,436
Class A common shares
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common shares, shares authorized	10,000,000,000	10,000,000,000
Common shares, shares issued	1,317,840,464	1,317,840,464
Common shares, shares outstanding	890,843,639	1,066,177,028
Class B common shares
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common shares, shares authorized	1,000,000,000	1,000,000,000
Common shares, shares issued	326,509,555	326,509,555
Common shares, shares outstanding	326,509,555	326,509,555
Variable interest entity
Current liabilities	$ 489,702	$ 239,872
Current liabilities	204,655	172,174
Non-current liabilities	$ 17,477	$ 20,164

Cash and cash equivalents and restricted cash and cash equivalents

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and restricted cash and cash equivalents

Cash and cash equivalents and restricted cash and cash equivalents

6.	Cash and cash equivalents and restricted cash and cash equivalents

Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less. Cash and cash equivalents balance as of December 31, 2022 and 2023 primarily consist of the following currencies:


	December 31, 2022		December 31, 2023
		US$		US$
	Amount	equivalent	Amount	equivalent

US$	863,452	863,452	846,754	846,754
RMB	2,064,300	296,399	1,100,216	155,339
Others	N/A	54,598	N/A	61,863
Total		1,214,449		1,063,956

As of December 31, 2022 and 2023, the Group’s restricted cash and cash equivalents were US$303,370 and US$319,250, respectively. The restricted cash and cash equivalents primarily consists of amounts deposited and held in escrow account owned by the Group, which was a portion of the consideration received from Baidu, in accordance with the terms set forth in the agreement with Baidu to dispose YY Live business.

Segment Reporting - Property and equipment for the company's geographic operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PRC
Segment Reporting
Revenues	$ 347,825	$ 473,941	$ 440,797
Property and equipment, net	376,585	303,204
Developed countries
Segment Reporting
Revenues	968,225	866,107	913,947
Middle East
Segment Reporting
Revenues	441,277	514,992	621,775
Southeast Asia and others
Segment Reporting
Revenues	510,543	556,476	$ 642,532
Singapore
Segment Reporting
Property and equipment, net	5,491	24,022
Others
Segment Reporting
Property and equipment, net	$ 8,605	$ 15,975

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill

Schedule of goodwill


	All other	BIGO	Total
	US$	US$	US$

Balance as of December 31, 2021	104,042	1,854,221	1,958,263
Increase in goodwill related to acquisition (ii)	708,471	—	708,471
Impairment (i)	(14,830)	—	(14,830)
Foreign currency translation adjustments	(2,597)	—	(2,597)
Balance as of December 31, 2022	795,086	1,854,221	2,649,307

Foreign currency translation adjustments	(26)	—	(26)
Balance as of December 31, 2023	795,060	1,854,221	2,649,281

(i)

The Group performs its annual goodwill impairment test of each reporting unit in the fourth quarter, or more frequently, if certain events or circumstances warrant. Events or changes in circumstances which might indicate potential impairment in goodwill include the entity-specific factors, including, but not limited to, stock price volatility, market capitalization relative to net book value, and projected revenue, market growth and operating results. The estimated fair value of each reporting unit is determined using either an income approach or a market approach, when appropriate.

The Group performed a goodwill impairment analysis in the fourth quarter of 2021, 2022 and 2023. When determining the fair value of the Bigo reporting unit, the Group used the income approach. The income approach determines fair value based on discounted cash flow model derived from the reporting units’ long-term forecasts which included a five-year future cash flow projection and an estimated terminal value for the impairment analysis. The discounted cash flow model included a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) the future cash flows forecasts including revenue growth, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting unit; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with each reporting unit’s operations and the uncertainty inherent in the Group’s internally developed forecasts. Based on the Group’s assessment, the fair value of Bigo reporting unit exceeded its related carrying value by approximately 10%, 4% and 3% at December 31, 2021, 2022 and 2023, respectively. When determining the fair value of the Shopline reporting unit, the Group used the market approach, which considered certain market multiples of revenue of comparable companies engaged in a similar operation and economic characteristics. A key assumption used to determine the estimated fair value included the selection of appropriate market multiples. Based on the Group’s assessment, the fair value of the Shopline reporting unit exceeded its related carrying value by approximately 1% at December 31, 2023. Management assessed the reasonableness of its reporting unit the fair value determinations after giving due consideration to the Group’s net book value and market capitalization.

In the annual goodwill impairment assessment, the Company concluded that the carrying amounts of a reporting unit exceeded its respective fair values and recorded impairment losses of nil, US$14,830 and nil during the years ended December 31, 2021, 2022 and 2023, respectively.

(ii)The increase in goodwill in 2022 was related to the acquisition in Note 5.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Intangible assets, net (Schedule of Weighted Average Amortization Periods of Intangible Assets) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trademark
Weighted average amortization periods of intangible assets
Weighted average amortization period	10 years	10 years
Customer relationships
Weighted average amortization periods of intangible assets
Weighted average amortization period	5 years	3 years
License
Weighted average amortization periods of intangible assets
Weighted average amortization period	15 years	15 years
Operating rights
Weighted average amortization periods of intangible assets
Weighted average amortization period	2 years	2 years
Software
Weighted average amortization periods of intangible assets
Weighted average amortization period	4 years	3 years
Domain names
Weighted average amortization periods of intangible assets
Weighted average amortization period	15 years	15 years
Technology
Weighted average amortization periods of intangible assets
Weighted average amortization period	6 years	6 years
Others.
Weighted average amortization periods of intangible assets
Weighted average amortization period	10 years	10 years

Restricted net assets (Details) - USD ($) $ in Thousands	12 Months Ended
Restricted net assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Percentage of after-tax income required to be transferred to statutory general reserve fund	10.00%
Reserve level threshold for mandatory appropriation requirement (as a percent)	50.00%
subsidiaries
Restricted net assets	$ 189,743	$ 260,250
VIE's
Restricted net assets	$ 856,883	$ 989,061

Prepayments and other current assets

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Prepayments and other current assets

11. Prepayments and other current assets


	December 31,
	2022	2023
	US$	US$

Interest receivable	40,280	67,312
Value added taxes to be deducted	31,415	47,064
Receivables from payment platforms	20,210	27,882
Employee advances	2,386	2,146
Prepayments and deposits to vendors and content providers	4,105	8,388
Deposits	5,651	5,122
Amount due from a lessee of sale-and-leaseback arrangement - net (Note 10)	18,355	17,975
Net assets subject to disposal related to YY Live (Note 3)	38,194	38,194
Others	75,587	41,406
Total	236,183	255,489

Share-based compensation - Share-based compensation-Share options-2011 Share Incentive Scheme (Details) - 2011 Incentive Scheme - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Balance ,options	9,414,400	9,414,400	10,307,400
Forfeited ,Options	(840,180)		(893,000)
Balance ,options	8,574,220	9,414,400	9,414,400	10,307,400
Expected to vest at December 31 ,options	8,574,220
Exercisable at December 31, options	8,574,220
Balance, weighted average exercise price	$ 3.7997	$ 3.7997	$ 3.8069
Forfeited ,weighted average exercise price	3.5350		3.8830
Balance, weighted average exercise price	3.8256	$ 3.7997	$ 3.7997	$ 3.8069
Expected to vest at December 31, weighted average exercise price	3.8256
Exercisable at December 31, weighted average exercise price	$ 3.8256
Balance ,contractual life	1 year 7 months 9 days	1 year 9 months 18 days	2 years 9 months 18 days	4 years 5 months 12 days
Expected to vest at December 31, contractual life	1 year 7 months 9 days
Exercisable at December 31, contractual life	1 year 7 months 9 days
Balance, December 31, aggregate intrinsic value	$ 0	$ 0	$ 3,669
Balance, December 31, aggregate intrinsic value	0	0	0	$ 3,669
Expected to vest at December 31, aggregate intrinsic value	0
Exercisable at December 31, aggregate intrinsic value	$ 0	$ 0	$ 0

Cost of revenues (Tables)

12 Months Ended

Dec. 31, 2023

Cost of revenues.

Schedule of Cost of revenues


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Revenue sharing fees and content costs	1,158,435	1,020,174	945,149
Payment handling costs	212,655	165,421	137,989
Bandwidth costs	96,536	77,496	79,718
Salary and welfare	116,679	87,629	84,427
Depreciation and amortization	87,339	70,666	36,753
Technical service fee	55,874	63,328	60,537
Share-based compensation	8,089	8,185	3,575
Other costs	45,543	66,489	106,694

Total	1,781,150	1,559,388	1,454,842

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Schedule of property and equipment


	December 31,
	2022	2023
	US$	US$

Gross carrying amount
Servers, computers and equipment	272,809	280,619
Buildings	144,678	270,423
Construction in progress	163,199	111,573
Decoration of buildings	14,825	14,578
Leasehold improvements	7,318	5,683
Motor vehicles	7,915	17,603
Furniture, fixture and office equipment	7,362	4,810

Total of gross carrying amount	618,106	705,289
Less: accumulated depreciation	(274,905)	(314,608)

Property and equipment, net	343,201	390,681

Income tax (Schedule of Reconciliation of Total Tax Expense Computed by Applying Respective Statutory Income Tax Rate to Pre-tax Income) (Details)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income tax

Singapore statutory income tax rate

^[1]

17.00%

Effect of tax holiday and preferential tax rate benefit (as a percent)

(7.00%)

(5.30%)

20.90%

Effect of different tax rates available to different jurisdictions (as a percent)

(19.50%)

(9.50%)

47.60%

Permanent differences (as a percent)

^[2]

14.90%

6.80%

(66.30%)

Change in valuation allowance (as a percent)

10.10%

0.80%

(95.20%)

Effect of Super Deduction available to the Group (as a percent)

(9.00%)

(4.40%)

42.80%

Effective income tax rate (as a percent)

6.50%

5.40%

(33.20%)

[1]	*: As a majority of the Group’s businesses is subject to Singapore corporate tax rate, the reconciliation of tax expenses begins at Singapore statutory income tax rate.
[2]	Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.

Deferred revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred revenue

Schedule of current and non-current deferred revenue


	December 31,
	2022	2023
	US$	US$

Deferred revenue, current
Live streaming	63,303	56,817
Others	22,711	16,856
Total current deferred revenue	86,014	73,673

Deferred revenue, non-current
Live streaming	9,430	5,516
Others	335	7,416
Total non-current deferred revenue	9,765	12,932

Land use rights, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Land use rights, net
Amortization of acquired intangible assets and land use right	$ 73,383	$ 65,204	$ 67,233
Land use rights
Land use rights, net
Amortization of acquired intangible assets and land use right	$ 8,473	$ 9,053	$ 8,607

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Income tax

Schedule of the current and deferred portions of income tax expense included in the consolidated statements of comprehensive income


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Current income tax expenses	(35,550)	(36,510)	(30,664)
Deferred income tax benefit	9,805	1,935	11,808
Income tax expenses	(25,745)	(34,575)	(18,856)

Schedule of the reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income


	2021		2022		2023

Singapore statutory income tax rate (*)	17.0	%	17.0	%	17.0	%
Effect of tax holiday and preferential tax benefit	20.9	%	(5.3)	%	(7.0)	%
Effect of different tax rates available to different jurisdictions	47.6	%	(9.5)	%	(19.5)	%
Permanent differences (i)	(66.3)	%	6.8	%	14.9	%
Change in valuation allowance	(95.2)	%	0.8	%	10.1	%
Effect of Super Deduction available to the Group	42.8	%	(4.4)	%	(9.0)	%
Effective income tax rate	(33.2)	%	5.4	%	6.5	%

*: As a majority of the Group’s businesses is subject to Singapore corporate tax rate, the reconciliation of tax expenses begins at Singapore statutory income tax rate.

(i)

Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.

Schedule of the tax effects of temporary differences that give rise to the deferred tax asset balances


	December 31,
	2022	2023
	US$	US$

Deferred tax assets:
Tax loss carried forward	197,651	193,219
Allowance for expected credit loss of receivable, accrued expense and others not currently deductible for tax purposes	37,991	35,457
Deferred revenue	2,708	1,609
Impairment of investment	4,937	2,813
Others	4,350	(22)
Valuation allowance (i)	(242,051)	(224,130)
Deferred tax assets, net	5,586	8,946

Deferred tax liabilities:
Related to the fair value changes of investments	10,446	30,724
Related to acquired intangible assets	54,774	31,053
Others	4,628	1,124


Deferred tax liabilities	69,848	62,901
Classification in the consolidated balance sheets:
Deferred tax assets, net	—	—
Deferred tax liabilities	64,262	53,955

(i)

Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was mainly provided for net operating loss carry forwards because it was more likely than not that such deferred tax assets would not be realized based on the Group’s estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

Summary of valuation allowance


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Balance at beginning of the year	(150,252)	(213,688)	(242,051)
Additions	(119,999)	(58,968)	(31,733)
Reversals	56,563	30,605	49,654
Balance at end of the year	(213,688)	(242,051)	(224,130)

Convertible bonds

12 Months Ended

Dec. 31, 2023

Convertible bonds.

Convertible bonds

20. Convertible bonds


	December 31,
	2022	2023
	US$	US$

Current
2025 Convertible Senior Notes	435,087	—
2026 Convertible Senior Notes	—	405,603
	435,087	405,603
Non-current
2026 Convertible Senior Notes	401,173	—
	401,173	—

On June 19, 2019, the Company issued Convertible Senior Notes due 2025 with principal amount of US$500 million (the “Notes due 2025”) and Convertible Senior Notes due 2026 with principal amount of US$500 million (the “Notes due 2026”) (collective the “Notes”). The Notes due 2025 and Notes due 2026 bear interest at a coupon rate of 0.75% and 1.375% per year, respectively, and both of them are payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2019. The Notes due 2025 will mature on June 15, 2025 and the Notes due 2026 will mature on June 15, 2026. The Notes due 2025 and the Notes due 2026 may be converted, under certain circumstances, based on an initial conversion rate of 10.4271 ADS per US$1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately US$95.9 per ADS).

20. Convertible bonds (continued)

The Notes due 2025 and Notes due 2026 are not redeemable prior to their maturity date, except that the holders of the Notes (the “Holders”) have a noncontingent option to require the Company to repurchase for cash all or any portion of their Notes on June 15, 2023 and June 15, 2024, respectively. The repurchase price will equal 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Upon conversion, the Company may deliver ADS, cash, or a combination of ADS and cash at the option of the Company itself. Therefore, the Notes due 2025 and Notes due 2026 contains cash conversion features, which was an equity component and need to be bifurcated from the debt component of the Notes. Determination of the carrying amount of the debt component was based on the fair value of a similar debt instrument excluding the embedded conversion feature, by using discounted cash flow method. The equity component related to conversion features were recognized by ascribing the difference between the proceeds and the fair value of the debt component in Additional paid-in capital.

The net proceeds to the Company from the issuance of the Notes due 2025 were US$491 million. Debt issuance costs of the Notes due 2025 were US$9 million. Out of the debt issuance costs, US$7 million was amortized to interest expense from the issuance date (June 19, 2019) to the first put date of the Notes (June 15, 2023) and US$2 million was allocated as deduction to the equity component. The net proceeds to the Company from the issuance of the Notes due 2026 were US$491 million. Debt issuance costs of the Notes due 2026 were US$9 million. Out of the debt issuance costs, US$6 million was amortized to interest expense from the issuance date (June 19, 2019) to the first put date of the Notes (June 15, 2024) and US$3 million was allocated as deduction to the equity component.

The value of Notes due 2025 and Notes due 2026 is initially measured by the cash received after deducting the issuance cost and the bifurcation of the conversion features. The Notes due 2025 and Notes due 2026 are subsequently stated at amortized cost. The difference between the principal amount of the Notes due 2025 and Notes due 2026 and the amount of the proceeds allocated to the debt component plus the issuance costs are regarded as a debt discount, which is subsequently amortized through interest expense over the Notes due 2025 and Notes due 2026’s expected life using the interest method, respectively.

On January 1, 2021, the Company early adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” using modified-retrospective transition approach. Pursuant to ASU 2020-06, the embedded conversion features no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. Following the adoption of this guidance, the amount previously allocated to additional paid-in capital was reclassified as a liability and a cumulative effect adjustment of US$86.7 million was credited to retained earnings as of January 1, 2021.

During 2022, the Company recognized a net gain on extinguishment of debt of US$7.1 million net of the write-off of associated unamortized deferred loan costs through repayment of US$29.7 million for Notes due 2025 at a cost of US$27.8 million and US$60.9 million for Notes due 2026 at a cost of US$55.3 million respectively.

During 2023, the repayment amount related to the Notes due 2025 was US$432million and it has been fully repaid.

As of December 31,2022 and 2023, US$401.2 million and nil have been accounted for as the value of the convertible bonds in non-current liabilities. Interest expense related to the Notes due 2025 and Notes due 2026 recognized during the years ended December 31, 2022 and 2023 was US$2,448 and US$1,583 respectively.

20. Convertible bonds (continued)

Concurrently with the issuance of the Notes, the Company purchased a capped call option (“Purchased Call Option”) in the amount of US$77,000, in order to mitigate the potential future economic dilution associated with the conversion of the Notes and to increase the initial conversion price to US$127.9 per ADS. Counterparty agreed to sell to the Company up to approximately 10.4 million ADS, which is the number of ADS initially issuable upon conversion of the Notes in full, at a price of US$95.9 per ADS. The Purchased Call Option will be settled in ADSs and will terminate upon the maturity date of the Notes. Settlement of the Purchased Call Option in ADSs, based on the number of ADSs issued upon conversion of the Notes, on the expiration date would result in the Company receiving shares equivalent to the number of shares issuable by the Company upon conversion of the Notes. In accordance with ASC 815-10-15-83, the Purchased Call Option meets the definition of a derivative instrument. However, the scope exception in accordance with ASC 815-10-15-74 applies to the Purchased Call Option as it is indexed to its own stock, and the Purchased Call Option meets the requirements of ASC 815 and would be classified in stockholders’ equity, therefore, the cost paid for Purchased Call Option was accounted for within stockholders’ equity, and subsequent changes in fair value will not be recorded. During 2023, the Company entered into agreements to terminate the capped call transactions and the cash received of US$7,775 was recorded in additional paid-in capital accordingly.

Accrued liabilities and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued liabilities and other current liabilities

Schedule of accrued liabilities and other current liabilities


	December 31,
	2022	2023
	US$	US$

Revenue sharing fees and content costs	106,770	105,961
Salaries and welfare	85,361	82,768
Marketing and promotion expenses	58,600	61,197
Value added taxes and other taxes payable	160,257	199,170
Bandwidth costs	20,171	18,300
Consideration received related to disposal of YY Live (Note 3)	1,861,299	1,859,699
Others	67,544	54,094

Total	2,360,002	2,381,189

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation.

Share-based compensation

26. Share-based compensation

(a) JOYY’s share-based awards

(i) Restricted Share Units

On September 16, 2011, the board of directors of the Company approved the 2011 Share Incentive Scheme which include share options, restricted share units and restricted shares. In October 2012, the board of directors of the Company resolved that the maximum aggregate number of Class A common shares which may be issued pursuant to all awards under the 2011 Share Incentive Scheme shall be 43,000,000 plus an annual increase of 20,000,000 on the first day of each fiscal year, or such lesser amount of Class A common shares as determined by the board of directors of the Company.

In September 2021, the board of directors of the Company amended and restated the 2011 Share Incentive Scheme (“Amended and Restated 2011 Share Incentive Scheme”), pursuant to which the Company replaced the 2011 Share Incentive Scheme in its entirety and the awards granted and outstanding thereunder remain effective and binding under the Amended and Restated 2011 Share Incentive Scheme. The board of directors of the Company resolved that the maximum aggregate number of Class A common shares which may be issued pursuant to all awards under the Amended and Restated 2011 Share Incentive Scheme shall be 131,950,949 plus an annual increase of 20,000,000 on the first day of each fiscal year, beginning in 2022, or such lesser amount of Class A common shares.

During the years ended December 31, 2021, 2022 and 2023, the Company granted restricted share units to employees of 9,387,270, 9,918,014 and 7,744,374, respectively, pursuant to the 2011 Share Incentive Scheme.

The following table summarizes the restricted share units activity for the years ended December 31, 2021, 2022 and 2023:


		Weighted
	Number of	average
	restricted	grant-date
	shares units	fair value (US$)

Outstanding, December 31, 2020	72,652,890	3.6059

Granted	9,387,270	3.6323
Forfeited	(42,872,565)	3.5461
Vested	(15,139,700)	3.6104

Outstanding, December 31, 2021	24,027,895	3.7202

Granted	9,918,014	1.5065
Forfeited	(8,023,640)	3.4889
Vested	(8,386,702)	3.7594

Outstanding, December 31, 2022	17,535,567	2.5551

Granted	7,744,374	1.7842
Forfeited	(2,688,963)	2.1666
Vested	(8,058,007)	2.8052

Outstanding, December 31, 2023	14,532,971	2.0776

Expected to vest as of December 31, 2023	12,272,176	2.0987

For the years ended December 31, 2021, 2022 and 2023, the Company recorded share-based compensation of US$21,427, US$21,463 and US$13,766 in relation to continuing operations using the graded-vesting attribution method.

26. Share-based compensation (continued)

(a) JOYY’s share-based awards (continued)

(i) Restricted Share Units (continued)

As of December 31, 2023, total unrecognized compensation expense relating to the restricted share units was US$15,227. The expense is expected to be recognized over a weighted average period of 1.41 years using the graded-vesting attribution method.

(ii) Restricted Shares

In connection with the acquisition of Bigo in March 2019, the Group issued restricted shares of 38,042,760 without a change in vesting terms to replace Bigo’s share incentive scheme.

There are mainly three types of vesting schedule under Bigo’s share incentive scheme, which are: i) 50% of the share-based awards will be vested after 24 months of the grant date and the remaining 50% will be vested in two equal installments over the following 24 months, ii) share-based awards will be vested in four equal installments over the following 48 months, and iii) share-based awards will be vested in three equal installments over the following 36 months. The post-acquisition share-based compensation expenses are recognized over the remaining vesting period after the acquisition date. Except for service condition, there were no other vesting conditions for all the awards under the share incentive scheme.

During the years ended December 31, 2021, 2022 and 2023, the Company granted restricted share to employees of 7,888,160, 2,723,629 and 1,146,257, respectively.

The following table summarizes the restricted shares activity for the years ended December 31, 2021, 2022 and 2023:


		Weighted
	Number of	average
	restricted	grant-date fair
	shares	value (US$)

Outstanding, December 31, 2020	26,420,365	3.5577

Granted	7,888,160	3.0435
Forfeited	(8,661,973)	3.7025
Vested	(10,497,147)	3.4862

Outstanding, December 31, 2021	15,149,405	3.2566

Granted	2,723,629	1.8427
Forfeited	(1,943,365)	3.0494
Vested	(4,994,233)	3.5657

Outstanding, December 31, 2022	10,935,436	2.8002

Granted	1,146,257	1.8259
Forfeited	(1,142,786)	2.2756
Vested	(5,426,078)	3.0559

Outstanding, December 31, 2023	5,512,829	2.4547

Expected to vest as of December 31, 2023	4,957,040	2.4550

26. Share-based compensation (continued)

(a) JOYY’s share-based awards (continued)

(ii) Restricted Shares (continued)

For the years ended December 31, 2021, 2022 and 2023, the Company recorded share-based compensation for restricted shares in relation to continuing operations of US$9,733, US$12,602 and US$7,929 using the graded-vesting attribution method.

As of December 31, 2023, total unrecognized compensation expense relating to the restricted shares was US$6,091. The expense is expected to be recognized over a weighted average period of 1.38 years using the graded-vesting attribution method.

(iii) Share options

2011 Share Incentive Scheme

Grant of options

During the years ended December 31, 2021, 2022 and 2023, no share option had been granted to employees or non-employees.

Vesting of options

There are three types of vesting schedule, which are: i) options will be vested in three equal installments over the following 36 months, ii) 50% of the options will be vested after 24 months of the grant date and the remaining 50% will be vested in two equal installments over the following 24 months, and iii) 50% of the options will be vested after 24 months of the grant date and the remaining 50% will be vested in one installments over the following 12 months. Except for service condition, there were no other vesting conditions for all the awards under the share incentive scheme.

Movements in the number of share options granted and their related weighted average exercise prices are as follows:


			Weighted
		Weighted	average	Aggregate
		average	remaining	intrinsic
	Number of	exercise	contractual life	value
	options	price (US$)	(years)	(US$)

Outstanding, January 1, 2021	10,307,400	3.8069	4.45	3,669

Forfeited	(893,000)	3.8830	—	—

Outstanding, December 31, 2021	9,414,400	3.7997	2.80	—

Outstanding, December 31, 2022	9,414,400	3.7997	1.80	—

Forfeited	(840,180)	3.5350	—	—

Outstanding, December 31, 2023	8,574,220	3.8256	1.61	—

Expected to vest as of December 31, 2023	8,574,220	3.8256	1.61	—
Exercisable as of December 31, 2023	8,574,220	3.8256	1.61	—

26. Share-based compensation (continued)

(a) JOYY’s share-based awards (continued)

(iii) Share options (continued)

Vesting of options (continued)

Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.

The aggregate intrinsic value in the table above represents the difference between the Company’s common shares as of December 31, 2021, 2022 and 2023 and the exercise price. The total intrinsic value was nil due to the higher exercise price compared to the Company’s common shares as of December 31, 2021, 2022 and 2023 and the exercise price.

For the years ended December 31, 2021, 2022 and 2023, the Company recorded share-based compensation in relation to continuing operations of US$2,222, US$1,022 and US$120 using the graded vesting attribution method.

(b) Other share-based awards

Other than those disclosed above, for the years ended December 31, 2021, 2022 and 2023, the Company recorded share-based compensation expense of nil, US$9,009 and US$10,164 for other subsidiaries, including those related to Shopline share options as referenced in Note 5(a).

Investments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 28, 2023	Dec. 31, 2018
Investments
Equity investments without readily determinable fair values	$ 156,419	$ 179,462
Available-for-sale debt investments	63,918	21,299
Impairment of investments	0	0	$ 93,632
Equity securities realized gain(Loss)	0	4,121	12,706
Equity securities gain or loss	11,179	17,089	14,045
Unrealized gain (loss) on investments	11,179	12,968	1,339
Huya Inc \| Linen Investment Limited
Investments
Total consideration related to disposal				$ 219,886
Investees
Investments
Ownership interest acquired					20.00%
Equity Method Investments.
Investments
Consideration to acquire minority stake	9,757	23,151
Equity method investments original cost	38,427	95,462
Net income (loss) from the disposal and deem disposal	77,524	(5,477)
Gain on equity securities with readily determinable fair value	0	3,927
Equity securities gain or loss	324	20,453	$ 32,773
Consideration from disposal of equity investments without readily determinable fair value	0	4,253
Equity Method Investments. \| Huya Inc
Investments
Attributable to the impairment loss		$ 417,200
Cash consideration for disposal of investment with readily determinable fair values	$ 219,886

Income tax (Schedule of Current and Deferred Portions of Income Tax Expense Included in Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current and deferred portions of income tax expense
Current income tax expenses	$ (30,664)	$ (36,510)	$ (35,550)
Deferred income tax benefit	11,808	1,935	9,805
Income tax expenses	$ (18,856)	$ (34,575)	$ (25,745)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income tax (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

60 Months Ended

120 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2018

Dec. 31, 2022

Dec. 31, 2017

Income tax [Line Items]

Income tax rate (as a percent)

^[1]

17.00%

Reduced Tax Rate

15.00%

Aggregate undistributed earnings of subsidiaries available for distribution

$ 2,139,085

$ 2,385,325

Deferred tax liabilities accrued for undistributed earnings

$ 0

Guangzhou Huanju Shidai

Income tax [Line Items]

Cash dividend

110,000

Tax withholding

$ 11,000

Cayman Islands Tax Information Authority

Income tax [Line Items]

Withholding taxes

$ 0

Maximum | Inland Revenue, Hong Kong

Income tax [Line Items]

PRC withholding tax rate (as a percent)

5.00%

China

Income tax [Line Items]

Income tax rate (as a percent)

25.00%

PRC withholding tax rate (as a percent)

10.00%

China | HNTE

Income tax [Line Items]

Preferential tax rate (as a percent)

15.00%

Term of preferential income tax rate

3 years

China | State Administration of Taxation, China

Income tax [Line Items]

Amount of tax deduction to tax assessable profits as a percentage of qualified research and development

100.00%

75.00%

50.00%

Operating loss carryforwards

$ 716,957

Foreign Tax Authority | Inland Revenue, Hong Kong

Income tax [Line Items]

Income tax rate (as a percent)

16.50%

Operating loss carryforwards

$ 26,754

Foreign Tax Authority | Inland Revenue, Singapore (IRAS)

Income tax [Line Items]

Income tax rate (as a percent)

17.00%

Beneficial tax rate

5.00%

Operating loss carryforwards

$ 353,835

Others

Income tax [Line Items]

Operating loss carryforwards

$ 114,006

Others | Inland Revenue, Singapore (IRAS)

Income tax [Line Items]

Income tax rate (as a percent)

17.00%

[1]	*: As a majority of the Group’s businesses is subject to Singapore corporate tax rate, the reconciliation of tax expenses begins at Singapore statutory income tax rate.

Mezzanine equity

12 Months Ended

Dec. 31, 2023

Mezzanine equity

Mezzanine equity

24. Mezzanine equity

In 2018, a subsidiary of the Group issued 500,000,000 shares of redeemable convertible preferred shares for cash consideration of US$50,000 to certain third-party investors. The Group classifies the redeemable convertible preferred shares as mezzanine equity and records accretion of redemption value in accordance with ASC 480-10. The Group used the interest method for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the non-controlling interests. In September 2023, the company repurchase the redeemable convertible preferred shares. The Company’s mezzanine equity balance was reduced by the carrying value of the preferred shares, and the difference between the agreed settlement amount between all parties of US$22 million and the carrying value of US$74.6 million was recorded in the statement of comprehensive income. Accretion of redeemable convertible preferred shares to redemption value of US$5,000, US$5,000 was recognized for the years ended December 31, 2021 and 2022, respectively. Gain on repurchase of redeemable convertible preferred shares of a subsidiary of US$52,583 was recognized for the year ended December 31, 2023.

Fair value measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Short-term investments (i)	$ 274,846	$ 362,640
Recurring
Assets
Short-term investments (i)	274,846	362,640
Equity investment with readily determinable fair values (ii)	1,504	1,180
Available-for-sale debt investment (iii)	63,918	21,299
Total	340,268	385,119
Recurring \| Level 1
Assets
Short-term investments (i)	0	185,130
Equity investment with readily determinable fair values (ii)	1,504	1,180
Available-for-sale debt investment (iii)	0
Total	1,504	186,310
Recurring \| Level 2
Assets
Short-term investments (i)	274,846	177,510
Equity investment with readily determinable fair values (ii)	0
Available-for-sale debt investment (iii)	0
Total	274,846	177,510
Recurring \| Level 3
Assets
Available-for-sale debt investment (iii)	63,918	21,299
Total	$ 63,918	$ 21,299

Income tax (Schedule of Movement of valuation allowance) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income tax

Balance at beginning of the year

^[1]

$ (242,051)

$ (213,688)

$ (150,252)

Additions

(31,733)

(58,968)

(119,999)

Reversals

49,654

30,605

56,563

Balance at end of the year

^[1]

$ (224,130)

$ (242,051)

$ (213,688)

[1]

Restricted net assets

12 Months Ended

Dec. 31, 2023

Restricted net assets

Restricted net assets

32. Restricted net assets

Relevant PRC laws and regulations permit payments of dividends by the entities incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries and VIEs in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group’s subsidiaries and VIEs incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion as calculated under U.S. GAAP amounted to approximately US$989,061 and US$856,883 for the Group’s VIEs as of December 31, 2022 and 2023, respectively, and US$260,250 and US$189,743 for the Group’s subsidiaries as of December 31, 2022 and 2023, respectively. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders.

Cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

Except for the above, there is no other restriction on use of proceeds generated by the Group’s subsidiaries and VIEs to satisfy any obligations of the Company.

The Company performed a test on the restricted net assets of subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets did not exceed 25% of the consolidated net assets of the Company as of December 31, 2023 and the condensed financial information of the Company are not required to be presented.

Financing receivables, net

12 Months Ended

Dec. 31, 2023

Financing receivables, net

Financing receivables, net

10. Financing receivables, net

Financing receivables consist of the following:


	December 31,
	2022	2023
	US$	US$

Financing receivables, gross
Micro-credit personal loans	18,556	18,213

Less: allowance for expected credit loss on financing receivables	(18,556)	(18,213)

Financing receivables, net	—	—

Reversal of allowance for expected credit loss of US$70, US$45 and US$33 was recognized in general and administrative expenses for the year ended December 31, 2021, 2022 and 2023, respectively.

(1)

Micro-credit personal loans

Micro-credit personal loans provided by the Group are non-accrual financing receivables related to personal loans amounted to US$18,556 and US$18,213 as of December 31, 2022 and 2023, respectively, which were past due for over 1 year and not guaranteed.The Group has ceased to extend credit in the finance business since 2019.

Movement of allowance for expected credit loss on financing receivables (micro-credit personal loans only) is as follows:


	For the year ended December 31,
	2022	2023
	US$	US$

Balance at the beginning of the year	(20,317)	(18,556)
Addition for the year	1,761	343

Balance at the end of the year	(18,556)	(18,213)

10. Financing receivables, net (continued)

(2)

Corporate loans

A majority of the Group’s corporate loan business was in the form of sale-and-leaseback arrangements, under which the Group purchases equipment from third party companies and lease back the equipment to the sellers. In 2019, one lessee was unable to repay the principal amount of approximately US$2,416 due in January and was default. The Group has brought certain lawsuits against this lessee to the court, claiming the lessee to repay all the outstanding amount. Upon the date of the issuance of the consolidated financial statements for the year ended December 31, 2019, the court has passed the first instance judgment on all of these lawsuits, which supported the Group’s claim and ordered the lessee to repay all the outstanding amounts due to the Group. Furthermore, the additional assets of the lessee or its related entity was pledged and preserved as collateral. Based on the Group’s assessment on the lessee’s finance condition and the recoverable amount from the collateral, the financial receivable cannot be fully recovered. As a result, an allowance for expected credit loss of US$10,430 was recognized in general and administrative expenses for the year ended December 31, 2019 against the carrying value of the financing receivables. Based on the Group’s assessment on the fair value of the pledged assets as of December 31, 2022 and 2023, no further impairment charge was recognized against the carrying value of the financing receivables for the year ended December 31, 2022 and 2023. The Group reclassified the amount due from this lessee from financing receivables to prepayments and other current assets in 2021 considering the fact that the original term of this receivable has ended by December 31, 2021 and the nature of this receivable has changed from financing receivables to other receivables as the expected means of settlement of the receivable has changed. Net amount of the receivable as of December 31, 2021 reclassified to prepayment and other current assets was US$20,177, which is the difference between the gross amount of US$30,607 and allowance of US$10,430 as of December 31, 2021. The net receivable amounts of US$18,355 and US$17,975 as of the years ended December 31, 2022 and 2023 are disclosed in Note 11, respectively. The Group has ceased the corporate loan business during 2019.

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation.

Summary of the restricted share units activity


		Weighted
	Number of	average
	restricted	grant-date
	shares units	fair value (US$)

Outstanding, December 31, 2020	72,652,890	3.6059

Granted	9,387,270	3.6323
Forfeited	(42,872,565)	3.5461
Vested	(15,139,700)	3.6104

Outstanding, December 31, 2021	24,027,895	3.7202

Granted	9,918,014	1.5065
Forfeited	(8,023,640)	3.4889
Vested	(8,386,702)	3.7594

Outstanding, December 31, 2022	17,535,567	2.5551

Granted	7,744,374	1.7842
Forfeited	(2,688,963)	2.1666
Vested	(8,058,007)	2.8052

Outstanding, December 31, 2023	14,532,971	2.0776

Expected to vest as of December 31, 2023	12,272,176	2.0987

Summary of restricted shares activity


		Weighted
	Number of	average
	restricted	grant-date fair
	shares	value (US$)

Outstanding, December 31, 2020	26,420,365	3.5577

Granted	7,888,160	3.0435
Forfeited	(8,661,973)	3.7025
Vested	(10,497,147)	3.4862

Outstanding, December 31, 2021	15,149,405	3.2566

Granted	2,723,629	1.8427
Forfeited	(1,943,365)	3.0494
Vested	(4,994,233)	3.5657

Outstanding, December 31, 2022	10,935,436	2.8002

Granted	1,146,257	1.8259
Forfeited	(1,142,786)	2.2756
Vested	(5,426,078)	3.0559

Outstanding, December 31, 2023	5,512,829	2.4547

Expected to vest as of December 31, 2023	4,957,040	2.4550

Summary of share options granted and their related weighted average exercise prices


			Weighted
		Weighted	average	Aggregate
		average	remaining	intrinsic
	Number of	exercise	contractual life	value
	options	price (US$)	(years)	(US$)

Outstanding, January 1, 2021	10,307,400	3.8069	4.45	3,669

Forfeited	(893,000)	3.8830	—	—

Outstanding, December 31, 2021	9,414,400	3.7997	2.80	—

Outstanding, December 31, 2022	9,414,400	3.7997	1.80	—

Forfeited	(840,180)	3.5350	—	—

Outstanding, December 31, 2023	8,574,220	3.8256	1.61	—

Expected to vest as of December 31, 2023	8,574,220	3.8256	1.61	—
Exercisable as of December 31, 2023	8,574,220	3.8256	1.61	—

Basic and diluted net income per share - Schedule of Calculation of Basic and Diluted Net Income Per Share (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Numerator:

Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc. | $

$ 347,351

$ 119,465

$ (125,096)

Dilutive effect of convertible bonds | $

8,653

11,740

Numerator for diluted (loss) income per share from continuing operations | $

356,004

$ 131,205

(125,096)

Net income from discontinued operations attributable to common shareholders of JOYY Inc. | $

$ 0

35,567

Numerator for diluted income per share from discontinued operations | $

$ 35,567

Denominator:

Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding | shares

1,308,695,642

1,439,390,191

1,562,016,001

Dilutive effect of convertible bonds | shares

141,564,583

193,704,343

Denominator for diluted calculation (in shares) | shares

1,462,976,544

1,645,448,440

1,562,016,001

Basic net income (loss)

Net income per share, Basic (per share)

^[1]

$ 0.27

$ 0.08

$ (0.06)

Continued operations

0.27

0.08

(0.08)

Discontinued operations

0.02

Diluted net income (loss)

Diluted net income per share (per share)

^[1]

0.24

0.08

(0.06)

Continued operations

$ 0.24

$ 0.08

(0.08)

Discontinued operations

0.02

Restricted shares

Denominator:

Dilutive effect of restricted stock | shares

8,025,901

7,524,041

Restricted share units

Denominator:

Dilutive effect of restricted share units | shares

4,690,418

4,829,865

ADSs [Member]

Basic net income (loss)

Net income per share, Basic (per share)

^[1]

$ 5.31

$ 1.66

(1.14)

Continued operations

^[1]

5.31

1.66

(1.60)

Discontinued operations

^[1]

0.46

Diluted net income (loss)

Diluted net income per share (per share)

^[1]

4.87

1.59

(1.14)

Continued operations

^[1]

$ 4.87

$ 1.59

(1.60)

Discontinued operations

^[1]

$ 0.46

Number of common shares represented by each ADS

[1]	Each ADS represents 20 common shares.

Principal accounting policies (Sales and Marketing Expenses, Share based Compensation, Statutory Reserves, Dividends and Segment Reporting - Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Advertising and market promotion expenses	$ 270,439	$ 321,424	$ 383,603
Employee social security and welfare benefits	$ 69,717	65,098	67,733
Minimum percentage appropriation to statutory surplus fund required	10.00%
Surplus fund threshold for mandatory appropriation requirement (as a percent)	50.00%
Aggregate principal amount	$ 95,169	44,504	39,676
Agricultural Bank of China
Principal accounting policies
Aggregate principal amount		12,400
Statutory reserves
Principal accounting policies
Amount appropriated to statutory reserves	$ 5,179	$ 5,732	$ 8,979
VIEs registered as PRC domestic companies
Principal accounting policies
Minimum percentage appropriation to statutory surplus fund required	10.00%
Surplus fund threshold for mandatory appropriation requirement (as a percent)	50.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net revenues

Total net revenues

$ 2,267,870

$ 2,411,516

$ 2,619,051

Cost of revenues

(1,454,842)

(1,559,388)

(1,781,150)

Gross profit

813,028

852,128

837,901

Operating expenses

Research and development expenses

(295,503)

(261,807)

(279,781)

Sales and marketing expenses

(369,577)

(400,435)

(468,407)

General and administrative expenses

(122,661)

(141,826)

(221,731)

Goodwill impairment

(14,830)

Total operating expenses

(787,741)

(818,898)

(969,919)

Gain (loss) on disposal of business

(6,177)

4,959

Other income

9,705

17,505

20,376

Operating (loss) income

28,815

50,735

(106,683)

Interest expense

(10,420)

(12,770)

(14,475)

Interest income and investment income

185,212

93,148

91,233

Foreign currency exchange (losses) gains, net

(2,906)

11,666

(13,377)

(Loss) gain on disposal and deemed disposal of investments

74,851

4,113

(23,762)

(Loss) gain on fair value changes of investments

12,425

424,304

(15,435)

Gain on extinguishment of debt and derivative

63,378

5,291

Other non-operating expenses

(381)

(Loss) income before income tax expenses

287,977

634,574

(77,589)

Income tax expenses

(18,856)

(34,575)

(25,745)

(Loss) income before share of (loss) income in equity method investments, net of income taxes

269,121

599,999

(103,334)

Share of (loss) income in equity method investments, net of income taxes

3,297

(498,431)

(26,217)

Net (loss) income from continuing operations

272,418

101,568

(129,551)

Net income from discontinued operations

35,567

Net (loss) income

272,418

101,568

(93,984)

Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders

29,398

27,323

13,691

Net (loss) income attributable to controlling interest of JOYY Inc.

301,816

128,891

(80,293)

Net (loss) income from continuing operations attributable to controlling interest of JOYY Inc.

301,816

128,891

(115,860)

Net income from discontinued operations attributable to controlling interest of JOYY Inc.

35,567

Accretion of subsidiaries' redeemable convertible preferred shares to redemption value

(5,048)

(5,426)

(5,236)

Cumulative dividend on subsidiary's Series A Preferred Shares

(2,000)

(4,000)

Gain on repurchase of redeemable convertible preferred shares of a subsidiary

52,583

Net (loss) income attributable to common shareholders of JOYY Inc.

347,351

119,465

(89,529)

Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc.

347,351

119,465

(125,096)

Net income from discontinued operations attributable to common shareholders of JOYY Inc.

35,567

Other comprehensive income (loss):

Foreign currency translation adjustments, net of nil tax

(35,327)

(246,959)

58,887

Comprehensive (loss) income attributable to the common shareholders of JOYY Inc.

$ 312,024

$ (127,494)

$ (30,642)

Net (loss) income per ADS/common share

Net (loss) income per share, Basic

^[1]

$ 0.27

$ 0.08

$ (0.06)

Net (loss) income per share, Basic, Continuing operations

0.27

0.08

(0.08)

Net (loss) income per share, Basic, Discontinued operations

0.02

Net (loss) income per share, Diluted

^[1]

0.24

0.08

(0.06)

Net (loss) income per share, Diluted, Continuing operations

$ 0.24

$ 0.08

(0.08)

Net (loss) income per share, Diluted, Discontinued operations

$ 0.02

Weighted average number of ADS/Common shares used in calculating net (loss) income per ADS/Common share

Weighted average number of share used in calculating net (loss) income per ADS, Basic, Continuing operations

1,308,695,642

1,439,390,191

1,562,016,001

Weighted average number of share used in calculating net (loss) income per ADS, Basic, Discontinued operations

1,308,695,642

1,439,390,191

1,562,016,001

Weighted average number of share used in calculating net (loss) income per ADS, Diluted, Continuing operations

1,462,976,544

1,645,448,440

1,562,016,001

Weighted average number of share used in calculating net (loss) income per ADS, Diluted, Discontinued operations

^[1]

1,462,976,544

1,645,448,440

1,562,016,001

ADSs [Member]

Net (loss) income per ADS/common share

Net (loss) income per share, Basic

^[1]

$ 5.31

$ 1.66

$ (1.14)

Net (loss) income per share, Basic, Continuing operations

^[1]

5.31

1.66

(1.60)

Net (loss) income per share, Basic, Discontinued operations

^[1]

0.46

Net (loss) income per share, Diluted

^[1]

4.87

1.59

(1.14)

Net (loss) income per share, Diluted, Continuing operations

^[1]

$ 4.87

$ 1.59

(1.60)

Net (loss) income per share, Diluted, Discontinued operations

^[1]

$ 0.46

Weighted average number of ADS/Common shares used in calculating net (loss) income per ADS/Common share

Weighted average number of share used in calculating net (loss) income per ADS, Basic, Continuing operations

65,434,782

71,969,510

78,100,800

Weighted average number of share used in calculating net (loss) income per ADS, Basic, Discontinued operations

65,434,782

71,969,510

78,100,800

Weighted average number of share used in calculating net (loss) income per ADS, Diluted, Continuing operations

73,148,827

82,272,422

78,100,800

Weighted average number of share used in calculating net (loss) income per ADS, Diluted, Discontinued operations

73,148,827

82,272,422

78,100,800

Live streaming

Net revenues

Total net revenues

$ 1,979,371

$ 2,225,518

$ 2,476,790

Others

Net revenues

Total net revenues

$ 288,499

$ 185,998

$ 142,261

[1]	Each ADS represents 20 common shares.

Related party transactions - Schedule of Significant Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Loan to related parties	$ 0	$ 28,062	$ 34,035
Payment on behalf of related parties, net of repayments	(1)	36,522	55,301
Guangzhou Sunhongs \| Bandwidth service
Related party transactions
Expense with related party	1,382	1,513	3,287
Other Related Party
Related party transactions
Others	1,309	2,862	3,000
Related parties
Related party transactions
Expense with related party	$ 8,008	$ 5,322	$ 3,149

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Balance at beginning of the year	$ 2,649,307	$ 1,958,263
Increase in goodwill related to acquisition		708,471
Impairment	0	(14,830)	$ 0
Foreign currency translation adjustments	(26)	(2,597)
Balance at end of the year	2,649,281	2,649,307	1,958,263
All other
Goodwill
Balance at beginning of the year	795,086	104,042
Increase in goodwill related to acquisition		708,471
Impairment		(14,830)
Foreign currency translation adjustments	(26)	(2,597)
Balance at end of the year	795,060	795,086	104,042
Bigo
Goodwill
Balance at beginning of the year	1,854,221	1,854,221
Increase in goodwill related to acquisition		0
Impairment		0
Foreign currency translation adjustments	0	0
Balance at end of the year	$ 1,854,221	$ 1,854,221	$ 1,854,221

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair value measurements - Schedule of Changes in Level 3 Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value measurements
Balance at the beginning	$ 21,299
Acquisition		$ 21,299
Reclassification (iv)	42,619
Balance at the end	$ 63,918	$ 21,299

Property and equipment, net (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, net
Total of gross carrying amount	$ 705,289	$ 618,106
Less: accumulated depreciation	(314,608)	(274,905)
Property and equipment, net	390,681	343,201
Servers, computers and equipment
Property and equipment, net
Total of gross carrying amount	280,619	272,809
Buildings
Property and equipment, net
Total of gross carrying amount	270,423	144,678
Construction in progress
Property and equipment, net
Total of gross carrying amount	111,573	163,199
Decoration of buildings
Property and equipment, net
Total of gross carrying amount	14,578	14,825
Leasehold improvements
Property and equipment, net
Total of gross carrying amount	5,683	7,318
Motor vehicles
Property and equipment, net
Total of gross carrying amount	17,603	7,915
Furniture, fixture and office equipment
Property and equipment, net
Total of gross carrying amount	$ 4,810	$ 7,362

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting

Segment Reporting

33. Segment Reporting

There are two operating and reportable segments in the Group (defined in Note1 (a)), including “BIGO” and “All other” for the years ended December 31, 2021, 2022 and 2023. BIGO segment is the Group’s core business segment which primarily includes some of our social entertainment platforms including Bigo Live, Likee, imo and others. All Other segment is the Group’s other business segment which primarily includes our social entertainment platform Hago, our smart commerce platform Shopline, certain audio live streaming platforms, and others.

33. Segment Reporting (continued)

(a)The following table presents summary information by segment:

For the year ended December 31, 2023:


	BIGO	All other	Elimination⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	1,819,484	159,887	—	1,979,371
Others	104,836	185,002	(1,339)	288,499

Total net revenues	1,924,320	344,889	(1,339)	2,267,870

Cost of revenues⁽²⁾	(1,189,500)	(265,662)	320	(1,454,842)

Gross profit	734,820	79,227	(1,019)	813,028
Operating expenses⁽²⁾
Research and development expenses	(163,634)	(132,635)	766	(295,503)
Sales and marketing expenses	(295,395)	(74,260)	78	(369,577)
General and administrative expenses	(52,906)	(69,930)	175	(122,661)

Total operating expenses	(511,935)	(276,825)	1,019	(787,741)

Loss on deconsolidation and disposal of subsidiaries	—	(6,177)	—	(6,177)
Other income	7,240	2,465	—	9,705

Operating income (loss)	230,125	(201,310)	—	28,815

Interest expense	(6,761)	(8,759)	5,100	(10,420)
Interest income and investment income	43,518	146,794	(5,100)	185,212
Foreign currency exchange losses, net	(174)	(2,732)	—	(2,906)
Gain on disposal and deemed disposal of investments	—	74,851	—	74,851
(Loss) gain on fair value changes of investment	(400)	12,825	—	12,425

Income before income tax expenses	266,308	21,669	—	287,977

Income tax expenses	(17,007)	(1,849)	—	(18,856)

Income before share of income in equity method investments, net of income taxes	249,301	19,820	—	269,121

Share of income in equity method investments, net of income taxes	—	3,297	—	3,297

Net income	249,301	23,117	—	272,418

(1)

The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:

33. Segment Reporting (continued)

(a)The following table presents summary information by segment (continued):


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	1,958	1,617	3,575
Research and development expenses	8,967	10,448	19,415
Sales and marketing expenses	341	456	797
General and administrative expenses	1,829	6,363	8,192

For the year ended December 31, 2022:


	BIGO	All other	Elimination ⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	1,905,045	320,473	—	2,225,518
Others	91,976	94,267	(245)	185,998

Total net revenues	1,997,021	414,740	(245)	2,411,516

Cost of revenues⁽²⁾	(1,249,361)	(310,272)	245	(1,559,388)

Gross profit	747,660	104,468	—	852,128
Operating expenses⁽²⁾
Research and development expenses	(168,148)	(93,659)	—	(261,807)
Sales and marketing expenses	(311,545)	(88,890)	—	(400,435)
General and administrative expenses	(60,843)	(80,983)	—	(141,826)
Goodwill impairment	—	(14,830)	—	(14,830)

Total operating expenses	(540,536)	(278,362)	—	(818,898)

Other income	12,944	4,561	—	17,505

Operating income (loss)	220,068	(169,333)	—	50,735

Interest expense	(4,458)	(11,922)	3,610	(12,770)
Interest income and investment income	9,592	87,166	(3,610)	93,148
Foreign currency exchange gain (losses), net	13,120	(1,454)	—	11,666
Gain on disposal and deemed disposal of investments	—	4,113	—	4,113
Gain on fair value changes of investment	1,979	422,325	—	424,304
Gain on extinguishment of debt and derivative	—	63,378	—	63,378

Income before income tax expenses	240,301	394,273	—	634,574

Income tax expenses	(14,433)	(20,142)	—	(34,575)

Income before share of loss in equity method investments, net of income taxes	225,868	374,131	—	599,999

Share of loss in equity method investments, net of income taxes	—	(498,431)	—	(498,431)

Net income (loss)	225,868	(124,300)	—	101,568

(1)

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:

33. Segment Reporting (continued)

(a)The following table presents summary information by segment (continued):


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	3,341	4,844	8,185
Research and development expenses	14,012	11,158	25,170
Sales and marketing expenses	234	543	777
General and administrative expenses	4,416	5,548	9,964

33. Segment Reporting (continued)

For the year ended December 31, 2021:


	BIGO	All other	Elimination⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	2,231,366	245,424	—	2,476,790
Others	92,392	49,936	(67)	142,261

Total net revenues	2,323,758	295,360	(67)	2,619,051

Cost of revenues⁽²⁾	(1,539,188)	(242,029)	67	(1,781,150)

Gross profit	784,570	53,331	—	837,901
Operating expenses⁽²⁾
Research and development expenses	(204,597)	(75,184)	—	(279,781)
Sales and marketing expenses	(402,476)	(65,931)	—	(468,407)
General and administrative expenses	(56,827)	(164,904)	—	(221,731)

Total operating expenses	(663,900)	(306,019)	—	(969,919)

Gain on disposal of business	—	4,959	—	4,959
Other income	6,929	13,447	—	20,376

Operating income (loss)	127,599	(234,282)	—	(106,683)

Interest expense	(3,460)	(13,468)	2,453	(14,475)
Interest income and investment income	1,316	92,370	(2,453)	91,233
Foreign currency exchange losses, net	(12,444)	(933)	—	(13,377)
Loss on disposal and deemed disposal of investments	—	(23,762)	—	(23,762)
Loss on fair value changes of investment	—	(15,435)	—	(15,435)
(Loss) gain on extinguishment of debt and derivative	(52)	5,343	—	5,291
Other non-operating expenses	—	(381)	—	(381)

Income (loss) before income tax expenses	112,959	(190,548)	—	(77,589)

Income tax expense	(9,153)	(16,592)	—	(25,745)

Income (loss) before share of loss in equity method investments, net of income taxes	103,806	(207,140)	—	(103,334)

Share of loss in equity method investments, net of income taxes	—	(26,217)	—	(26,217)

Net income (loss)	103,806	(233,357)	—	(129,551)

(1)

The elimination mainly consists of interest income and interest expenses generated from the loan between BIGO and All other segments.

33. Segment Reporting (continued)

(a)

The following table presents summary information by segment (continued):

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	5,974	2,115	8,089
Research and development expenses	17,179	6,874	24,053
Sales and marketing expenses	654	631	1,285
General and administrative expenses	(5,297)	5,252	(45)

(b)

The following tables set forth revenues and property and equipment, net for the Company’s geographic operations:


	For the years ended December 31,
	2021	2022	2023
	US$	US$	US$
Revenues:
Mainland China	440,797	473,941	347,825
Developed countries and regions	913,947	866,107	968,225
Middle East	621,775	514,992	441,277
Southeast Asia and others	642,532	556,476	510,543

Developed countries and region mainly included the United States of America, Great Britain, Japan, South Korea and Australia, Middle East mainly included Saudi Arabia and other countries located in the region, and Southeast Asia and others mainly included countries located in Southeast Asia and India.


	As of December 31,
	2022	2023
	US$	US$
Property and equipment, net:
Mainland China	303,204	376,585
Singapore	24,022	5,491
Others	15,975	8,605

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Financing receivables, net - (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Impairment of investments	$ 0	$ 0	$ 93,632
Impairment charges in general and administrative expenses	(33)	(45)	(70)
Allowance for expected credit loss	0	0
Allowance for expected credit loss on financing receivables	18,213	18,556	20,317
Net receivable amount	0	0
Micro-credit personal loans
Financing Receivables, Non-accrual Status	18,213	18,556
Corporate loans
Sale-and-leaseback arrangements under corporate loans , the principal amount due in January 2019 and the lessee unable to repay				$ 2,416
Impairment of investments				$ 10,430
Financing receivables, gross			30,607
Allowance for expected credit loss on financing receivables			10,430
Net receivable amount	$ 17,975	$ 18,355	$ 20,177

Prepayments and other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Schedule of prepayments and other current assets


	December 31,
	2022	2023
	US$	US$

Interest receivable	40,280	67,312
Value added taxes to be deducted	31,415	47,064
Receivables from payment platforms	20,210	27,882
Employee advances	2,386	2,146
Prepayments and deposits to vendors and content providers	4,105	8,388
Deposits	5,651	5,122
Amount due from a lessee of sale-and-leaseback arrangement - net (Note 10)	18,355	17,975
Net assets subject to disposal related to YY Live (Note 3)	38,194	38,194
Others	75,587	41,406
Total	236,183	255,489

Short-term deposits

12 Months Ended

Dec. 31, 2023

Short-term deposits

Short-term deposits

7.	Short-term deposits

Short-term deposits represent time deposits placed with banks with original maturities between three months and one year.The term deposits balance as of December 31, 2022 and 2023 primarily consist of the following currencies:


	December 31, 2022		December 31, 2023
		US$		US$
	Amount	equivalent	Amount	equivalent

US$	1,983,877	1,983,877	1,596,592	1,596,592
RMB	2,623,347	376,668	2,647,185	373,754
Total		2,360,545		1,970,346

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Segment Reporting
Number of operating segments \| segment	2	2	2
Number of reportable segments \| segment	2	2	2
Net revenues
Total net revenues	$ 2,267,870	$ 2,411,516	$ 2,619,051
Cost of revenues	(1,454,842)	(1,559,388)	(1,781,150)
Gross profit	813,028	852,128	837,901
Operating expenses
Research and development expenses	(295,503)	(261,807)	(279,781)
Sales and marketing expenses	(369,577)	(400,435)	(468,407)
General and administrative expenses	(122,661)	(141,826)	(221,731)
Goodwill impairment	0	(14,830)	0
Total operating expenses	(787,741)	(818,898)	(969,919)
Gain on disposal of business	(6,177)	0	4,959
Loss on deconsolidation and disposal of subsidiares	(6,177)
Other income	9,705	17,505	20,376
Operating (loss) income	28,815	50,735	(106,683)
Interest expense	(10,420)	(12,770)	(14,475)
Interest income and investment income	185,212	93,148	91,233
Foreign currency exchange gain (losses), net	(2,906)	11,666	(13,377)
Gain on disposal and deemed disposal of investments	74,851	4,113	(23,762)
(Loss) gain on fair value changes of investment	12,425	424,304	(15,435)
(Loss) gain on extinguishment of debt and derivative	0	63,378	5,291
Other non-operating expenses	0	0	(381)
Income (loss) before income tax expenses	287,977	634,574	(77,589)
Income tax expenses	(18,856)	(34,575)	(25,745)
Income before share of income in equity method investments, net of income taxes	269,121	599,999	(103,334)
Share of income (loss) in equity method investments, net of income taxes	3,297	(498,431)	(26,217)
Net income (loss)	272,418	101,568	(129,551)
Share-based compensation	31,979	44,096	33,382
Cost of revenues
Operating expenses
Share-based compensation	3,575	8,185	8,089
Research and development expenses
Operating expenses
Share-based compensation	19,415	25,170	24,053
Sales and marketing expenses
Operating expenses
Share-based compensation	797	777	1,285
General and administrative expenses
Operating expenses
Share-based compensation	8,192	9,964	(45)
Live streaming
Net revenues
Total net revenues	1,979,371	2,225,518	2,476,790
Others
Net revenues
Total net revenues	288,499	185,998	142,261
Bigo
Net revenues
Total net revenues	1,924,320	1,997,021	2,323,758
Cost of revenues	(1,189,500)	(1,249,361)	(1,539,188)
Gross profit	734,820	747,660	784,570
Operating expenses
Research and development expenses	(163,634)	(168,148)	(204,597)
Sales and marketing expenses	(295,395)	(311,545)	(402,476)
General and administrative expenses	(52,906)	(60,843)	(56,827)
Goodwill impairment		0
Total operating expenses	(511,935)	(540,536)	(663,900)
Gain on disposal of business			0
Loss on deconsolidation and disposal of subsidiares	0
Other income	7,240	12,944	6,929
Operating (loss) income	230,125	220,068	127,599
Interest expense	(6,761)	(4,458)	(3,460)
Interest income and investment income	43,518	9,592	1,316
Foreign currency exchange gain (losses), net	(174)	13,120	(12,444)
Gain on disposal and deemed disposal of investments	0	0	0
(Loss) gain on fair value changes of investment	(400)	1,979	0
(Loss) gain on extinguishment of debt and derivative		0	(52)
Other non-operating expenses			0
Income (loss) before income tax expenses	266,308	240,301	112,959
Income tax expenses	(17,007)	(14,433)	(9,153)
Income before share of income in equity method investments, net of income taxes	249,301	225,868	103,806
Share of income (loss) in equity method investments, net of income taxes	0	0	0
Net income (loss)	249,301	225,868	103,806
Bigo \| Cost of revenues
Operating expenses
Share-based compensation	1,958	3,341	5,974
Bigo \| Research and development expenses
Operating expenses
Share-based compensation	8,967	14,012	17,179
Bigo \| Sales and marketing expenses
Operating expenses
Share-based compensation	341	234	654
Bigo \| General and administrative expenses
Operating expenses
Share-based compensation	1,829	4,416	(5,297)
Bigo \| Live streaming
Net revenues
Total net revenues	1,819,484	1,905,045	2,231,366
Bigo \| Others
Net revenues
Total net revenues	104,836	91,976	92,392
All other
Net revenues
Total net revenues	344,889	414,740	295,360
Cost of revenues	(265,662)	(310,272)	(242,029)
Gross profit	79,227	104,468	53,331
Operating expenses
Research and development expenses	(132,635)	(93,659)	(75,184)
Sales and marketing expenses	(74,260)	(88,890)	(65,931)
General and administrative expenses	(69,930)	(80,983)	(164,904)
Goodwill impairment		(14,830)
Total operating expenses	(276,825)	(278,362)	(306,019)
Gain on disposal of business			4,959
Loss on deconsolidation and disposal of subsidiares	(6,177)
Other income	2,465	4,561	13,447
Operating (loss) income	(201,310)	(169,333)	(234,282)
Interest expense	(8,759)	(11,922)	(13,468)
Interest income and investment income	146,794	87,166	92,370
Foreign currency exchange gain (losses), net	(2,732)	(1,454)	(933)
Gain on disposal and deemed disposal of investments	74,851	4,113	(23,762)
(Loss) gain on fair value changes of investment	12,825	422,325	(15,435)
(Loss) gain on extinguishment of debt and derivative		63,378	5,343
Other non-operating expenses			(381)
Income (loss) before income tax expenses	21,669	394,273	(190,548)
Income tax expenses	(1,849)	(20,142)	(16,592)
Income before share of income in equity method investments, net of income taxes	19,820	374,131	(207,140)
Share of income (loss) in equity method investments, net of income taxes	3,297	(498,431)	(26,217)
Net income (loss)	23,117	(124,300)	(233,357)
All other \| Cost of revenues
Operating expenses
Share-based compensation	1,617	4,844	2,115
All other \| Research and development expenses
Operating expenses
Share-based compensation	10,448	11,158	6,874
All other \| Sales and marketing expenses
Operating expenses
Share-based compensation	456	543	631
All other \| General and administrative expenses
Operating expenses
Share-based compensation	6,363	5,548	5,252
All other \| Live streaming
Net revenues
Total net revenues	159,887	320,473	245,424
All other \| Others
Net revenues
Total net revenues	185,002	94,267	49,936
Elimination
Net revenues
Total net revenues	(1,339)	(245)	(67)
Cost of revenues	320	245	67
Gross profit	(1,019)	0	0
Operating expenses
Research and development expenses	766	0	0
Sales and marketing expenses	78	0	0
General and administrative expenses	175	0	0
Goodwill impairment		0
Total operating expenses	1,019	0	0
Gain on disposal of business			0
Loss on deconsolidation and disposal of subsidiares	0
Other income	0	0	0
Operating (loss) income	0	0	0
Interest expense	5,100	3,610	2,453
Interest income and investment income	(5,100)	(3,610)	(2,453)
Foreign currency exchange gain (losses), net	0	0	0
Gain on disposal and deemed disposal of investments	0	0	0
(Loss) gain on fair value changes of investment	0	0	0
(Loss) gain on extinguishment of debt and derivative		0	0
Other non-operating expenses			0
Income (loss) before income tax expenses	0	0	0
Income tax expenses	0	0	0
Income before share of income in equity method investments, net of income taxes	0	0	0
Share of income (loss) in equity method investments, net of income taxes	0	0	0
Net income (loss)	0	0	0
Elimination \| Live streaming
Net revenues
Total net revenues	0	0	0
Elimination \| Others
Net revenues
Total net revenues	$ (1,339)	$ (245)	$ (67)

Income tax (Schedule of Tax Effects of Temporary Differences that Give Rise to Deferred Tax Asset Balances) (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Deferred tax assets:

Tax loss carried forward

$ 193,219

$ 197,651

Allowance for expected credit loss of receivable, accrued expense and others not currently deductible for tax purposes

35,457

37,991

Deferred revenue

1,609

2,708

Impairment of investment

2,813

4,937

Others

(22)

4,350

Valuation allowance

^[1]

(224,130)

(242,051)

$ (213,688)

$ (150,252)

Deferred tax assets, net

8,946

5,586

Deferred tax liabilities:

30,724

10,446

Related to acquired intangible assets

31,053

54,774

Others

1,124

4,628

Deferred tax liabilities

62,901

69,848

Deferred tax assets, net

Deferred tax liabilities

$ 53,955

$ 64,262

[1]

Fair value measurements

12 Months Ended

Dec. 31, 2023

Fair value measurements

Fair value measurements

29. Fair value measurements

Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:

Level 1—Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

Level 2—Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.

Level 3—Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

(a) Fair value measurement on a recurring basis

The following table summarizes the Company’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as of December 31, 2022 and 2023:


	As of December 31, 2022
	Level 1	Level 2	Level 3	Total

Assets
Short-term investments (i)	185,130	177,510	—	362,640
Equity investment with readily determinable fair values (ii)	1,180	—	—	1,180
Available-for-sale debt investment (iii)	—	—	21,299	21,299
	186,310	177,510	21,299	385,119

29. Fair value measurements (continued)

(a) Fair value measurement on a recurring basis (continued)


	As of December 31, 2023
	Level 1	Level 2	Level 3	Total

Assets
Short-term investments (i)	—	274,846	—	274,846
Equity investment with readily determinable fair values (ii)	1,504	—	—	1,504
Available-for-sale debt investment (iii)	—	—	63,918	63,918
	1,504	274,846	63,918	340,268

(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 that are publicly traded, 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.

(iii) Available-for-sale debt investment are investments made by the Company in private companies which include certain substantive preferential rights, including redemption at the holder’s option upon occurrence of certain contingent events that are out of the investee’s control and liquidation preference over the rights of common shareholders. Accordingly, these investments are not considered as common stock or in-substance common stock and therefore are classified as available-for-sale debt investments. Available-for-sale debt investments do not have readily determinable market values and, are categorized as Level 3 in the fair value hierarchy. The Company uses a combination of valuation methodologies, including market and income approaches based on the Company’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees, future cash flow forecasts, liquidity factors and multiples of a selection of comparable companies.

The following table presents the changes in Level 3 assets for the years ended December 31, 2021, 2022 and 2023:


		Available-for-sale
		debt investment
		US$

Balance as of December 31, 2021		—
Acquisition		21,299
Balance as of December 31, 2022		21,299
Reclassification (iv)		42,619
Balance as of December 31, 2023		63,918

(iv)

The Company reclassified a preferred stock instrument from equity investment to available-for-sale debt investment due to changes made to the investment terms which provide the Company with the right to redeem the preferred shares at its option.

29. Fair value measurements (continued)

(b) Fair value measurement on a non-recurring basis

The Company measures equity investments without readily determinable fair value on a nonrecurring basis when impairment charges and fair value change due to observable price change are recognized. These nonrecurring fair value measurements use significant unobservable inputs (Level 3). The Company uses a combination of valuation methodologies, including market and income approaches based on the Company’s best estimate to determine the fair value of these investments. An observable price change is usually resulting from new rounds of financing of the investees. The Company determines whether the securities offered in new rounds of financing are similar to the equity securities held by the Company by comparing the rights and obligations of the securities. When the securities offered in new rounds of financing are determined to be similar to the securities held by the Company, the Company adjusts the observable price of the similar security to determine the amount that should be recorded as an adjustment in the carrying value of the security to reflect the current fair value of the security held by the Company by using the back-solve method based on the equity allocation model with adoption of some key parameters such as risk-free rate and equity volatility. Inputs used in these methodologies primarily include discount rate, the selection of comparable companies operating in similar businesses and etc. For the years ended December 31, 2021, 2022 and 2023, gain on fair value changes of investment of US$14,045, US$17,089 and US$11,179 due to the observable price change of the investment without readily determinable fair value.

The Group assesses the existence of indicators for other-than-temporary impairment of the equity investment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the entities including current earnings trends and other entity-specific information. In 2021, 2022 and 2023, based on the Group’s assessment, an impairment charge of US $93,632, nil and nil was recognized in general and administrative expenses, respectively, against the carrying value of the investments due to significant deterioration in earnings or unexpected changes in business prospects of the investees as compared to the original investment plans.

Apart from the short-term investments, equity investment measured at fair value through earnings and derivatives, the Company’s other financial instruments principally consist of cash and cash equivalent, restricted cash and cash equivalent, short-term deposits, restricted short-term deposits, accounts receivable, financing receivables, other receivables, amounts due to/from related parties, accounts payable, certain accrued expenses and convertible bonds. These financial instruments are recorded at cost which approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustments, tax portion	$ 0	$ 0	$ 0

Business combination (Tables)

12 Months Ended

Dec. 31, 2023

Shopline Group

Business combination

Summary of components of the purchase consideration transferred


		As of acquisition date
		US$

Cash		182,892
Fair value of previously held equity interest in Shopline		440,692
Elimination of preexisting amounts due from Shopline		76,226
Total consideration		699,810

Summary of fair value of the assets acquired and liabilities assumed allocated on the acquisition date


		As of acquisition date
		US$

Net tangible assets acquired:
-Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits		210,030
-Accounts receivables		12,840
-Right-of-use assets, net		12,192
-Prepayments and other current assets		27,286
-Property and equipment, net		2,474
Identifiable intangible assets acquired:
-Trademark		144,000
-Software		298
-Domain names		254
Accrued liabilities and other liabilities		(113,928)
Lease liabilities		(12,230)
Deferred revenue		(20,336)
Deferred tax liabilities		(28,800)
Goodwill		708,471
Non-controlling interests		(222,741)
Mezzanine Equity		(20,000)
Total		699,810

Summary of pro forma information


	For the year ended December 31,
	2021	2022
	US$	US$

Pro forma net revenues	2,697,395	2,493,333
Pro forma net loss	(122,938)	(415,250)

Other acquisition

Business combination

Summary of components of the purchase consideration transferred


		As of acquisition date
		US$

Cash		9,611
Fair value of subsidiary’s common share issued		53,810
Fair value of previously held equity interest in the acquiree		27,716
Total consideration		91,137

Summary of fair value of the assets acquired and liabilities assumed allocated on the acquisition date


	As of acquisition date	Amortization period
	US$

Net tangible assets acquired:
-Cash and cash equivalents	7,296
-Accounts receivables	1,376
-Other current assets	1,987
-Property and equipment, net	142
Identifiable intangible assets acquired:
-Technology	11,917	6 years
-Trademark	11,839	6 years
-Customer relationships	903	3 years
Accounts payable	(2,268)
Accrued liabilities and other liabilities	(1,579)
Deferred tax liabilities	(4,069)
Goodwill	84,925
Non-controlling interests	(21,332)
Total	91,137

Land use rights, net

12 Months Ended

Dec. 31, 2023

Land use rights, net

Land use rights, net

14. Land use rights, net

Land use rights consist of the following:


	December 31,
	2022	2023
	US$	US$

Gross carrying amount	380,797	374,447
Less: accumulated amortization	(50,792)	(58,377)

Land use rights, net	330,005	316,070

Amortization expense for the years ended December 31, 2021, 2022 and 2023 were US$8,607, US$9,053 and US$8,473, respectively.

The estimated amortization expenses for each of the following five years are as follows:


		Amortization expense
		of land use rights
		US$

2024		8,432
2025		8,432
2026		8,432
2027		8,432
2028		8,432

Convertible bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current
Convertible bonds, current	$ 405,603	$ 435,087
Notes due 2025
Current
Convertible bonds, current	0	435,087
Notes due 2026
Current
Convertible bonds, current	$ 405,603	$ 0

Other income

12 Months Ended

Dec. 31, 2023

Other income

Other income

22. Other income


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Government grants	16,947	11,534	7,379
Others	3,429	5,971	2,326

Total	20,376	17,505	9,705

Land use rights, net (Schedule Of Land Use Right) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Land use rights, net
Gross carrying amount	$ 725,180	$ 725,154
Less: accumulated amortization	(388,660)	(324,013)
Land Use Rights.
Land use rights, net
Gross carrying amount	374,447	380,797
Less: accumulated amortization	(58,377)	(50,792)
Land use rights, net	$ 316,070	$ 330,005

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting

Summary of information by segment

For the year ended December 31, 2023:


	BIGO	All other	Elimination⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	1,819,484	159,887	—	1,979,371
Others	104,836	185,002	(1,339)	288,499

Total net revenues	1,924,320	344,889	(1,339)	2,267,870

Cost of revenues⁽²⁾	(1,189,500)	(265,662)	320	(1,454,842)

Gross profit	734,820	79,227	(1,019)	813,028
Operating expenses⁽²⁾
Research and development expenses	(163,634)	(132,635)	766	(295,503)
Sales and marketing expenses	(295,395)	(74,260)	78	(369,577)
General and administrative expenses	(52,906)	(69,930)	175	(122,661)

Total operating expenses	(511,935)	(276,825)	1,019	(787,741)

Loss on deconsolidation and disposal of subsidiaries	—	(6,177)	—	(6,177)
Other income	7,240	2,465	—	9,705

Operating income (loss)	230,125	(201,310)	—	28,815

Interest expense	(6,761)	(8,759)	5,100	(10,420)
Interest income and investment income	43,518	146,794	(5,100)	185,212
Foreign currency exchange losses, net	(174)	(2,732)	—	(2,906)
Gain on disposal and deemed disposal of investments	—	74,851	—	74,851
(Loss) gain on fair value changes of investment	(400)	12,825	—	12,425

Income before income tax expenses	266,308	21,669	—	287,977

Income tax expenses	(17,007)	(1,849)	—	(18,856)

Income before share of income in equity method investments, net of income taxes	249,301	19,820	—	269,121

Share of income in equity method investments, net of income taxes	—	3,297	—	3,297

Net income	249,301	23,117	—	272,418

(1)

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	1,958	1,617	3,575
Research and development expenses	8,967	10,448	19,415
Sales and marketing expenses	341	456	797
General and administrative expenses	1,829	6,363	8,192

For the year ended December 31, 2022:


	BIGO	All other	Elimination ⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	1,905,045	320,473	—	2,225,518
Others	91,976	94,267	(245)	185,998

Total net revenues	1,997,021	414,740	(245)	2,411,516

Cost of revenues⁽²⁾	(1,249,361)	(310,272)	245	(1,559,388)

Gross profit	747,660	104,468	—	852,128
Operating expenses⁽²⁾
Research and development expenses	(168,148)	(93,659)	—	(261,807)
Sales and marketing expenses	(311,545)	(88,890)	—	(400,435)
General and administrative expenses	(60,843)	(80,983)	—	(141,826)
Goodwill impairment	—	(14,830)	—	(14,830)

Total operating expenses	(540,536)	(278,362)	—	(818,898)

Other income	12,944	4,561	—	17,505

Operating income (loss)	220,068	(169,333)	—	50,735

Interest expense	(4,458)	(11,922)	3,610	(12,770)
Interest income and investment income	9,592	87,166	(3,610)	93,148
Foreign currency exchange gain (losses), net	13,120	(1,454)	—	11,666
Gain on disposal and deemed disposal of investments	—	4,113	—	4,113
Gain on fair value changes of investment	1,979	422,325	—	424,304
Gain on extinguishment of debt and derivative	—	63,378	—	63,378

Income before income tax expenses	240,301	394,273	—	634,574

Income tax expenses	(14,433)	(20,142)	—	(34,575)

Income before share of loss in equity method investments, net of income taxes	225,868	374,131	—	599,999

Share of loss in equity method investments, net of income taxes	—	(498,431)	—	(498,431)

Net income (loss)	225,868	(124,300)	—	101,568

(1)

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	3,341	4,844	8,185
Research and development expenses	14,012	11,158	25,170
Sales and marketing expenses	234	543	777
General and administrative expenses	4,416	5,548	9,964

33. Segment Reporting (continued)

For the year ended December 31, 2021:


	BIGO	All other	Elimination⁽¹⁾	Total
	US$	US$	US$	US$

Net revenues
Live streaming	2,231,366	245,424	—	2,476,790
Others	92,392	49,936	(67)	142,261

Total net revenues	2,323,758	295,360	(67)	2,619,051

Cost of revenues⁽²⁾	(1,539,188)	(242,029)	67	(1,781,150)

Gross profit	784,570	53,331	—	837,901
Operating expenses⁽²⁾
Research and development expenses	(204,597)	(75,184)	—	(279,781)
Sales and marketing expenses	(402,476)	(65,931)	—	(468,407)
General and administrative expenses	(56,827)	(164,904)	—	(221,731)

Total operating expenses	(663,900)	(306,019)	—	(969,919)

Gain on disposal of business	—	4,959	—	4,959
Other income	6,929	13,447	—	20,376

Operating income (loss)	127,599	(234,282)	—	(106,683)

Interest expense	(3,460)	(13,468)	2,453	(14,475)
Interest income and investment income	1,316	92,370	(2,453)	91,233
Foreign currency exchange losses, net	(12,444)	(933)	—	(13,377)
Loss on disposal and deemed disposal of investments	—	(23,762)	—	(23,762)
Loss on fair value changes of investment	—	(15,435)	—	(15,435)
(Loss) gain on extinguishment of debt and derivative	(52)	5,343	—	5,291
Other non-operating expenses	—	(381)	—	(381)

Income (loss) before income tax expenses	112,959	(190,548)	—	(77,589)

Income tax expense	(9,153)	(16,592)	—	(25,745)

Income (loss) before share of loss in equity method investments, net of income taxes	103,806	(207,140)	—	(103,334)

Share of loss in equity method investments, net of income taxes	—	(26,217)	—	(26,217)

Net income (loss)	103,806	(233,357)	—	(129,551)

(1)

The elimination mainly consists of interest income and interest expenses generated from the loan between BIGO and All other segments.

(2)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:


	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	5,974	2,115	8,089
Research and development expenses	17,179	6,874	24,053
Sales and marketing expenses	654	631	1,285
General and administrative expenses	(5,297)	5,252	(45)

Summary of revenues and property and equipment for the Company's geographic operations


	For the years ended December 31,
	2021	2022	2023
	US$	US$	US$
Revenues:
Mainland China	440,797	473,941	347,825
Developed countries and regions	913,947	866,107	968,225
Middle East	621,775	514,992	441,277
Southeast Asia and others	642,532	556,476	510,543


	As of December 31,
	2022	2023
	US$	US$
Property and equipment, net:
Mainland China	303,204	376,585
Singapore	24,022	5,491
Others	15,975	8,605

Related party transactions - Schedule of Amounts Due from/to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Amounts due from related parties, current	$ 810	$ 1,794
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Amounts due to related parties	$ 2,533	$ 3,225
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Xiaomi Group
Related party transactions
Amounts due to related parties	$ 2,377	$ 1,750
Other Related Party
Related party transactions
Amounts due to related parties	$ 156	$ 1,475

Business combination - Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 06, 2022	Jun. 30, 2021	Dec. 31, 2023
Other acquisition
Business combination
Ownership interest held		25.00%
Other acquisition \| Minimum
Business combination
Ownership interest held		25.00%
Other acquisition \| Maximum
Business combination
Ownership interest held		81.00%
Shopline Group
Business combination
Cash paid for acquisition	$ 182,892
Percentage of shares in subsidiary transferred			70.40%
Other acquisition
Business combination
Cash paid for acquisition		$ 9,611
Business combination, consideration transferred		$ 9,600
Percentage of shares in subsidiary transferred		19.00%
Class B common shares \| Shopline Group
Business combination
Cash paid for acquisition	$ 182,900

Investments

12 Months Ended

Dec. 31, 2023

Investments

Investments

12. Investments


	December 31,
	2022	2023
	US$	US$

Equity investments accounted for using the equity method (i)	458,463	322,701
Equity investments with readily determinable fair values (ii)	1,180	1,504
Equity investments without readily determinable fair values (iii)	179,462	156,419
Available-for-sale debt investments (iv)	21,299	63,918

Total	660,404	544,542

(i)

Investments have been accounted for under the equity method where the Group has significant influence over these investees and the investments are considered as in-substance common shares.

In 2022 and 2023, the Group acquired minority stakes in a number of privately-held entities with total consideration of US$95,462 and US$38,427, respectively. The decrease in investments in 2022 was mainly attributable to the other-than-temporary impairment loss of US$417.2 million from Huya recognized in share of loss in equity method investments. The decrease in investments in 2023 as compared to 2022 was mainly attributable to the disposal of Huya. On April 28, 2023, the Company entered into the Share Transfer Agreement with Linen Investment Limited to sell its remaining shares of Huya for a cash consideration of approximately US$219,886. Upon the closing of such share transfer, the Company ceased to hold any shares of Huya. The Company also deemed disposed of certain interest of Huya’s equity interest as a result of the vesting of Huya’s share-based awards in 2022. In 2022 and 2023, net loss of US$5,477 and net income of US$77,524 were recognized from the deemed disposal and disposal of Huya respectively.

The following tables set forth the summarized financial information of the Group’s equity method investments:


	December 31,
	2022	2023
	US$	US$

Current assets	1,879,845	380,267
Non-current assets	1,060,160	1,074,993
Current liabilities	373,980	58,862
Non-current liabilities	33,173	16,199


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Revenues	2,082,821	1,588,732	147,015
Gross profit	466,970	259,169	102,095
Net (loss) income	(81,953)	(103,729)	8,893
Net (loss) income attributable to the investees	(81,953)	(103,729)	8,893

(ii)

The Group does not have the ability to exercise significant influence over these investments. Therefore, it has been precluded from applying the equity method of accounting.

In 2022, the Group disposed an investment with readily determinable fair values for a cash consideration of US$3,927. In 2023, the Group did not dispose of any investment with readily determinable fair values.

In 2021, 2022 and 2023, fair value loss of US$32,773, fair value loss of US$20,453 and fair value gain of US$324 related to investments with readily determinable fair values were recognized in the consolidated statements of comprehensive income (Note 29), respectively.

12. Investments (continued)

(iii)

Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock.

In 2022 and 2023, the Group acquired minority preferred shares or ordinary shares of a number of privately-held entities with total consideration of US$23,151 and US$9,757, respectively. The ownership interests were less than 20% of the investees’ total equities or the ownership interests redeemable upon condition. These equity investments are not considered as debt securities or equity securities that have readily determinable fair values. Accordingly the Company elected to account for these investments at cost less impairments, adjusted by observable price changes.

In 2022, the Group disposed certain investments without readily determinable fair values, with a consideration of US$4,253 in total. In 2023, the Group did not dispose any investment without readily determinable fair values.

In 2021, fair value gain of US$14,045 due to the observable price change, were recognized in gain on fair value changes of investments (Note 29). Out of the fair value gain of US$14,045 for the year ended December 31, 2021, fair value gain of US$1,339 was unrealized and fair value gain of US$12,706 was realized. In 2022, fair value gain of US$17,089 due to the observable price change, were recognized in gain on fair value changes of investments (Note 29). Out of the fair value gain of US$17,089 for the year ended December 31, 2022, fair value gain of US$12,968 was unrealized and fair value gain of US$4,121 was realized. In 2023, fair value gain of US$11,179 due to the observable price change, were recognized in gain on fair value changes of investments (Note 29). Out of the fair value gain of US$11,179 for the year ended December 31, 2023, fair value gain of US$11,179 was unrealized and fair value gain of nil was realized.

The Group assesses the existence of indicators for other-than-temporary impairment of the investments by considering factors including, but not limited to, current economic and market conditions, the operating performance of the entities including current earnings trends and other entity-specific information. In 2021, 2022 and 2023, based on the Group’s assessment, an impairment charge of US$93,632, nil and nil was recognized in general and administrative expenses, respectively, against the carrying value of the investments due to significant deterioration in earnings or unexpected changes in business prospects of the investees as compared to the original investment plans.

(iv)

Available-for-sale debt investments are convertible debt instruments issued by private companies and investments in preferred shares that are redeemable at the Group’s option, which are measured at fair value as disclosed in Note 29(a).

Short-term loans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Short-term loans
Restricted short-term deposits	$ 57,243	$ 47,741
Loans Payable
Short-term loans
Aggregate principle amount	52,000
Maximum borrowing facility	85,000
Restricted short-term deposits	$ 57,000
Debt instrument, maturity date, description	These loans were all with a maturity of less than one year
Loans Payable \| Minimum
Short-term loans
Interest rate (as a percent)	1.91%
Loans Payable \| Maximum
Short-term loans
Interest rate (as a percent)	3.00%

Share-based compensation - Summary of Restricted Shares Activity (Details) - 2011 Incentive Scheme - Restricted shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of restricted shares
Outstanding at the beginning of the period (in shares)	10,935,436	15,149,405	26,420,365
Granted (in shares)	1,146,257	2,723,629	7,888,160
Forfeited (in shares)	(1,142,786)	(1,943,365)	(8,661,973)
Vested (in shares)	(5,426,078)	(4,994,233)	(10,497,147)
Outstanding at the end of the period (in shares)	5,512,829	10,935,436	15,149,405
Expected to vest at the end	4,957,040
Weighted average grant-date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 2.8002	$ 3.2566	$ 3.5577
Granted (in dollars per share)	1.8259	1.8427	3.0435
Forfeited (in dollars per share)	2.2756	3.0494	3.7025
Vested (in dollars per share)	3.0559	3.5657	3.4862
Outstanding at the end of the period (in dollars per share)	2.4547	$ 2.8002	$ 3.2566
Expected to vest at the end (in dollars per share)	$ 2.4550

Organization and principal activities

12 Months Ended

Dec. 31, 2023

Organization and principal activities

Organization and principal activities

1.	Organization and principal activities

(a)

Organization and principal activities

JOYY Inc. (the “Company” or “JOYY”), together with its subsidiaries, its VIEs (also referred to as VIEs and their subsidiaries as a whole, where appropriate) (collectively, the “Group”), is a leading global social media platform, offering users around the world a uniquely engaging and immersive experience across various video-based products and services, such as live streaming, short-form videos and video communication.

On April 3, 2020, the Company signed an agreement with Linen Investment Limited, a wholly owned subsidiary of Tencent Holdings Limited (“Tencent”) to sell its 16,523,819 Class B ordinary shares of HUYA Inc. (NYSE: HUYA) (“Huya”), a subsidiary of the Group, for a cash consideration of approximately US$262.6 million, pursuant to Tencent’s exercise of its option to purchase additional shares of Huya. Upon the closing of the share transfer, the Group held 68,374,463 Class B ordinary shares of Huya, representing approximately 31.2% equity interest and 43.0% of the total voting power calculated based on the total issued and outstanding shares of Huya after this transaction. As a result, Huya ceased to be a subsidiary of the Group and the Group accounted for the investment in Huya using the equity method.

On August 10, 2020, the Company entered into a definitive share transfer agreement with Linen Investment Limited to sell its 30,000,000 Class B ordinary shares of Huya for a cash consideration of approximately US$810.0 million. On April 28, 2023, the Company entered into the Share Transfer Agreement with Linen Investment Limited to sell its remaining 38,374,463 Class B ordinary shares of Huya for a cash consideration of approximately US$219.9 million. Upon the closing of such share transfer, the Company ceased to hold any shares of Huya.

On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (Nasdaq: BIDU) (“Baidu”). Pursuant to the agreements, Baidu would acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Out of the total cash consideration of US$3.6 billion, consideration of US$300 million is subject to adjustment based on the achievement of certain conditions of YY Live. Subsequently, the sale was substantially completed on February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals with respect to this transaction from government authorities. On January 1,2024, the Company received a written notice from an affiliate of Baidu, purporting to terminate the share purchase agreement, dated November 16, 2020, as subsequently amended or supplemented, in connection with the sale of YY Live to Baidu. Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchase agreement and effectively cancel the transaction. The Company is seeking legal advice and will consider all options at its disposal in response to Baidu’s written notice and expressly reserve all rights. From January 1, 2024 to the date of the issuance of the JOYY’s 2023 consolidated financial statements, the Company has not obtained control over YY Live and has not consolidated YY Live. The details of this disposal are disclosed in Note 3.

(b)

Initial Public Offering

The Company completed its initial public offering (“IPO”) on November 21, 2012 on the “NASDAQ Global Select Market”.

1.	Organization and principal activities (continued)

(c)

Principal subsidiaries and VIEs

The details of the principal subsidiaries and VIEs through which the Company conducts its business operations as of December 31, 2023 are set out below:


			% of direct
		Date of	or indirect
	Place of	incorporation or	economic
Name	incorporation	acquisition	ownership		Principal activities

Principal subsidiaries
Duowan Entertainment Corporation (“Duowan BVI”)	British Virgin Islands (“BVI”)	November 6, 2007	100	%	Investment holding

Huanju Shidai Technology (Beijing) Co., Ltd. (“Beijing Huanju Shidai”)	PRC	March 19, 2008	100	%	Investment holding

Guangzhou Huanju Shidai Information Technology Co., Ltd. (“Guangzhou Huanju Shidai”)	PRC	December 2, 2010	100	%	Software development

Bigo Inc.	Cayman Islands	March 4, 2019	100	%	Investment holding

Bigo Technology Pte. Ltd. (“Bigo Singapore”)	Singapore	March 4, 2019	100	%	Investment holding, operation of live streaming platform

Bigo (Hong Kong) Limited (“Bigo HK”)	Hong Kong	March 4, 2019	100	%	Investment holding

Guangzhou BaiGuoYuan Information Technology Co., Ltd. (“BaiGuoYuan Technology”)	PRC	March 4, 2019	100	%	Software development and provision of information technology services

Principal VIEs

Guangzhou Huaduo Network Technology Co., Ltd. (“Guangzhou Huaduo”)	PRC	April 11, 2005			Holder of internet content provider licenses and internet value added services

Guangzhou BaiGuoYuan Network Technology Co., Ltd. (“Guangzhou BaiGuoYuan”)	PRC	March 4, 2019			Holder of internet content provider licenses and internet value added services

(d)

Variable Interest Entities

To comply with PRC laws and regulations that prohibit or restrict foreign ownership of companies that provide internet-content, the Group conducts its operations primarily through its principal VIEs, Guangzhou Huaduo and Guangzhou BaiGuoYuan, which hold the internet value-added service license and approvals to provide such internet services in the PRC. The Company, via its subsidiaries Beijing Huanju Shidai and BaiGuoYuan Technology, controlled Guangzhou Huaduo and Guangzhou BaiGuoYuan, respectively, through the exercise of contractual agreements discussed below.

1.	Organization and principal activities (continued)

(d)

Variable Interest Entities (continued)

(i)

VIE agreements amongst Beijing Huanju Shidai, Guangzhou Huaduo and its nominee shareholders

The following is a summary of the contractual arrangements entered among Beijing Huanju Shidai, Guangzhou Huaduo and its nominee shareholders:

●

Exclusive Technology Support and Technology Services Agreement

Under the exclusive technology support and technology services agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support and technology services related to all technologies needed for its business. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is determined by various factors, including the expenses Beijing Huanju Shidai incurs for providing such services and Guangzhou Huaduo’s revenues, and the amount of service fee is ultimately (unilaterally) determined by Beijing Huanju Shidai. The term of this agreement will expire in 2028 and may be extended with Beijing Huanju Shidai’s written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Guangzhou Huaduo.

●

Exclusive Business Cooperation Agreement

Under the exclusive business cooperation agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support, business support and consulting services related to the services provided by Guangzhou Huaduo, the scope of which is to be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is a certain percentage of its earnings. The term of this agreement will expire in 2038 and may be extended with Beijing Huanju Shidai’s written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Guangzhou Huaduo.

●

Exclusive Option Agreement

The parties to the exclusive option agreement are Beijing Huanju Shidai, Guangzhou Huaduo and each of the shareholders of Guangzhou Huaduo. Under the exclusive option agreement, each of the shareholders of Guangzhou Huaduo irrevocably granted Beijing Huanju Shidai or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Guangzhou Huaduo. Beijing Huanju Shidai or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing Huanju Shidai’s prior written consent, Guangzhou Huaduo’s shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou Huaduo. The term of this agreement is ten years and may be extended at Beijing Huanju Shidai’s sole discretion.

●

Powers of Attorney

Pursuant to the irrevocable power of attorney executed by each shareholder of Guangzhou Huaduo, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact to exercise such shareholders’ rights in Guangzhou Huaduo, including, without limitation, the power to vote on its behalf on all matters of Guangzhou Huaduo requiring shareholder approval under PRC laws and regulations and the articles of association of Guangzhou Huaduo. Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou Huaduo.

1.	Organization and principal activities (continued)

(d)

Variable Interest Entities (continued)

(i)VIE agreements amongst Beijing Huanju Shidai, Guangzhou Huaduo and its nominee shareholders (continued)

● Share Pledge Agreement

Pursuant to the share pledge agreement between Beijing Huanju Shidai and the shareholders of Guangzhou Huaduo, the shareholders of Guangzhou Huaduo have pledged all of their equity interests in Guangzhou Huaduo to Beijing Huanju Shidai to guarantee the performance by Guangzhou Huaduo and its shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive technology support and technology services agreement and powers of attorney. If Guangzhou Huaduo and/or its shareholders breach their contractual obligations under those agreements, Beijing Huanju Shidai, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.

(ii)

VIE agreements amongst BaiGuoYuan Technology, Guangzhou BaiGuoYuan and its nominee shareholders

The following is a summary of the contractual arrangements entered among BaiGuoYuan Technology, Guangzhou BaiGuoYuan and its nominee shareholders.

●

Exclusive Business Cooperation Agreement

Under the exclusive business cooperation agreement between BaiGuoYuan Technology and Guangzhou BaiGuoYuan, BaiGuoYuan Technology has the exclusive right to provide Guangzhou BaiGuoYuan technology support, business support and consulting services related to the services provided by Guangzhou BaiGuoYuan, the scope and service fees of which is to be determined by BaiGuoYuan Technology from time to time. BaiGuoYuan Technology owns the exclusive intellectual property rights created as a result of the performance of this agreement. BaiGuoYuan Technology receives substantially all of the economic interest returns generated by Guangzhou BaiGuoYuan. The term of this agreement will not expire unless with BaiGuoYuan Technology’s written confirmation to terminate the agreement.

●

Exclusive Option Agreement

The parties to the exclusive option agreement are BaiGuoYuan Technology, Guangzhou BaiGuoYuan and each of the shareholders of Guangzhou BaiGuoYuan. Under the exclusive option agreement, each of the shareholders of Guangzhou BaiGuoYuan irrevocably granted BaiGuoYuan Technology or its designated representative(s) an exclusive option to purchase, to the extent permitted under the PRC laws, all or part of his or its equity interests in Guangzhou BaiGuoYuan. BaiGuoYuan Technology or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without BaiGuoYuan Technology’s prior written consent, Guangzhou BaiGuoYuan’s shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou BaiGuoYuan. The term of this agreement is ten years and may be extended at BaiGuoYuan Technology’s sole discretion.

●

Powers of Attorney

Pursuant to the irrevocable power of attorney executed by each shareholder of Guangzhou BaiGuoYuan, each such shareholder appointed BaiGuoYuan Technology as its attorney-in-fact to exercise such shareholders’ rights in Guangzhou BaiGuoYuan, including, without limitation, the power to vote on its behalf on all matters of Guangzhou BaiGuoYuan requiring shareholders’ approval under the PRC laws and regulations and the articles of association of Guangzhou BaiGuoYuan. Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou BaiGuoYuan.

1.	Organization and principal activities (continued)

(d)

Variable Interest Entities (continued)

(ii)VIE agreements amongst BaiGuoYuan Technology, Guangzhou BaiGuoYuan and its nominee shareholders (continued)

●

Share Pledge Agreement

Pursuant to the share pledge agreement between BaiGuoYuan Technology and the shareholders of Guangzhou BaiGuoYuan, the shareholders of Guangzhou BaiGuoYuan have pledged all of their equity interests in Guangzhou BaiGuoYuan to BaiGuoYuan Technology to guarantee the performance by Guangzhou BaiGuoYuan and its shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement and powers of attorney. If Guangzhou BaiGuoYuan and/or its shareholders breach their contractual obligations under those agreements, BaiGuoYuan Technology, as pledgee, will be entitled to voting right and the right to sell the pledged equity interests.

Through the aforementioned contractual agreements, Guangzhou Huaduo and Guangzhou BaiGuoYuan are consolidated under US GAAP (ASC 810) because the Company, through Beijing Huanju Shidai and BaiGuoYuan Technology, respectively, has the ability to:

●

exercise effective control over Guangzhou Huaduo and Guangzhou BaiGuoYuan;

●

receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from these VIEs as if it were their sole shareholder; and

●

have an exclusive option to purchase all of the equity interests in these VIEs.

In addition to the aforementioned contractual agreements, Beijing Huanju Shidai also entered into similar contractual agreements with Beijing Tuda Science and Technology Co., Ltd. (“Beijing Tuda”). Guangzhou Huanju Shidai also entered into similar contractual agreements with Guangzhou Xuancheng Network Technology Co., Ltd. (“Guangzhou Xuancheng”), Guangzhou Yueyi Network Technology Partnership (LP) (“Guangzhou Yueyi”), Guangzhou Xuanyi Network Technology Partnership (LP) (“Guangzhou Xuanyi”) and Guangzhou Ruicheng Network Technology Co., Ltd. (“Guangzhou Ruicheng”). Guangzhou Wangxing Information Technology Co., Ltd. (“Guangzhou Wangxing”) also entered into similar contractual agreements with Chengdu Yunbu Network Technology Co., Ltd. (“Chengdu Yunbu”), Chengdu Luota Network Technology Co., Ltd. (“Chengdu Luota”) and Chengdu Jiyue Network Technology Co., Ltd. (“Chengdu Jiyue”). BaiGuoYuan Technology also entered into similar contractual agreements with Guangzhou Shangying Network Technology Co., Ltd. (“Guangzhou Shangying”), Guangzhou Fangu Network Technology Partnership (LP) (“Guangzhou Fangu”), Guangzhou Wanyin Network Technology Partnership (LP) (“Guangzhou Wanyin”) and Guangzhou Qianxun Network Technology Co., Ltd. (“Guangzhou Qianxun”). Through these contractual agreements, Beijing Tuda, Guangzhou Xuancheng, Guangzhou Yueyi, Guangzhou Xuanyi, Guangzhou Ruicheng, Chengdu Yunbu, Chengdu Luota, Chengdu Jiyue, Guangzhou Shangying, Guangzhou Fangu, Guangzhou Wanyin and Guangzhou Qianxun are considered VIEs of the Group. The VIEs disclosed in this paragraph are not material and do not have any significant impact on the Company’s results and financial position.

In accordance with the aforementioned agreements, the Company has power to direct activities of the VIEs, and can have assets transferred out of the VIEs. These agreements provide the Company with a controlling financial interest in each of the VIEs (as well as being the primary beneficiary for each) and provide basis for the consolidation of the financial results of each VIE under US GAAP (ASC 810).The Company considers that there is no asset in the VIEs that can be used only to settle obligations of the VIEs, except for registered capital and PRC statutory reserves of the VIEs amounting to US$856,883 as of December 31, 2023. The VIEs were incorporated as limited liability companies under the PRC Company Law and in accordance with the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of the VIEs as the Company does not have direct legal ownership over the VIEs.

1.	Organization and principal activities (continued)

(d)

Variable Interest Entities (continued)

Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIEs. As the Company is conducting its PRC internet value-added services business through the VIEs, the Company will, if needed, provide such support on a discretional basis in the future, which could expose the Company to a loss.

There is no VIE where the Company has variable interest but is not the primary beneficiary.

Please refer to Note 4(a) for the consolidated financial information of the Group’s VIEs as of December 31, 2021, 2022 and 2023.

Intangible assets, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization of acquired intangible assets and land use right	$ 73,383	$ 65,204	$ 67,233
Finite-Lived Intangible Assets
Amortization of acquired intangible assets and land use right	$ 64,910	$ 56,151	$ 58,626

Business combination - Pro forma information of the acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business combination
Pro forma net revenues	$ 2,493,333	$ 2,697,395
Pro forma net loss	$ (415,250)	$ (122,938)

Cost of revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Cost of revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost of revenues
Share-based compensation	$ 10,164	$ 9,009	$ 0
Cost of revenues
Cost of revenues
Revenue sharing fees and content costs	945,149	1,020,174	1,158,435
Payment handling costs	137,989	165,421	212,655
Bandwidth costs	79,718	77,496	96,536
Salary and welfare	84,427	87,629	116,679
Depreciation and amortization	36,753	70,666	87,339
Technical service fee	60,537	63,328	55,874
Share-based compensation	3,575	8,185	8,089
Other costs	106,694	66,489	45,543
Total	$ 1,454,842	$ 1,559,388	$ 1,781,150

Business combination - Fair value of the assets acquired and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 06, 2022	Dec. 31, 2021	Jun. 30, 2021
Net tangible assets acquired:
Goodwill	$ 2,649,281	$ 2,649,307		$ 1,958,263
Shopline Group
Net tangible assets acquired:
-Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits			$ 210,030
-Accounts receivables			12,840
-Right-of-use assets, net			12,192
-Prepayments and other current assets			27,286
-Property and equipment, net			2,474
Accrued liabilities and other liabilities			(113,928)
Lease liabilities			(12,230)
Accounts payable			(20,336)
Deferred tax liabilities			(28,800)
Goodwill			708,471
Non-controlling interests			(222,741)
Mezzanine Equity			(20,000)
Total			699,810
Other acquisition
Net tangible assets acquired:
-Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits					$ 7,296
-Accounts receivables					1,376
-Other current assets					1,987
-Property and equipment, net					142
Accrued liabilities and other liabilities					(1,579)
Accounts payable					(2,268)
Deferred tax liabilities					(4,069)
Goodwill					84,925
Non-controlling interests					(21,332)
Total					$ 91,137
Trademark
Net tangible assets acquired:
Amortization period					6 years
Estimated useful lives	10 years
Trademark \| Shopline Group
Net tangible assets acquired:
Identifiable intangible assets acquired			144,000
Trademark \| Other acquisition
Net tangible assets acquired:
Identifiable intangible assets acquired					$ 11,839
Software \| Shopline Group
Net tangible assets acquired:
Identifiable intangible assets acquired			298
Domain names \| Shopline Group
Net tangible assets acquired:
Identifiable intangible assets acquired			$ 254
Customer relationships
Net tangible assets acquired:
Amortization period					3 years
Customer relationships \| Other acquisition
Net tangible assets acquired:
Identifiable intangible assets acquired					$ 903
Technology
Net tangible assets acquired:
Amortization period					6 years
Technology \| Other acquisition
Net tangible assets acquired:
Identifiable intangible assets acquired					$ 11,917

Financing receivables, net (Allowance For Financing Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance at the beginning of the year	$ (18,556)	$ (20,317)
Balance at the end of the year	(18,213)	(18,556)
Adoption of ASC326 \| Adjustment
Addition for the year	$ 343	$ 1,761

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred revenue
Deferred revenue, current	$ 73,673	$ 86,014
Deferred revenue, non-current	12,932	9,765
Live streaming
Deferred revenue
Deferred revenue, current	56,817	63,303
Deferred revenue, non-current	5,516	9,430
Others
Deferred revenue
Deferred revenue, current	16,856	22,711
Deferred revenue, non-current	$ 7,416	$ 335

Restricted short-term deposits

12 Months Ended

Dec. 31, 2023

Restricted short-term deposits

Restricted short-term deposits

8.	Restricted short-term deposits

As of December 31, 2022, the Group’s restricted short-term deposits were US$47,741, which was mainly pledged as collateral for the banking facilities of US$47 million.

As of December 31, 2023, the Group’s restricted short-term deposits were US$57,243, which was mainly pledged as collateral for the banking facilities of US$85 million.

Dividends (Details) $ in Thousands			12 Months Ended
Dividends (Details) $ in Thousands	Nov. 20, 2020 USD ($)	Aug. 11, 2020 USD ($)	Dec. 31, 2023 USD ($) policy
Dividends.
Quarterly dividend policy, term (in years)		3 years
Total cash dividend amount expected to be paid		$ 300,000
Quarterly dividend amount expected to be paid		$ 25,000
Additional quarterly dividend policy, term (in years)	3 years
Additional total cash dividend amount expected to be paid	$ 200,000
Additional quarterly dividend amount expected to be paid	$ 16,670
Number of quarterly dividend policy expired \| policy			2
Dividends payable			$ 0

Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments
Equity investments accounted for using the equity method	$ 322,701	$ 458,463
Equity investments with readily determinable fair values	1,504	1,180
Equity investments without readily determinable fair values	156,419	179,462
Available-for-sale debt investments	63,918	21,299
Total	$ 544,542	$ 660,404

Commitments and contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Litigation [Line Items]
Operating lease commitments	$ 32,800
Outstanding capital commitments	244,917	$ 143,471
Short-term lease commitments and leases that have not yet commenced
Litigation [Line Items]
Operating lease commitments	$ 1,810

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

15. Intangible assets, net

The following table summarizes the Group’s intangible assets:


	December 31,
	2022	2023
	US$	US$

Gross carrying amount
Trademark	515,704	515,671
Customer relationships	154,830	154,819
Non-compete agreement	12,100	12,100
Software	9,071	9,431
Operating rights	6,641	6,530
License	9,108	8,956
Technology	14,513	14,491
Domain names	1,782	1,778
Others	1,405	1,404

Total of gross carrying amount	725,154	725,180

Less: accumulated amortization

Trademark	(145,554)	(197,722)
Customer relationships	(143,500)	(152,894)
Non-compete agreement	(12,100)	(12,100)
Software	(8,426)	(8,824)
Operating rights	(6,539)	(6,430)
License	(1,872)	(2,438)
Technology	(4,834)	(6,801)
Domain names	(791)	(914)
Others	(397)	(537)

Total accumulated amortization	(324,013)	(388,660)

Less: accumulated impairment	(2,841)	(2,805)

Intangible assets, net	398,300	333,715

Amortization expense for the years ended December 31, 2021, 2022 and 2023 were US$58,626, US$56,151 and US$64,910 respectively.

15. Intangible assets, net (continued)

The estimated amortization expenses for each of the following five years are as follows:


		Amortization expense
		of intangible assets
		US$

2024		56,898
2025		55,136
2026		55,091
2027		52,757
2028		51,085

The weighted average amortization periods of intangible assets as of December 31, 2022 and 2023 are as below:


	December 31,
	2022	2023

Trademark	10 years	10 years
Customer relationships	3 years	5 years
License	15 years	15 years
Operating rights	2 years	2 years
Software	3 years	4 years
Domain names	15 years	15 years
Technology	6 years	6 years
Others	10 years	10 years

Land use rights, net (Tables)

12 Months Ended

Dec. 31, 2023

Land use rights, net

Schedule of land use right


	December 31,
	2022	2023
	US$	US$

Gross carrying amount	380,797	374,447
Less: accumulated amortization	(50,792)	(58,377)

Land use rights, net	330,005	316,070

Customer relationships

Land use rights, net

Schedule of finite-lived intangible assets, future amortization expense


		Amortization expense
		of land use rights
		US$

2024		8,432
2025		8,432
2026		8,432
2027		8,432
2028		8,432

Basic and diluted net income per share (Tables)

12 Months Ended

Dec. 31, 2023

Basic and diluted net income per share

Schedule of calculation of basic and diluted net income per share


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Numerator:
Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc.	(125,096)	119,465	347,351
Dilutive effect of convertible bonds	—	11,740	8,653
Numerator for diluted (loss) income per share from continuing operations	(125,096)	131,205	356,004

Net income from discontinued operations attributable to common shareholders of JOYY Inc.	35,567	—	—
Numerator for diluted income per share from discontinued operations	35,567	—	—

Denominator:
Denominator for basic calculation—weighted average number of Class A and Class B common shares outstanding	1,562,016,001	1,439,390,191	1,308,695,642
Dilutive effect of convertible bonds	—	193,704,343	141,564,583
Dilutive effect of restricted stock	—	7,524,041	8,025,901
Dilutive effect of restricted share units	—	4,829,865	4,690,418
Denominator for diluted calculation	1,562,016,001	1,645,448,440	1,462,976,544

Basic net (loss) income per Class A and Class B common share	(0.06)	0.08	0.27
Continuing operations	(0.08)	0.08	0.27
Discontinued operations	0.02	—	—
Diluted net (loss) income per Class A and Class B common share	(0.06)	0.08	0.24
Continuing operations	(0.08)	0.08	0.24
Discontinued operations	0.02	—	—

Basic net (loss) income per ADS*	(1.14)	1.66	5.31
Continuing operations	(1.60)	1.66	5.31
Discontinued operations	0.46	—	—
Diluted net (loss) income per ADS*	(1.14)	1.59	4.87
Continuing operations	(1.60)	1.59	4.87
Discontinued operations	0.46	—	—

Each ADS represents 20 common shares.

Schedule of shares outstanding were excluded from the calculation of diluted net (loss) income per share


	For the year ended December 31,
	2021	2022	2023

Shares issuable upon exercise of share options	9,414,400	9,414,400	8,574,220
Shares issuable upon exercise of restricted share units	24,027,895	—	—
Shares issuable upon exercise of restricted share	15,149,405	—	—
Shares issuable upon conversion of convertible bonds	201,677,195	—	—

Accrued liabilities and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities and other current liabilities
Revenue sharing fees and content costs	$ 105,961	$ 106,770
Salaries and welfare	82,768	85,361
Marketing and promotion expenses	61,197	58,600
Value added taxes and other taxes payable	199,170	160,257
Bandwidth costs	18,300	20,171
Consideration received related to disposal of YY Live (Note 3)	1,859,699	1,861,299
Others	54,094	67,544
Total	$ 2,381,189	$ 2,360,002

Discontinued operations - Disposal of YY Live business and Huya assets, liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Nov. 16, 2020
Current liabilities
Net assets subject to disposal related to YY Live	$ 38,194	$ 38,194
Consideration received related to disposal of YY Live	1,859,699	1,861,299
Held for sale \| YY Live
Current assets
Cash and cash equivalents	201,393	201,393
Accounts receivable, net	18,239	18,239
Prepayments and other current assets	4,986	4,986
Total current assets	224,618	224,618
Non-current assets
Deferred tax assets	4,294	4,294
Property and equipment, net	10,356	10,356
Intangible assets, net	7,456	7,456
Other non-current assets	3,814	3,814
Total non-current assets	25,920	25,920
Total assets	250,538	250,538
Current liabilities
Accounts payable	1,117	1,117
Deferred revenue	49,495	49,495
Advances from customers	12,663	12,663
Income taxes payable	9,787	9,787
Accrued liabilities and other current liabilities	139,282	139,282
Total current liabilities	212,344	212,344
Total liabilities	212,344	$ 212,344
Net assets subject to disposal related to YY Live			$ 38,194
Total consideration related to disposal			$ 3,600,000
Consideration received related to disposal of YY Live	$ 1,900,000

Certain risks and concentration

12 Months Ended

Dec. 31, 2023

Certain risks and concentration

Certain risks and concentration

4.	Certain risks and concentration

(a)	PRC regulations

Foreign ownership of internet-based businesses is subject to significant restrictions under the current PRC laws and regulations. The PRC government regulates internet access, the distribution of online information and the conduct of online commerce through strict business licensing requirements and other government regulations. These laws and regulations also limit foreign ownership in PRC companies that provide internet information distribution services. Specifically, foreign ownership in an internet information provider or other value-added telecommunication service providers may not exceed 50%. Foreigners or foreign invested enterprises are currently not able to apply for the required licenses for operating online games in the PRC. The Company is incorporated in the Cayman Islands and accordingly, the Company is considered as a foreign invested enterprise under PRC law.

As mentioned in Note 1(d), in order to comply with the PRC laws restricting foreign ownership in the online business in China, the Group operates the online business in China through contractual arrangements with its principal VIEs, namely Guangzhou Huaduo and Guangzhou BaiGuoYuan. In January 2021, Mr. David Xueling Li and other nominal shareholder transferred in total 100% of the nominee shares of Guangzhou BaiGuoYuan to Guangzhou Qianxun Network Technology Co., Ltd. (“Guangzhou Qianxun”), a VIE of the Company. In February 2021, Beijing Tuda and Mr. David Xueling Li transferred their respective nominee shares in Guangzhou Huaduo to Guangzhou Tuyue Network Technology Co., Ltd. (“Guangzhou Tuyue”), a VIE of the Company. As of December 31, 2023, Guangzhou Tuyue holds the majority of nominee shares of Guangzhou Huaduo., and Guangzhou Qianxun holds 100% of the nominee shares of Guangzhou BaiGuoYuan.

4.	Certain risks and concentration (continued)

(a)

PRC regulations (continued)

Guangzhou Huaduo and Guangzhou BaiGuoYuan hold the licenses and permits necessary to conduct its internet value-added services in the PRC. If the Company had direct ownership of the VIE, it would be able to exercise its rights as a shareholder to effect changes in the board of directors, which in turn could affect changes at the management level, subject to any applicable fiduciary obligations. However, under the current contractual arrangements, it relies on the VIE and its shareholders’ performance of their contractual obligations to exercise effective control. In addition, the Group’s contractual agreements have terms range from 10 to 30 years, which are subject to Beijing Huanju Shidai and BaiGuoYuan Technology’s unilateral termination right. Under the respective service agreements, Beijing Huanju Shidai and BaiGuoYuan Technology will provide services including technology support, technology services, business support and consulting services to Guangzhou Huaduo and Guangzhou BaiGuoYuan, respectively, in exchange for service fees. The amount of service fees payable is determined by various factors, including (a) a percentage of Guangzhou Huaduo and Guangzhou BaiGuoYuan’s revenues or earnings, and (b) the expenses that Beijing Huanju Shidai and BaiGuoYuan Technology incur for providing such services. Beijing Huanju Shidai and BaiGuoYuan Technology may charge up to 100% of the income in Guangzhou Huaduo and Guangzhou BaiGuoYuan and a multiple of the expenses incurred for providing such services, as determined by Beijing Huanju Shidai and BaiGuoYuan Technology, respectively, from time to time. The service fees payable by Guangzhou Huaduo and Guangzhou BaiGuoYuan to Beijing Huanju Shidai and BaiGuoYuan Technology are determined to be up to 100% of the profits of Guangzhou Huaduo and Guangzhou BaiGuoYuan, with the timing of such payment to be determined at the sole discretion of Beijing Huanju Shidai and BaiGuoYuan Technology. If fees were incurred, it would be significant to the Company and the operating companies’ economic performance because it will be incurred and paid at up to 100% of the earnings of the VIE. Fees incurred would be remitted, subject to further PRC restrictions. None of the VIEs or their shareholders are entitled to terminate the contracts prior to the expiration date, unless under remote circumstances such as a material breach of agreement or bankruptcy as it pertains to the service and business operation agreements and their amendment.

For the years ended December 31, 2021, 2022 and 2023, the Company’s wholly owned subsidiaries, mainly including Beijing Huanju Shidai, BaiGuoYuan Technology, determined the service fees which were charged to the Group’s VIEs, respectively.

Further, the Group believes that the contractual arrangements among the Company’s subsidiaries (mainly including Beijing Huanju Shidai and BaiGuoYuan Technology), the VIEs, and the VIE’s shareholders are in compliance with PRC laws and are legally enforceable and binding. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

In March 2019, the National People’s Congress enacted PRC Foreign Investment Law which would be effective starting from January 1, 2020. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment,” which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Existing laws or administrative regulations remain unclear whether the contractual arrangements with variable interest entities will be deemed to be in violation of the market access requirements for foreign investment under the PRC laws and regulations. However, the possibility that such entities will be deemed as foreign invested enterprise and subject to relevant restrictions in the future shall not be excluded. If VIEs fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited. The Group’s ability to control the VIEs also depends on the power of attorney that the wholly owned subsidiary of the Group has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Group believes these power of attorney are legally enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure and the contractual arrangements with the VIEs through which the Group conducts its business in the PRC were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities could:

●

revoke or refuse to grant or renew the Group’s business and operating licenses;

●

restrict or prohibit related party transactions between the wholly owned subsidiary of the Group and the VIE;

4.	Certain risks and concentration (continued)

(a)

PRC regulations (continued)

●

impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with;

●

require the Group to alter, discontinue or restrict its operations;

●

restrict or prohibit the Group’s ability to finance its operations, and;

●

take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.

The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements.

4.	Certain risks and concentration (continued)

(a)	PRC regulations (continued)

The following consolidated financial information of the Group’s VIEs and VIEs’ subsidiaries was included in the accompanying consolidated financial statements. For purposes of this presentation, activity within and between the VIEs and VIEs’ subsidiaries have been eliminated, but transactions with other entities within the Group have been included without elimination.


	December 31,
	2022	2023
	US$	US$
Assets
Current assets
Cash and cash equivalents	247,497	60,482
Restricted cash and cash equivalents	6,239	3,497
Short-term deposits	362,310	355,399
Short-term investments	36,108	8,471
Accounts receivable, net	5,830	1,649
Amounts due from Group companies	476,689	822,281
Amounts due from related parties	1,114	728
Prepayments and other current assets	77,838	91,773
Total current assets	1,213,625	1,344,280

Non-current assets
Investments	355,261	400,654
Property and equipment, net	221,614	292,032
Land use rights, net	330,005	316,070
Intangible assets, net	49,016	40,436
Right of use asset, net	3,887	6,706
Other non-current assets	7,377	11,375
Total non-current assets	967,160	1,067,273

Total assets	2,180,785	2,411,553

Liabilities
Current liabilities
Accounts payable	29,586	46,833
Deferred revenue	14,328	8,873
Advances from customers	230	52
Income taxes payable	25,354	21,487
Accrued liabilities and other current liabilities	85,302	69,303
Amounts due to Group companies	67,698	285,047
Amounts due to related parties	128	3,541
Lease liabilities due within one year	2,232	2,447
Short-term loans	15,014	52,119
Total current liabilities	239,872	489,702

Non-current liabilities
Lease liabilities	1,723	4,370
Deferred revenue	5,752	2,667
Deferred tax liabilities	12,253	10,440
Other non-current liabilities	436	-
Total non-current liabilities	20,164	17,477

Total liabilities	260,036	507,179

4.	Certain risks and concentration (continued)

(a)	PRC regulations (continued)


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Net revenues from Group companies	109,618	54,587	54,280
Net revenues from third parties	447,471	478,656	301,405
Total cost and operating expenses	(701,686)	(547,931)	(354,306)
Other items of the consolidated statements of comprehensive income	22,305	52,054	21,589
Net (loss) income from continuing operations	(122,292)	37,366	22,968


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Net cash provided by (used in) operating activities with Group companies	77,319	(47,155)	(31,888)
Net cash provided by operating activities with third parties	153,715	95,059	58,965
Net cash provided by operating activities	231,034	47,904	27,077

Net cash used in investing activities with Group companies	(35,559)	(194,107)	(129,111)
Net cash provided by (used in) investing activities with third parties	170,112	(42,399)	(82,360)
Net cash provided by (used in) investing activities	134,553	(236,506)	(211,471)

Net cash provided by financing activities with Group companies	5,378	32,753	517
Net cash (used in) provided by financing activities with third parties	(97,198)	754	(2,831)
Net cash (used in) provided by financing activities	(91,820)	33,507	(2,314)

Transactions between the VIEs and other entities in the consolidated group

For the years ended December 31, 2021, 2022 and 2023, the VIEs earned inter-company revenues from sales of software in the amounts of nil, US$1,415 and US$21,970, respectively. In addition, the VIEs recognized inter-company cost of revenues and operating expenses in the amounts of US$80,402, US$54,127 and US$47,257 for the years ended December 31, 2021, 2022 and 2023, respectively for the purchase of software. The VIEs also recognized inter-company cost of revenues and operating expenses in the amounts of US$35,899, US$55,760 and US$25,798 for the years ended December 31, 2021, 2022 and 2023, respectively for technical support services. All of these transactions have been eliminated in consolidation.

Cash flows between the VIEs and other entities in the consolidated group

For the years ended December 31, 2021, 2022 and 2023, cash paid by the VIEs to Group companies for the settlement of software transactions were US$62,499, US$52,878 and US$41,070, respectively. For the years ended December 31, 2021, 2022 and 2023, cash paid by the VIEs to Group companies for the settlement of technical support fees were US$52,119, US$56,823 and US$45,063, respectively. For the years ended December 31, 2021, 2022 and 2023, cash received by VIEs from Group companies were US$129,440, US$9,668 and US$14,505, respectively, for the revenues earned from Group companies. All of these cash flows have been eliminated in consolidation.

4.	Certain risks and concentration (continued)

(b)	Foreign exchange risk

The Group’s overseas operations and related investing and financing activities are denominated in US$. The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies.

(c)	Credit risk

Assets that potentially expose the Group to credit risk primarily consist of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, accounts receivable, financing receivables, amounts due from related parties and prepayments and other current assets.

As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments were placed with the PRC and international financial institutions. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions’ reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits will be chosen with similar criteria for soundness. Nevertheless under the PRC law, it is required that a commercial bank in the PRC that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve fund for protecting the depositors’ rights over their interests in deposited money. PRC banks are subject to a series of risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. The Group believes that it is not exposed to unusual risks as these financial institutions are either PRC banks or international banks with high credit quality. The Group had not experienced any losses on its deposits of cash and cash equivalents and term deposits during the years ended December 31, 2021, 2022 and 2023 and believes that its credit risk to be minimal.

The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on the payment platforms, game platforms, customers and the ongoing monitoring process of outstanding balances.

The Group is exposed to default risk on its financing receivables, which is fully provided for as disclosed in Note 10. The Group conducts credit evaluations of customers in finance business, either on an individual or collective basis. The Group also considers the value of collateral assets when assessing the collectability of certain financing receivables. Credit risk is controlled by the application of credit approvals, limits and monitoring procedures.

Amounts due from related parties, prepayments and other current assets are typically unsecured. In evaluating the collectability of the balance, the Group considers many factors, including the related parties and third parties’ repayment history and their credit-worthiness. An allowance for doubtful accounts is made when collection of the full amount is no longer probable.

Principal accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Schedule of amortization of finite-lived intangible assets is computed using the straight-line method over the following estimated useful lives

Intangible assets mainly consist of trademark, customer relationships, non-compete agreement, operating rights, software, domain names, technology, licenses and others. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:


		Estimated useful lives

Trademark		6 - 10 years
Customer relationships		3-5 years
Licenses		15 years
Non-compete agreement		1 year
Operating rights		Shorter of the economic life or contract terms
Software		1-10 years
Domain names		10-15 years
Technology		5 - 6 years
Others		Shorter of the economic life or contract terms

Schedule of undiscounted cash flows to the operating lease liabilities recognized

(ii) Lease liabilities (continued)

A maturity analysis of the Company’s operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized on the consolidated balance sheet was as below:


		Office rental
		US$

2024		11,440
2025		11,219
2026		7,770
2027 and after		2,371
Total undiscounted cash flows		32,800
Less: imputed interest		(1,990)
Present value of lease liabilities		30,810

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Summary of group's intangible assets


	December 31,
	2022	2023
	US$	US$

Gross carrying amount
Trademark	515,704	515,671
Customer relationships	154,830	154,819
Non-compete agreement	12,100	12,100
Software	9,071	9,431
Operating rights	6,641	6,530
License	9,108	8,956
Technology	14,513	14,491
Domain names	1,782	1,778
Others	1,405	1,404

Total of gross carrying amount	725,154	725,180

Less: accumulated amortization

Trademark	(145,554)	(197,722)
Customer relationships	(143,500)	(152,894)
Non-compete agreement	(12,100)	(12,100)
Software	(8,426)	(8,824)
Operating rights	(6,539)	(6,430)
License	(1,872)	(2,438)
Technology	(4,834)	(6,801)
Domain names	(791)	(914)
Others	(397)	(537)

Total accumulated amortization	(324,013)	(388,660)

Less: accumulated impairment	(2,841)	(2,805)

Intangible assets, net	398,300	333,715

Schedule of weighted average amortization periods of intangible assets


	December 31,
	2022	2023

Trademark	10 years	10 years
Customer relationships	3 years	5 years
License	15 years	15 years
Operating rights	2 years	2 years
Software	3 years	4 years
Domain names	15 years	15 years
Technology	6 years	6 years
Others	10 years	10 years

Others.

Schedule of estimated amortization expenses


		Amortization expense
		of intangible assets
		US$

2024		56,898
2025		55,136
2026		55,091
2027		52,757
2028		51,085

Common shares and treasury shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023	Nov. 30, 2022	Nov. 16, 2021	Sep. 09, 2021	Dec. 31, 2020
Basic and diluted net income per share
Transfer from treasury shares to issued common shares for vested restricted share units	7,240,060	3,567,640	1,442,020
Repurchase of common stock	$ 322,887	$ 138,677	$ 392,984
Class A common shares
Basic and diluted net income per share
Common shares, shares authorized	10,000,000,000	10,000,000,000	10,000,000,000
Common shares, shares issued	1,317,840,464	1,317,840,464	1,317,840,464
Common shares, shares outstanding	890,843,639	1,066,177,028	1,146,336,305
Number of shares repurchased	182,576,920	84,507,180	130,309,760
Average price per ADS	$ 29.9584	$ 32.6786	$ 60.3154
Average price per share	$ 1.4979	$ 1.6339	$ 3.0158
Aggregate consideration	$ 273,500	$ 138,100	$ 393,000
Class B common shares
Basic and diluted net income per share
Common shares, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000
Common shares, shares issued	326,509,555	326,509,555	326,509,555
Common shares, shares outstanding	326,509,555	326,509,555	326,509,555
Restricted shares \| Class A common shares
Basic and diluted net income per share
Issuance of common share (in shares)	3,471	780,263	3,631,640
September 2021 share repurchase plan
Basic and diluted net income per share
Aggregate consideration			$ 235,700
Total outstanding share repurchase program							$ 200,000
November 2021 share repurchase plan
Basic and diluted net income per share
Total outstanding share repurchase program				$ 530,000	$ 800,000	$ 1,000,000
Repurchase of common stock	$ 273,500
Common shares \| Class A common shares
Basic and diluted net income per share
Common shares, shares outstanding	890,843,639	1,066,177,028	1,146,336,305					1,272,346,218
Transfer from treasury shares to issued common shares for vested restricted share units	7,240,060	3,567,640	1,442,020
Repurchase of common stock	$ 4
Common shares \| Class B common shares
Basic and diluted net income per share
Common shares, shares outstanding	326,509,555	326,509,555	326,509,555					326,509,555
Repurchase of common stock		$ 0
ADS
Basic and diluted net income per share
Number of shares repurchased	9,128,846	4,225,359	6,515,488

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related party transactions

Major related parties		Relationship with the Group
Guangzhou Sunhongs Corp., Ltd. (“Guangzhou Sunhongs”)		Significant influence exercised by a principal shareholder of the Company
Shopline^*		Investment with significant influence
Xiaomi Corporation (“Xiaomi Group”)		Controlled by a principal shareholder of the Company

Since September 6, 2022, Shopline became a subsidiary of the Group and ceased to be a related party of the Group.

Schedule of significant related party transactions


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Bandwidth service provided by Guangzhou Sunhongs	3,287	1,513	1,382
Promotion expense charged from related parties	3,149	5,322	8,008
Loan to related parties	34,035	28,062	—
Payments on behalf of related parties, net of repayments	55,301	36,522	(1)
Others	3,000	2,862	1,309

Schedule of the amounts due from/to related parties


	December 31,
	2022	2023
	US$	US$

Amounts due from related parties, current	1,794	810

Amounts due to related parties, current
Due to Xiaomi Group	1,750	2,377
Others	1,475	156

Total	3,225	2,533

Other receivables and payables from/to related parties are unsecured and payable on demand.

Certain risks and concentration (Schedule of Consolidated Financial Information of Group's VIEs and VIE's Subsidiary Excluding Inter Company Items With Group's Subsidiaries Included in Accompanying Consolidated Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 1,063,956	$ 1,214,449
Restricted cash and cash equivalents	319,250	303,370
Short-term deposits	1,970,346	2,360,545
Short-term investments	274,846	362,640
Accounts receivable, net	130,700	117,927
Amounts due from related parties, current	810	1,794
Prepayments and other current assets	255,489	236,183
Total current assets	4,072,640	4,644,649
Non-current assets
Investments	544,542	660,404
Property and equipment, net	390,681	343,201
Land use rights, net	316,070	330,005
Intangible assets, net	333,715	398,300
Right of use asset, net	30,173	33,196
Other non-current assets	16,763	12,591
Total non-current assets	4,411,225	4,427,004
Total assets	8,483,865	9,071,653
Current liabilities
Accounts payable	66,755	56,000
Deferred revenue	73,673	86,014
Advances from customers	6,047	3,532
Income taxes payable	86,100	78,103
Accrued liabilities and other current liabilities	2,381,189	2,360,002
Amounts due to Group companies	2,533	3,225
Lease liabilities due within one year	12,388	12,451
Short-term loans	52,119	37,270
Total current liabilities	3,086,407	3,071,684
Non-current liabilities
Lease liabilities	18,422	21,601
Deferred revenue	12,932	9,765
Deferred tax liabilities	53,955	64,262
Other non-current liabilities		436
Total non-current liabilities	85,309	497,237
Total liabilities	3,171,716	3,568,921
Total cost and operating expenses	(1,454,842)	(1,559,388)	$ (1,781,150)
Other items of the consolidated statements of comprehensive income	(197,010)	(162,235)
Net (loss) income from continuing operations	347,351	119,465	(125,096)
Net cash (used in) provided by operating activities	295,579	316,494	210,416
Net cash (used in) provided by investing activities	420,373	(510,284)	789,593
Net cash provided by (used in) financing activities	(841,745)	(321,909)	(723,536)
Variable interest entity
Current assets
Cash and cash equivalents	60,482	247,497
Restricted cash and cash equivalents	3,497	6,239
Short-term deposits	355,399	362,310
Short-term investments	8,471	36,108
Accounts receivable, net	1,649	5,830
Prepayments and other current assets	91,773	77,838
Total current assets	1,344,280	1,213,625
Non-current assets
Investments	400,654	355,261
Property and equipment, net	292,032	221,614
Land use rights, net	316,070	330,005
Intangible assets, net	40,436	49,016
Right of use asset, net	6,706	3,887
Other non-current assets	11,375	7,377
Total non-current assets	1,067,273	967,160
Total assets	2,411,553	2,180,785
Current liabilities
Accounts payable	46,833	29,586
Deferred revenue	8,873	14,328
Advances from customers	52	230
Income taxes payable	21,487	25,354
Accrued liabilities and other current liabilities	69,303	85,302
Lease liabilities due within one year	2,447	2,232
Short-term loans	52,119	15,014
Total current liabilities	489,702	239,872
Total current liabilities	204,655	172,174
Non-current liabilities
Lease liabilities	4,370	1,723
Deferred revenue	2,667	5,752
Deferred tax liabilities	10,440	12,253
Other non-current liabilities		436
Total non-current liabilities	17,477	20,164
Total liabilities	507,179	260,036
Total cost and operating expenses	(354,306)	(547,931)	(701,686)
Other items of the consolidated statements of comprehensive income	21,589	52,054	22,305
Net (loss) income from continuing operations	22,968	37,366	(122,292)
Net cash (used in) provided by operating activities	27,077	47,904	231,034
Net cash (used in) provided by investing activities	(211,471)	(236,506)	134,553
Net cash provided by (used in) financing activities	(2,314)	33,507	(91,820)
Variable interest entity \| Affiliated Entity
Current assets
Amounts due from related parties, current	822,281	476,689
Current liabilities
Amounts due to Group companies	285,047	67,698
Variable interest entity \| Related Party
Current assets
Amounts due from related parties, current	728	1,114
Current liabilities
Amounts due to Group companies	3,541	128
Group companies
Non-current liabilities
Net revenues	54,280	54,587	109,618
Net cash (used in) provided by operating activities	(31,888)	(47,155)	77,319
Net cash (used in) provided by investing activities	(129,111)	(194,107)	(35,559)
Net cash provided by (used in) financing activities	517	32,753	5,378
Third parities
Non-current liabilities
Net revenues	301,405	478,656	447,471
Net cash (used in) provided by operating activities	58,965	95,059	153,715
Net cash (used in) provided by investing activities	(82,360)	(42,399)	170,112
Net cash provided by (used in) financing activities	$ (2,831)	$ 754	$ (97,198)

Intangible assets, net (Summary of Group's Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
Total of gross carrying amount	$ 725,180	$ 725,154
Less: accumulated amortization	(388,660)	(324,013)
Less: accumulated impairment	(2,805)	(2,841)
Intangible assets, net	333,715	398,300
Trademark
Intangible assets, net
Total of gross carrying amount	515,671	515,704
Less: accumulated amortization	(197,722)	(145,554)
Customer relationships
Intangible assets, net
Total of gross carrying amount	154,819	154,830
Less: accumulated amortization	(152,894)	(143,500)
Non-compete agreement
Intangible assets, net
Total of gross carrying amount	12,100	12,100
Less: accumulated amortization	(12,100)	(12,100)
Software
Intangible assets, net
Total of gross carrying amount	9,431	9,071
Less: accumulated amortization	(8,824)	(8,426)
Operating rights
Intangible assets, net
Total of gross carrying amount	6,530	6,641
Less: accumulated amortization	(6,430)	(6,539)
License
Intangible assets, net
Total of gross carrying amount	8,956	9,108
Less: accumulated amortization	(2,438)	(1,872)
Technology
Intangible assets, net
Total of gross carrying amount	14,491	14,513
Less: accumulated amortization	(6,801)	(4,834)
Domain names
Intangible assets, net
Total of gross carrying amount	1,778	1,782
Less: accumulated amortization	(914)	(791)
Others
Intangible assets, net
Total of gross carrying amount	1,404	1,405
Less: accumulated amortization	$ (537)	$ (397)

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies.

Commitments and contingencies

30. Commitments and contingencies

(a) Operating lease commitments

The operating lease commitments as of December 31, 2023 amounting to US$1,810 mainly consist of the short-term lease commitments and leases that have not yet commenced but that create significant rights and obligations for the Company, which are not included in operating lease right-of-use assets and lease liabilities.

(b) Capital commitments

As of December 31, 2022 and 2023, the Group had outstanding capital commitments totaling to US$143,471 and US$244,917, which consisted of capital expenditures related to properties and additional investments in equity investments, respectively.

The Company and certain of its current and former officers and directors were named as defendants in a federal putative securities class action filed in November 2021 alleging that they made material misstatements and omissions in documents filed with the SEC regarding certain of the allegations contained in a short seller report. On March 9, 2022, the court granted the defendants’ motion to dismiss and dismissed the operative complaint in its entirety with prejudice. On April 8, 2022, the co-lead plaintiffs filed a notice of appeal. The court heard oral arguments on April 21, 2023. The appellate court affirmed the district court’s decision on May 9, 2023 and issued the formal mandate on May 31, 2023. This class action is resolved.

30. Commitments and contingencies (continued)

In addition to the above, from time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of these unresolved matters, individually and in the aggregate, is likely to have a material adverse effect on the Group’s financial position, results of operations or cash flows.

Certain risks and concentration (Tables)

12 Months Ended

Dec. 31, 2023

Certain risks and concentration

Schedule of consolidated financial information of the Group's VIEs and VIE's subsidiaries excluding the inter company items with the Group's subsidiaries included in the accompanying consolidated financial statements


	December 31,
	2022	2023
	US$	US$
Assets
Current assets
Cash and cash equivalents	247,497	60,482
Restricted cash and cash equivalents	6,239	3,497
Short-term deposits	362,310	355,399
Short-term investments	36,108	8,471
Accounts receivable, net	5,830	1,649
Amounts due from Group companies	476,689	822,281
Amounts due from related parties	1,114	728
Prepayments and other current assets	77,838	91,773
Total current assets	1,213,625	1,344,280

Non-current assets
Investments	355,261	400,654
Property and equipment, net	221,614	292,032
Land use rights, net	330,005	316,070
Intangible assets, net	49,016	40,436
Right of use asset, net	3,887	6,706
Other non-current assets	7,377	11,375
Total non-current assets	967,160	1,067,273

Total assets	2,180,785	2,411,553

Liabilities
Current liabilities
Accounts payable	29,586	46,833
Deferred revenue	14,328	8,873
Advances from customers	230	52
Income taxes payable	25,354	21,487
Accrued liabilities and other current liabilities	85,302	69,303
Amounts due to Group companies	67,698	285,047
Amounts due to related parties	128	3,541
Lease liabilities due within one year	2,232	2,447
Short-term loans	15,014	52,119
Total current liabilities	239,872	489,702

Non-current liabilities
Lease liabilities	1,723	4,370
Deferred revenue	5,752	2,667
Deferred tax liabilities	12,253	10,440
Other non-current liabilities	436	-
Total non-current liabilities	20,164	17,477

Total liabilities	260,036	507,179


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Net revenues from Group companies	109,618	54,587	54,280
Net revenues from third parties	447,471	478,656	301,405
Total cost and operating expenses	(701,686)	(547,931)	(354,306)
Other items of the consolidated statements of comprehensive income	22,305	52,054	21,589
Net (loss) income from continuing operations	(122,292)	37,366	22,968


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Net cash provided by (used in) operating activities with Group companies	77,319	(47,155)	(31,888)
Net cash provided by operating activities with third parties	153,715	95,059	58,965
Net cash provided by operating activities	231,034	47,904	27,077

Net cash used in investing activities with Group companies	(35,559)	(194,107)	(129,111)
Net cash provided by (used in) investing activities with third parties	170,112	(42,399)	(82,360)
Net cash provided by (used in) investing activities	134,553	(236,506)	(211,471)

Net cash provided by financing activities with Group companies	5,378	32,753	517
Net cash (used in) provided by financing activities with third parties	(97,198)	754	(2,831)
Net cash (used in) provided by financing activities	(91,820)	33,507	(2,314)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Cost of revenues

12 Months Ended

Dec. 31, 2023

Cost of revenues.

Cost of revenues

21. Cost of revenues


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Revenue sharing fees and content costs	1,158,435	1,020,174	945,149
Payment handling costs	212,655	165,421	137,989
Bandwidth costs	96,536	77,496	79,718
Salary and welfare	116,679	87,629	84,427
Depreciation and amortization	87,339	70,666	36,753
Technical service fee	55,874	63,328	60,537
Share-based compensation	8,089	8,185	3,575
Other costs	45,543	66,489	106,694

Total	1,781,150	1,559,388	1,454,842

Restricted short-term deposits (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash And Investments [Line Items]
Restricted short-term deposits	$ 57,243	$ 47,741
Loans Payable
Restricted Cash And Investments [Line Items]
Debt Instrument, Collateral Amount	$ 85,000	$ 47,000

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill

Goodwill

16. Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023 are as follows:


	All other	BIGO	Total
	US$	US$	US$

Balance as of December 31, 2021	104,042	1,854,221	1,958,263
Increase in goodwill related to acquisition (ii)	708,471	—	708,471
Impairment (i)	(14,830)	—	(14,830)
Foreign currency translation adjustments	(2,597)	—	(2,597)
Balance as of December 31, 2022	795,086	1,854,221	2,649,307

Foreign currency translation adjustments	(26)	—	(26)
Balance as of December 31, 2023	795,060	1,854,221	2,649,281

(i)

16. Goodwill (continued)

(ii)The increase in goodwill in 2022 was related to the acquisition in Note 5.

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net

13. Property and equipment, net

Property and equipment consist of the following:


	December 31,
	2022	2023
	US$	US$

Gross carrying amount
Servers, computers and equipment	272,809	280,619
Buildings	144,678	270,423
Construction in progress	163,199	111,573
Decoration of buildings	14,825	14,578
Leasehold improvements	7,318	5,683
Motor vehicles	7,915	17,603
Furniture, fixture and office equipment	7,362	4,810

Total of gross carrying amount	618,106	705,289
Less: accumulated depreciation	(274,905)	(314,608)

Property and equipment, net	343,201	390,681

Depreciation expense for the years ended December 31, 2021, 2022 and 2023 were US$108,686, US$83,396 and US$46,576, respectively.

Other income (Tables)

12 Months Ended

Dec. 31, 2023

Other income

Schedule of other income


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Government grants	16,947	11,534	7,379
Others	3,429	5,971	2,326

Total	20,376	17,505	9,705

Business combination

12 Months Ended

Dec. 31, 2023

Business combination

Business combination

5.	Business combination

(a)

Acquisition of Shopline Corporation Limited (“Shopline”)

Shopline is a company that operates an e-commerce online platform, together with other ancillary services including logistics, payments and marketing, to enable and facilitate merchants to establish their e-commerce operations. Prior to this acquisition, the Company had an equity interest in Shopline and was accounted for using the equity method. On August 22, 2022, the Company announced that it has entered into a share subscription agreement with Shopline and the transaction was completed on September 6, 2022 and is accounted for as a business combination. Under the agreement, the Company subscribed for series B preferred shares of Shopline for an aggregate cash consideration of US$182.9 million. The Company previously held interests in this acquiree before the acquisition and the fair value of the previously held equity interest is considered part of the consideration of this acquisition. After the completion of this acquisition, the Company has an effective shareholding of 70.4% in Shopline, net of the potential dilution impact of employee share options as referenced in Note 26(b).

The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share as of the acquisition date:


		As of acquisition date
		US$

Cash		182,892
Fair value of previously held equity interest in Shopline		440,692
Elimination of preexisting amounts due from Shopline		76,226
Total consideration		699,810

The amount of the preexisting amounts due from Shopline of US$76,226 was included as part of the consideration, which was effectively eliminated upon the acquisition.

The results of operations since the acquisition dates of the acquiree was not significant to the Group’s consolidated results of operations.

In accordance with ASC 805, the Company’s previously held equity interest in Shopline was re-measured to fair value on the acquisition date, and a re-measurement gain of US$440,692 was recognized as gain on fair value changes of investments.

5.	Business combination (continued)

(a)

Acquisition of Shopline Corporation Limited (“Shopline”) (continued)

The acquisition was accounted for as a business combination. The Group made estimates and judgements in determining the fair value of the assets acquired and liabilities assumed with the assistance from an independent valuation firm. The consideration was allocated on the acquisition date as follows:


		As of acquisition date
		US$

Net tangible assets acquired:
-Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits		210,030
-Accounts receivables		12,840
-Right-of-use assets, net		12,192
-Prepayments and other current assets		27,286
-Property and equipment, net		2,474
Identifiable intangible assets acquired:
-Trademark		144,000
-Software		298
-Domain names		254
Accrued liabilities and other liabilities		(113,928)
Lease liabilities		(12,230)
Deferred revenue		(20,336)
Deferred tax liabilities		(28,800)
Goodwill		708,471
Non-controlling interests		(222,741)
Mezzanine Equity		(20,000)
Total		699,810

The Company estimated the fair value of the acquired trademark using the relief from royalty method. The value is estimated as the present value of the after-tax cost savings at an appropriate discount rate. The Company’s determination of the fair value of the acquired trademark involved the use of estimates and assumptions related to revenue growth rates, royalty rates and discount rates. The estimated useful lives of the trademark is 10 years.

The fair value of the non-controlling interest was calculated after determination of an overall enterprise value for the Company. The Company, through a third-party valuation expert, determined the enterprise value using the Option Pricing Model (“OPM”) Backsolve approach under the market approach.

The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and mainly comprised (a) the assembled work force and (b) the expected future growth, enhancing world-class user experiences and expansion in global markets as a result of the synergy resulting from the acquisition. The goodwill recognized is not expected to be deductible for income tax purpose.

5.	Business combination (continued)

(a)

Acquisition of Shopline (continued)

Pro forma information of the acquisition

The following unaudited pro forma information summarizes the results of operations for the year ended December 31, 2021 and 2022 of the Company as if the acquisition had occurred on January 1, 2021. The unaudited pro forma information includes: (i) amortization associated with estimates for the acquired intangible assets and corresponding deferred tax liability; (ii) removal of the share of loss in JOYY’s previously held interests in Shopline accounted for using equity method; (iii) removal of the remeasurement gain of JOYY’s previously held interests in Shopline; (iv) elimination of transaction between Shopline and the Group; (v) allowance for doubtful accounts related to preexisting amounts due from Shopline, if any, and (vi) the associated tax impact on these unaudited pro forma adjustments. The following pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results that would have occurred had the acquisition been completed on January 1, 2021, nor is it indicative of future operating results.


	For the year ended December 31,
	2021	2022
	US$	US$

Pro forma net revenues	2,697,395	2,493,333
Pro forma net loss	(122,938)	(415,250)

(b)

Other acquisition

During the second quarter 2021, the Company completed the acquisition of additional equity interests of an acquiree which is a global online platform operating on online for comics and novels whose major operations and users are outside of China. The consideration for this acquisition was settled by cash of US$9.6 million and transfer of approximately 19% equity interests in a previously wholly owned subsidiary of the Company which operates a multiuser social networking platform outside of China, to the original shareholders the acquiree. The Company held 25% of equity interests in this acquiree before the acquisition and the fair value of the previously held equity interest is considered part of the consideration of the acquisition. Upon completion of the transaction, the Company’s interest in the acquiree increased from 25% to 81% and started to consolidate the acquiree as a subsidiary with non-controlling interests.

The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share as of the acquisition date:


		As of acquisition date
		US$

Cash		9,611
Fair value of subsidiary’s common share issued		53,810
Fair value of previously held equity interest in the acquiree		27,716
Total consideration		91,137

5.	Business combination (continued)

(b)

Other acquisition (continued)


	As of acquisition date	Amortization period
	US$

Net tangible assets acquired:
-Cash and cash equivalents	7,296
-Accounts receivables	1,376
-Other current assets	1,987
-Property and equipment, net	142
Identifiable intangible assets acquired:
-Technology	11,917	6 years
-Trademark	11,839	6 years
-Customer relationships	903	3 years
Accounts payable	(2,268)
Accrued liabilities and other liabilities	(1,579)
Deferred tax liabilities	(4,069)
Goodwill	84,925
Non-controlling interests	(21,332)
Total	91,137

The Company estimated the fair value of acquired technology using the excess earnings method. The value is estimated as the present value of the revenues calculated at an appropriate discount rate. In terms of the fair value of the acquired trademark, the relief from royalty method was used. The value is estimated as the present value of the after-tax cost savings at an appropriate discount rate. The Company’s determination of the fair values of acquired technology and trademark acquired involved the use of estimates and assumptions related to revenue growth rates, royalty rates, discount rates and attrition rates.

The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and mainly comprised the assembled work force and the synergy resulting from the acquisition. The goodwill recognized is not expected to be deductible for income tax purpose.

Pro forma information related to this acquisition has not been included on the basis of relative immateriality to consolidated financial results.

Principal accounting policies (Schedule of Amortization of Finite-lived Intangible Assets is Computed Using Straight-line Method Estimated Useful Lives , Land use rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net [Line Items]
Goodwill, Impairment Loss	$ 0	$ 14,830	$ 0
Trademark
Intangible assets, net [Line Items]
Estimated useful lives	10 years
Trademark \| Minimum
Intangible assets, net [Line Items]
Estimated useful lives	6 years
Trademark \| Maximum
Intangible assets, net [Line Items]
Estimated useful lives	10 years
Customer relationships \| Minimum
Intangible assets, net [Line Items]
Estimated useful lives	3 years
Customer relationships \| Maximum
Intangible assets, net [Line Items]
Estimated useful lives	5 years
Licenses
Intangible assets, net [Line Items]
Estimated useful lives	15 years
Non-compete agreement
Intangible assets, net [Line Items]
Estimated useful lives	1 year
Operating rights
Intangible assets, net [Line Items]
Estimated useful lives	Shorter of the economic life or contract terms
Software \| Minimum
Intangible assets, net [Line Items]
Estimated useful lives	1 year
Software \| Maximum
Intangible assets, net [Line Items]
Estimated useful lives	10 years
Domain names \| Minimum
Intangible assets, net [Line Items]
Estimated useful lives	10 years
Domain names \| Maximum
Intangible assets, net [Line Items]
Estimated useful lives	15 years
Technology \| Minimum
Intangible assets, net [Line Items]
Estimated useful lives	5 years
Technology \| Maximum
Intangible assets, net [Line Items]
Estimated useful lives	6 years
Others.
Intangible assets, net [Line Items]
Estimated useful lives	Shorter of the economic life or contract terms
Land Use Rights.
Intangible assets, net [Line Items]
Term Of Amortization	40 years

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair value measurements

Summary of assets that are measured at fair value on a recurring basis


	As of December 31, 2022
	Level 1	Level 2	Level 3	Total

Assets
Short-term investments (i)	185,130	177,510	—	362,640
Equity investment with readily determinable fair values (ii)	1,180	—	—	1,180
Available-for-sale debt investment (iii)	—	—	21,299	21,299
	186,310	177,510	21,299	385,119


	As of December 31, 2023
	Level 1	Level 2	Level 3	Total

Assets
Short-term investments (i)	—	274,846	—	274,846
Equity investment with readily determinable fair values (ii)	1,504	—	—	1,504
Available-for-sale debt investment (iii)	—	—	63,918	63,918
	1,504	274,846	63,918	340,268

(i)

(ii)

Schedule of changes in level 3 assets


		Available-for-sale
		debt investment
		US$

Balance as of December 31, 2021		—
Acquisition		21,299
Balance as of December 31, 2022		21,299
Reclassification (iv)		42,619
Balance as of December 31, 2023		63,918

(iv)

Organization and principal activities - Additional Information (Details) - USD ($) $ in Thousands	Aug. 10, 2020	Apr. 03, 2020	Dec. 31, 2023	Apr. 28, 2023	Nov. 16, 2020
Organization and principal activities [Line Items]
Registered capital and PRC statutory reserves of the VIEs and VIE's subsidiaries			$ 856,883
YY Live \| Held for sale
Organization and principal activities [Line Items]
Total consideration related to disposal					$ 3,600,000
Disposal Group, Including Discontinued Operation, Consideration Subject to Conditions					$ 300,000
Huya Inc \| Linen Investment Limited
Organization and principal activities [Line Items]
Total consideration related to disposal				$ 219,886
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal		31.20%
Discontinued Operation Equity Method Investment Retained After Disposal Voting Power After Disposal		43.00%
Huya Inc \| Class B common shares \| Linen Investment Limited
Organization and principal activities [Line Items]
Discontinued Operation Equity Method Investment Sold	30,000,000	16,523,819
Total consideration related to disposal	$ 810,000	$ 262,600
Disposal Group, Including Discontinued Operation, Consideration Subject to Conditions	$ 219,900
Discontinued Operation Equity Method Investment Retained After Disposal Share After Disposal	38,374,463	68,374,463

Principal accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Basis of presentation

(a)

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the U.S. GAAP to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the consolidated financial statements are summarized below.

Consolidation

(b)

Consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and VIEs for which the Company or its subsidiaries is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and VIEs have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIEs economic performance, and also the Company’s obligation to absorb losses of the VIEs that could potentially be significant to the VIEs or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Beijing Huanju Shidai, BaiGuoYuan Technology, Guangzhou Wangxing and ultimately the Company hold all the variable interests of the VIEs and have been determined to be the primary beneficiaries of the VIEs.

The Company deconsolidates its subsidiaries or business in accordance with ASC 810 as of the date the Company ceased to have a controlling financial interest in the subsidiaries.

The Company accounts for the deconsolidation of its subsidiaries or business by recognizing a gain or loss in net income/loss attributable to the Company in accordance with ASC 810. This gain or loss is measured at the date the subsidiaries are deconsolidated as the difference between (a) the aggregate of the fair value of any consideration received, the fair value of any retained non-controlling interest in the subsidiaries being deconsolidated, and the carrying amount of any non-controlling interest in the subsidiaries being deconsolidated, including any accumulated other comprehensive income/loss attributable to the non-controlling interest, and (b) the carrying amount of the assets and liabilities of the subsidiaries being deconsolidated.

Use of estimates

(c)

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimates. The Company believes that the assessment of the revenue recognition for contracts with multiple performance obligations, income taxes, expected credit loss of receivables, purchase price allocation in a business combination, estimated useful lives of intangible assets, impairment assessment of goodwill, long-lived assets and intangible assets, and subsequent adjustments due to significant observable price change for the equity investments without readily determinable fair values and not accounted for by the equity method, represent critical accounting policies that reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements.

Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

Foreign currency translation

(d)

Foreign currency translation

The Group uses US$ as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British Virgin Islands, Hong Kong, Singapore, United States, India, Egypt and other regions is US$ or their respective local currency, while the functional currency of the other subsidiaries incorporated in Mainland China is Renminbi (“RMB”). In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use RMB or their respective local currency as their functional currency, have been translated into US$. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of comprehensive income.

Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains/losses, net in the consolidated statement of comprehensive income.

Cash and cash equivalents and restricted cash

(e)

Cash and cash equivalents and restricted cash

Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term and highly liquid investments placed with banks, which have both of the following characteristics:

Readily convertible to known amounts of cash throughout the maturity period;

ii)

So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

The Group considers all highly liquid investments with original maturities of three months or less as cash equivalents.

Cash, cash equivalents and restricted cash presented on the consolidated statements of cash flows included cash, cash equivalents, restricted cash and restricted cash within restricted short-term deposits in the consolidated balance sheets.

Short-term deposits

(f)

Short-term deposits

Short-term deposits represent time deposits placed with banks with original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive income during the periods presented.

Long-term deposits

(g)

Long-term deposits

Long-term deposits represent time deposits placed with banks with original maturities more than one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive income during the periods presented.

Short-term investments

(h)

Short-term investments

For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income.

Accounts receivable

(i)

Accounts receivable

The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In calculating the expected credit loss rates, the Company considers historical loss rates for each category of receivables and adjusts for forward looking macroeconomic data, including global GDP and external rates of non - performing loans.

Financing receivables

(j)

Financing receivables

Financing receivables represent receivables derived from finance business, including micro-credit personal loans and corporate loans. The Group has ceased to extend credit in finance business since 2019. Financing receivables are recorded at amortized cost, reduced by a valuation allowance estimated as of the balance sheet date. The amortized cost is equal to the unpaid principal amount, accrued interest receivables and net deferred origination costs. The origination costs are the direct costs attributable to originating the financing charged by third-party companies. The cash flows related to the principal of finance business are included in the investing activities category in the consolidated statement of cash flows.

The Group assesses the allowance for credit losses on financing receivables at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Group adopted ASU 2016-13 from January 1, 2020 and maintains an allowance for credit losses in accordance with Topic 326 and records the allowance for credit losses as an offset to financing receivable. The Company assesses collectability by reviewing financing receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues.

2.	Principal accounting policies (continued)

Investments

(k)

Investments

Equity Investments Accounted for Using the Equity Method

The Group accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity investment for other-than-temporary impairment (which would require an adjustment to estimated fair value) by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investment in privately held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values are measured and recorded at fair value 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. Gains or losses arising from changes in fair value of these investments are recorded in earnings.

Equity Investments without Readily Determinable Fair Values

Equity investments without readily determinable fair values and not accounted for under the equity method are recorded at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the carrying value of the equity investments in current earnings. Changes in the carrying value of the equity investments are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known.

Available-for-sale debt investments

Available-for-sale debt investment of the Group are redeemable preference shares issued by private companies that is redeemable at the Group’s option, which is measured at fair value. Interest income is recognized in earnings. All other changes in the carrying amount of this debt investment are recognized in other comprehensive income (loss).

Property and equipment

(l)

Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.


		Residual
	Estimated useful lives	rate
Buildings	32-40 years	0	%
Servers, computers and equipment	3-5 years	0%-5	%
Leasehold improvements	Shorter of lease term or 5 years	0	%
Renovation of buildings	10 years	0	%
Motor vehicles	3-10 years	0%-5	%
Furniture, fixture and office equipment	3-5 years	0%-5	%

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income.

All direct and indirect costs that are related to the construction of property and equipment and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use.

Business Combinations

(m)

Business combinations

Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the business acquired, the difference is recognized directly in the consolidated statements of comprehensive income.

Intangible assets

(n)

Intangible assets


		Estimated useful lives

Trademark		6 - 10 years
Customer relationships		3-5 years
Licenses		15 years
Non-compete agreement		1 year
Operating rights		Shorter of the economic life or contract terms
Software		1-10 years
Domain names		10-15 years
Technology		5 - 6 years
Others		Shorter of the economic life or contract terms

Land use rights

(o)

Land use rights

Land use rights are carried at cost less accumulated amortization. Amortization of the land use rights is made on straight-line basis over 40 years from the date when the Group first obtained the land use rights certificate from the local authorities. In 2021, we entered into a long-term borrowing agreement with the Agricultural Bank of China as borrower and the loan was pledged by our entitlement to the rental income from such building and our land use right to the parcel of land located in Guangzhou. In 2022, we drew down an aggregate principal amount of US$12.4 million under such loan facility. In April 2023, the loan has been fully repaid.

2.	Principal accounting policies (continued)

Impairment of long-lived assets

(p)

Impairment of long-lived assets

For long-lived assets other than investments and goodwill whose impairment policy is discussed elsewhere in the financial statements, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets group and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group tests impairment of long-lived assets at the asset group level when impairment indicator appeared and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit.

The impairment charges of long-lived assets recorded in general and administrative expenses for the years ended December 31, 2021, 2022 and 2023 were amounting to nil, US$1,356, and nil respectively.

Goodwill

(q)

Goodwill

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.

Annual test for impairment of goodwill

(r)

Annual test for impairment of goodwill

The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Group determines its reporting units by first identifying its operating segments, and then assesses whether any components of these segments constituted a business for which discrete financial information is available and where the Company’s segment manager regularly reviews the operating results of that component. The Group determined that it has three reporting units.

In January 2017, the FASB issued ASU 2017-04, simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The Group adopted this guidance on a prospective basis on January 1, 2020 with no material impact on its consolidated financial statements and related disclosures as a result of adopting the new standard.

The Group has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative impairment test in accordance with ASC 350-20. If the Group believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value (determined using a discounted cash flow analysis or a market approach, when appropriate) of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired.

2.	Principal accounting policies (continued)

(r)

Annual test for impairment of goodwill (continued)

In the annual goodwill impairment quantitative assessment using the income approach, judgements are made as to the assumptions regarding expected future cash flows and the impact of market conditions on those assumptions. Future events and changing market conditions may impact the assumptions as to revenue, profit margin, growth rate or other factors that may result in changes in the estimates of future cash flows. For the annual goodwill impairment quantitative assessment using the market approach, judgements are made as to the assumptions, including those related to the determination of comparable companies and related market multiples to be applied in estimating the fair value of a reporting unit. The Company concluded that the carrying amount of a certain reporting unit exceeded its respective fair value and recorded an impairment loss of US$14,830 for the year ended December 31, 2022. There were no impairment losses recorded for the years ended December 31, 2021 and 2023. Although the Company believes the assumptions that it has used in testing for impairment are reasonable, significant changes in any one of the assumptions could produce a significant adverse impact.

Convertible bonds

(s)

Convertible bonds

Before January 1, 2021, the Company determines the appropriate accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date. Interest expenses are recognized in the statement of comprehensive income in the period in which they are incurred.

Mezzanine equity and non-controlling interest

(t)

Mezzanine equity and non-controlling interests

Mezzanine equity

For the Company’s majority-owned subsidiaries and consolidated VIEs, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. When the non-controlling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the non-controlling interest is classified as mezzanine equity.

In accordance with ASC Subtopic 480-10, the Group calculated, on a cumulative basis from the acquisition date, (i) the amount of accretion that would increase the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the earliest redemption date of the non-controlling interests and (ii) the amount of net profit attributable to non-controlling shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as mezzanine equity was adjusted by a cumulative amount equal to the higher of (i) and (ii).

Each type of increase in carrying amount shall be recorded as charges against retained earnings or, in the absence of retained earnings, by charges against additional paid-in capital.

Non-controlling interests

Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholder.

2.	Principal accounting policies (continued)

Revenue

(u)

Revenue

Revenue recognition and significant judgments

Revenues from live streaming are mainly generated from Bigo Live, Likee, imo and Hago platforms. Other revenues are mainly generated from online games, membership, online education, advertising and e-commerce business. Disaggregated revenues are disclosed in Note 33 “Segment Reporting”.

Revenues are recognized when control of the promised virtual items or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those virtual items or services.

The Group has a recharge system for users to purchase the Group’s virtual currency. Users can recharge via various online payment platforms provided by third parties. Virtual currency is non-refundable and without expiry. As the virtual currency is often consumed soon after it is purchased based on history of turnover, the Group considers the impact of the breakage amount for virtual currency coupons is insignificant. Unconsumed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below unless otherwise stated.

(i)Live streaming

Live streaming mainly consists of Bigo Live, Likee, imo and Hago platforms. It generates revenue from sales of virtual items in the platforms. Users can access the platforms and view the live streaming content showed by the performers. The Group shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with performers and talent agencies in accordance with their revenue sharing arrangements. Those performers who do not have revenue sharing arrangements with the Group are not entitled to any revenue sharing fee.

The Group evaluates and determines that it is the principal and views users to be its customers. The Group reports live streaming revenues on a gross basis. Accordingly, the amounts billed to users are recorded as revenues and revenue sharing fee paid to performers and talent agencies are recorded as cost of revenues. Where the Group is the principal, it controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to users and having a level of discretion in establishing pricing.

The Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. Sales proceeds are recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. Virtual items are categorized as consumable and time-based items. Consumable items are consumed upon purchase and use while time-based items could be used for a fixed period of time. Users can purchase and present consumable items to performers to show support for their favorite performers, or purchase time-based virtual items for one or multiple months for a monthly fee, which provide users with recognized status, such as priority speaking rights or special symbols over a period of time. Accordingly, live streaming revenue is recognized immediately when the consumable virtual item is used, or in the case of time-based virtual items, revenue is recognized ratably over the fixed period on a straight-line basis. The Group does not have further obligations to the user after the virtual items are consumed immediately or after the stated period of time for time-based items.

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(i)Live streaming (continued)

The Group may also enter into contracts that can include various combinations of virtual items, which are generally capable of being distinct and accounted for as separate performance obligations, such as the noble member program. Judgments are required as follow: 1) determining whether those virtual items are considered distinct performance obligations that should be accounted for separately versus together, 2) determining the standalone selling price for each distinct performance obligation, and 3) allocating of the arrangement consideration to the separate accounting of each distinct performance obligation based on their relative standalone selling prices. Certain virtual items are provided to customers over time and have the same pattern of transfer to customers. The Group exercises judgement in determining the number of distinct performance obligations by accounting for services that have the same pattern of transfer to customers as a single performance obligation. In instances where standalone selling price is not directly observable as the Group does not sell the virtual item separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct performance obligations identified in accordance with the applicable revenue recognition method relevant for that obligation.

As the Group’s live streaming virtual items are generally sold without right of return and the Group does not provide any other credit and incentive to its users, therefore accounting of variable consideration when estimating the amount of revenue to recognize is not applicable to the Group’s live streaming business.

(ii)

Others

Other revenues mainly generated from advertising, e-commerce business, online games, membership and online education.

(1)Advertising revenues

The Group primarily generates advertising revenues from sales of various forms of advertising and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. Advertisements on the Group’s platforms are generally charged on the basis of duration, and advertising contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display.

The Group enters into advertising contracts directly with advertisers or third-party advertising agencies that represent advertisers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 1 to 3 months. Both third-party advertising agencies and direct advertisers are generally billed at the end of the display period and payments are due usually within 3 months. In instances where the timing of revenue recognition differs from the timing of billing, the Group has determined the advertising contracts generally do not include a significant financing component. The primary purpose of the credits terms is to provide customers with simplified and predictable ways of purchasing the Group’s advertising services, not to receive financing from its customers or to provide customers with financing.

Certain customers may receive sales incentives in the forms of discounts and rebates to advertisers or advertising agencies based on purchase volume, which are accounted for as variable consideration. The Group estimates these amounts based on the expected amount to be provided to customers considering the contracted rebate rates and estimated sales volume based on historical experience, and reduce revenues recognized. The Group believes that there will not be significant changes to the estimates of variable consideration.

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(ii)Others (continued)

(2)E-commerce business revenues

The Company operates several e-commerce platforms providing service solutions for merchants, including a global smart commerce platform that enables merchants to easily build their brands online and sell their products to users around the world. The Group recognizes revenue when it satisfies the identified performance obligation by rendering the promised service to the customer and when specific criteria have been met. Services are rendered when or as the customers benefit from the services rendered.

The Group also operates an e-commerce platform and displays goods for end customers to select and order. The Group is responsible to arrange delivery of the goods to the end customers after customers place an order in the platforms. The Group recognizes e-commerce business revenue equal to the sales price (net of sales discount) to the end customers when control of the inventory is transferred. Revenues derived from e-commerce business are recorded on a gross basis, because (i) the Group is primarily responsible for fulfilling the promise to provide the specified good, (ii) the Group is subject to inventory risks before the specified goods have been transferred to a customer or after transfer of control to the customers, and (iii) the Group has discretion in establishing the price of the specified goods.

(3)Online games revenues

The Group generates revenues from offering virtual items in online games developed by third parties or the Group itself to game players. Users play games through the Group’s platform free of charge and are charged for purchases of virtual items, including consumable and perpetual items, which can be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users’ account over the life of the online games.

Pursuant to contracts signed between the Group and the respective game developers, game developers own the games’ copyrights and other intellectual property, and take primary responsibilities of game development and game operation, including designing, developing and updating of the games related to game content, pricing of virtual items, providing ongoing updates of new contents and bug fixing. The Group’s responsibilities under the agreements with the game developers to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on the Group’s platforms. Therefore, revenues derived from third party developed games are recorded on a net basis, net of the amount paid to game developers.

The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the estimated user relationship period with the Group on a game-by-game basis, which is approximately one to six months for the periods presented. The estimated user relationship period is based on data collected from those users who have acquired game tokens. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game.

(4)Membership

The Group operates a membership subscription program where subscription members can have enhanced user privileges. The membership fee is collected up-front from subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the period of the subscription when services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as deferred revenue - non current.

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(ii)Others (continued)

(5)Online education revenues

Educational programs and services consist of vocational training, language training courses and K-12 afterschool education courses. The course fee is generally paid in advance and is initially recorded as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships and course fee refunds. Students are entitled to one trial class of the purchased course and course fee is fully refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant over the period presented. The Group disposed of its major online education business in 2021.

Contract balances

The Group collects accounts receivable from various online payment platforms, distribution platforms and advertising customers. The allowance of expected credit loss of receivables reflects the Group’s best estimate of probable losses inherent in the accounts receivable balance. The Group determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. The activity in the allowance for doubtful accounts for the periods presented is disclosed and detailed in Note 9.

Contract liabilities primarily consists of deferred revenue for unconsumed virtual items and unamortized revenue from virtual items in the Group’s platforms, where there is still an obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.

As of December 31, 2022 and 2023, deferred revenue related to live streaming business were US$72,733 and US$62,333, respectively. During the years ended December 31, 2022 and 2023, the Group recognized revenue related to its live streaming business of US$58,425 and US$63,303, respectively, which was included in the corresponding contract liability balance at the beginning of the periods.

As of December 31, 2022 and 2023, deferred revenue related to other revenue were US$23,046 and US$24,272, respectively. During the years ended December 31, 2022 and 2023, the Group recognized revenue related to other businesses of US$2,485 and US$22,711, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.

As of December 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligation is US$86,605, the Group expects to recognize US$73,673 performance obligation as revenue in 2024, the remaining performance obligation is expected to be recognized as revenue in 2025 and after years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.

Advances from customers and deferred revenue

(v)

Advances from customers and deferred revenue

Advances from customers and deferred revenue primarily consists of the unamortized game tokens, prepaid subscriptions under the membership program, services fee received from customers that relate to services to be provided in the future and unamortized revenue from virtual items in various channels in the Group’s platforms, where there is still an implied obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.

Cost of revenues

(w)

Cost of revenues

Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues primarily consists of (i) revenue sharing fees and content costs, including payments to various channel owners and performers, and content providers, (ii) bandwidth costs, (iii) payment handling costs, (iv) salary and welfare, (v) technical service fee, (vi) depreciation and amortization expense for servers, other equipment and intangibles directly related to operating the platform, (vii) share-based compensation and (viii) other costs. The Group reported other taxes and surcharges in cost of revenues.

Research and development expenses

(x)

Research and development expenses

Research and development expenses primarily consist of (i) salary and welfare for research and development personnel, (ii) share-based compensation for research and development personnel, (iii) depreciation of office premise and servers utilized by research and development personnel, and (iv) rental expenses. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.

The Group recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software’s application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. The Group has not capitalized any costs related to internal use software during the years ended December 31, 2021, 2022 and 2023, respectively.

Sales and marketing expenses

(y)	Sales and marketing expenses

Sales and marketing expenses primarily consist of (i) advertising and market promotion expenses, (ii) amortization of certain intangible assets from business acquisitions, and (iii) salary and welfare for sales and marketing personnel. The advertising and market promotion expenses amounted to approximately US$383,603, US$321,424 and US$270,439 during the years ended December 31, 2021, 2022 and 2023, respectively.

General and administrative expenses

(z)	General and administrative expenses

General and administrative expenses primarily consist of (i) share-based compensation for management and administrative personnel, (ii) salary and welfare for general and administrative personnel, (iii) impairment charges (if any), and (iv) professional service fees.

Employee social security and welfare benefits

(aa) Employee social security and welfare benefits

Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the accompanying statements of comprehensive income amounted to US$67,733, US$65,098 and US$69,717 for the years ended December 31, 2021, 2022 and 2023, respectively.

Share-based compensation

(bb) Share-based compensation

The Group grants stock-based award, such as, but not limited to, share options, restricted shares, restricted share units of the Company, share options, restricted share units and ordinary shares of the Company’s subsidiaries to eligible employees, officers, directors, and non-employee consultants.

2.	Principal accounting policies (continued)

(bb) Share-based compensation (continued)

Awards granted are initially accounted for as equity-classified awards. The related share-based compensation expenses are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates, over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates.

For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award’s fair value on the grant date. Performance and service conditions should be considered when the Group is estimating the quantity of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.

The Group accounts for the effects of modifications, if any, to its equity award in accordance to Topic 718: Compensation—Stock Compensation.

The details of the Group’s share-based awards are disclosed in Note 26. Fair value determination of these share-based awards is summarized as below:

(1)Restricted share units

In determining the fair value of restricted share units granted, the fair value of the underlying shares of JOYY on the grant dates is applied. The grant date fair value of restricted share units is based on stock price of JOYY in the Nasdaq Global Select Market.

(2)Share options

In determining the fair value of share options granted, a binomial option-pricing model is applied. The determination of the fair value is affected by the stock price of JOYY in the Nasdaq Global Select Market, as well as assumptions regarding a number of complex and subjective variables, including risk-free interest rates, exercise multiples, expected forfeiture rates, the expected share price volatility rates, and expected dividends.

(3)Restricted shares

Upon the acquisition of Bigo, Class A common shares are issued for the replacement awards to Bigo’s employees to replace their original share-based awards, namely restricted shares. In determining the fair value of restricted share granted to Bigo’s employees, the fair value of the underlying shares of JOYY on the grant dates is applied. The grant date fair value of restricted shares is based on stock price of JOYY in the Nasdaq Global Select Market.

Other income

(cc)	Other income

Other income primarily consists of government grants which represent cash subsidies received from the PRC government by the Group entities. For grants with no conditions attached, such amounts are recognized in the consolidated income statements upon receipt. For grants with attached conditions, such amounts are recorded as deferred revenue when received upfront and recognized as operating income after all of the conditions specified in the grants have been met

2.	Principal accounting policies (continued)

Leases

(dd) Leases

The Group leases facilities under non-cancellable operating leases expiring on different dates. On January 1, 2019, the Company adopted ASU No. 2016-02 (Topic 842) “Leases” using the optional transition method. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. The Company determines whether a contract conveys the right to control the use of an identified asset for a period of time by assessing whether the Company has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset.

The Company accounts for short-term leases with terms less than 12 months in accordance with ASC 842-20-25-2 to recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The adoption of the standard did not have a significant impact on the Group’s consolidated financial statements.

Operating leases are included in operating lease right-of-use assets, current lease liabilities and non-current lease liabilities on the consolidated balance sheets.

(i)Right-of-use assets

Right-of-use assets, which mainly comprise of office lease, are initially measured at the present value of the lease payments. Amortization of the right-of-use assets is made over the lease term on a generally straight-line basis.

(ii) Lease liabilities

Lease liabilities are lessees’ obligations to make the lease payments arising from a lease, measured on a discounted basis.

As a lessee, the weighted average remaining lease terms of the right-of-use assets was 2.86 years and the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. A weighted average incremental borrowing rate of 5.44% was adopted at commencement date in determining the present value of lease payments.

For the year ended December 31, 2022, operating lease cost and short-term lease cost were US$14,519 and US$9,148, respectively. There were no other lease cost other than operating lease cost and short-term lease cost for the year ended December 31, 2022. For the year ended December 31, 2022, cash paid for operating leases included in operating cash flows was US$13,740. For the year ended December 31, 2022, lease liabilities arising from obtaining right-of-use assets was US$19,039.

For the year ended December 31, 2023, operating lease cost and short-term lease cost were US$14,681 and US$8,660, respectively. There were no other lease cost other than operating lease cost and short-term lease cost for the year ended December 31, 2023. For the year ended December 31, 2023, cash paid for operating leases included in operating cash flows was US$14,513. For the year ended December 31, 2023, lease liabilities arising from obtaining right-of-use assets was US$11,063.

2.	Principal accounting policies (continued)

(dd)

Leases (continued)

(ii) Lease liabilities (continued)


		Office rental
		US$

2024		11,440
2025		11,219
2026		7,770
2027 and after		2,371
Total undiscounted cash flows		32,800
Less: imputed interest		(1,990)
Present value of lease liabilities		30,810

Income taxes

(ee)	Income taxes

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

Uncertain tax positions

The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statements of comprehensive income. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

Statutory reserves

(ff)	Statutory reserves

The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain non-distributable reserve funds.

2.	Principal accounting policies (continued)

(ff)	Statutory reserves (continued)

In accordance with the laws applicable to China’s Foreign Investment Enterprises, the Group’s subsidiaries registered as wholly owned foreign enterprises have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company’s discretion.

In addition, in accordance with the Company Laws of the PRC, the VIEs of the Company registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.

The use of the general reserve fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

During the years ended December 31, 2021, 2022 and 2023, appropriations to general reserve fund and statutory surplus fund amounted to US$8,979, US$5,732, and US$5,179, respectively.

Related parties

(gg)	Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

Dividends

(hh)

Dividends

Dividends are recognized when declared.

Income per share

(ii)	Income per share

Basic income per share is computed on the basis of the weighted-average number of common shares outstanding during the period under measurement. Diluted income per share is based on the weighted-average number of common shares outstanding and potential common shares. Potential common shares result from the assumed exercise of outstanding share options, restricted shares and restricted share units or other potentially dilutive equity instruments, when they are dilutive under the treasury stock method or the if-converted method.

Comprehensive income

(jj)

Comprehensive income

Comprehensive income is defined as the change in equity of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of comprehensive income.

As of December 31, 2021, 2022 and 2023, accumulated other comprehensive income/loss of the Group is the foreign currency translation adjustments.

Segment reporting

(kk)	Segment reporting

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews segment results when making decisions about allocating resources and assessing performance of the Group. The Company operates two reportable segments consisting of: (1) Bigo; and (2) All other.

Recently issued accounting pronouncements

(ll)

Recently issued accounting pronouncements

Recently adopted accounting pronouncements

In August 2020 the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU 2020-06 also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares, adding information about events or conditions that occur during the reporting period that cause conversion contingencies to be met or conversion terms to be significantly changed. This update will be effective for the Company’s fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Entities can elect to adopt the new guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company adopted ASU 2020-06 on January 1, 2021 and a cumulative effect adjustment of US$86.7 million was credited to retained earnings as of January 1, 2021.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the standard is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The standard is effective for the fiscal year beginning January 1, 2022. The Group adopted the ASU on January 1, 2022, which did not have a material impact on the Group’s financial results or financial position.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting” in Topic 848. The standard is effective for all entities as of March 12, 2020 through December 31, 2022. The standard provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Group adopted the ASU on January 1, 2022, which did not have a material impact on the Group’s financial results or financial position.

In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Group adopted the ASU on January 1, 2022, which did not have a material impact on the Group’s financial results or financial position.

2.	Principal accounting policies (continued)

(ll)

Recently issued accounting pronouncements (continued)

Recently issued accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the Group’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.

Mezzanine equity - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Payment to redeemable convertible preferred shares	$ 22,000
Mezzanine equity	$ 74,600	$ 22,133	$ 91,366
Accretion of redeemable convertible preferred shares to redemption value			$ 5,000	$ 5,000
Gain on repurchase of redeemable convertible preferred shares of a subsidiary		$ 52,583
Other Subsidiary
Number of shares issued for redeemable convertible preferred shares for cash consideration					500,000,000
Redeemable convertible preferred shares for cash consideration					$ 50,000

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Short-term loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term loans
Short-term loans	$ 52,119	$ 37,270

Share-based compensation - Summary of Restricted Share Units Activity (Details) - 2011 Incentive Scheme - Restricted share units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of restricted shares
Outstanding at the beginning of the period (in shares)	17,535,567	24,027,895	72,652,890
Granted (in shares)	7,744,374	9,918,014	9,387,270
Forfeited (in shares)	(2,688,963)	(8,023,640)	(42,872,565)
Vested (in shares)	(8,058,007)	(8,386,702)	(15,139,700)
Outstanding at the end of the period (in shares)	14,532,971	17,535,567	24,027,895
Expected to vest at the end of the period (in shares)	12,272,176
Weighted average grant-date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 2.5551	$ 3.7202	$ 3.6059
Granted (in dollars per share)	1.7842	1.5065	3.6323
Forfeited (in dollars per share)	2.1666	3.4889	3.5461
Vested (in dollars per share)	2.8052	3.7594	3.6104
Outstanding at the end of the period (in dollars per share)	2.0776	$ 2.5551	$ 3.7202
Expected to vest at the end of the period (in dollars per share)	$ 2.0987

Property and equipment, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net
Depreciation expense	$ 46,576	$ 83,396	$ 108,686

Common shares and treasury shares

12 Months Ended

Dec. 31, 2023

Common shares and treasury shares

Common shares and treasury shares

25. Common shares and treasury shares

During the year ended December 31, 2021, 3,631,640 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share. In addition, 1,442,020 Class A common shares were transferred out from the treasury shares pool and issued for vested restricted share units during the year ended December 31, 2021. The Company also repurchased an aggregate of 6,515,488 ADSs, representing 130,309,760 Class A common shares at an average price of US$60.3154 per ADS or US$3.0158 per Class A common share, for aggregate consideration of US$393.0 million. Since the shares repurchased have not been cancelled, the excess of repurchase price over par value was recorded as treasury shares upon the repurchase date.

As of December 31, 2021, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 1,317,840,464 Class A common shares and 326,509,555 Class B common shares had been issued, 1,146,336,305 Class A common shares and 326,509,555 Class B common shares were outstanding, respectively.

On September 9, 2021, the Company’s board of directors approved a new share repurchase plan (the “September 2021 Share Repurchase Plan”), pursuant to which the Company may repurchase up to US$200 million of the Company’s outstanding ADSs or common shares over the next 12 months. On November 16, 2021, the Company’s board of directors further approved an additional share repurchase plan (the “November 2021 Share Repurchase Plan”), pursuant to which the Company may repurchase up to US$1 billion of the Company’s outstanding ADSs or common shares over the next 12 months. As of December 31, 2021, the Company had repurchased approximately US$235.7 million of its shares.

During the year ended December 31, 2022, 780,263 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share. In addition, 3,567,640 Class A common shares were transferred out from the treasury shares pool and issued for vested restricted share units during the year ended December 31, 2022. The Company also repurchased an aggregate of 4,225,359 ADSs, representing 84,507,180 Class A common shares at an average price of US$32.6786 per ADS or US$1.6339 per Class A common share, for aggregate consideration of US$138.1 million. Since the shares repurchased have not been cancelled, the excess of repurchase price over par value was recorded as treasury shares upon the repurchase date.

As of December 31, 2022, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 1,317,840,464 Class A common shares and 326,509,555 Class B common shares had been issued, 1,066,177,028 Class A common shares and 326,509,555 Class B common shares were outstanding, respectively.

During the year ended December 31, 2023, 3,471 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share. In addition, 7,240,060 Class A common shares were transferred out from the treasury shares pool and issued for vested restricted share units during the year ended December 31, 2023. The Company also repurchased an aggregate of 9,128,846 ADSs, representing 182,576,920 Class A common shares at an average price of US$29.9584 per ADS or US$1.4979 per Class A common share, for aggregate consideration of US$273.5 million. Since the shares repurchased have not been cancelled, the excess of repurchase price over par value was recorded as treasury shares upon the repurchase date.

As of December 31, 2023, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 1,317,840,464 Class A common shares and 326,509,555 Class B common shares had been issued, 890,843,639 Class A common shares and 326,509,555 Class B common shares were outstanding, respectively.

In November 2022, the Company’s board of directors authorized the continued usage of the unutilized quota under the November 2021 Share Repurchase Plan, which amounted to US$800 million then, for another 12-month period beginning from the end of November 2022. In November 2023, the Company’s board of directors authorized the renewal and continued usage of the unutilized quota under the pre-existing share repurchase program of US$530 million, which would originally expire in late November 2023, for another 12-month period commencing from the date hereof. In the full year of 2023 the Company had repurchased approximately US$273.5 million of its shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Principal accounting policies (Leases - Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Principal accounting policies
Weighted average remaining lease terms of the right-of-use assets	2 years 10 months 9 days
Weighted average incremental borrowing rate	5.44%
Operating lease cost	$ 14,681	$ 14,519
Short-term lease cost	8,660	9,148
Cash paid for operating leases included in operating cash flows	14,513	13,740
Lease liabilities arising from obtaining right-of-use assets	11,063	$ 19,039
Undiscounted cash flows to the operating lease liabilities recognized
2024	11,440
2025	11,219
2026	7,770
2027 and after	2,371
Total undiscounted cash flows	32,800
Less: imputed interest	(1,990)
Present value of lease liabilities	$ 30,810

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net (loss) income	$ 272,418	$ 101,568	$ (93,984)
Net income from discontinued operations	0	0	(35,567)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	46,576	83,396	108,686
Amortization of acquired intangible assets and land use rights	73,383	65,204	67,233
Amortization of right-of-use assets	12,541	14,779	7,009
Expected credit loss of receivables	1,654	14,553	5,206
Loss (gain) on disposal of property and equipment, intangible assets and other long-term assets	(274)	(4,118)	366
Impairment of investments	0	0	93,632
Impairment of intangible assets	0	1,356	0
Impairment of goodwill	0	14,830	0
Share-based compensation	31,979	44,096	33,382
Share of loss (income) in equity method investments, net of income taxes	(3,297)	498,431	26,217
Loss (gain) on disposal and deemed disposal of investments	(74,851)	(4,113)	23,762
(Gain) loss on disposal of business	6,177	0	(4,959)
Cash dividend received from equity investees	0	848	6,953
Deferred income taxes, net	(11,808)	(1,935)	(9,805)
Foreign currency exchange losses (gains), net	2,906	(11,666)	13,377
Interest expense	3,143	12,770	9,158
Investment (income) loss	0	1,360	(3,630)
Loss (gain) on fair value changes of investments	(12,425)	(424,304)	15,435
Gain on extinguishment of debt and derivative	0	(63,378)	(5,291)
Changes in operating assets and liabilities, net of business acquisition and disposal of subsidiaries
Accounts receivable	(32,422)	(20,201)	28,064
Interest receivables recorded in financing receivables	9	9	23
Prepayments and other assets	(30,660)	(33,357)	(8,082)
Amounts due from related parties	5,622	7,247	(20,702)
Lease liabilities	(12,546)	(12,343)	(7,930)
Amounts due to related parties	(1,783)	(41,268)	2,761
Accounts payable	(5,563)	19,052	(18,516)
Deferred revenue	(9,163)	8,594	(3,150)
Advances from customers	2,557	(2,589)	2,623
Income taxes payable	7,883	17,610	3,388
Accrued liabilities and other current liabilities	23,523	30,063	(89,532)
Net cash provided by continuing operating activities	295,579	316,494	146,127
Net cash provided by discontinued operating activities	0	0	64,289
Net cash provided by operating activities	295,579	316,494	210,416
Cash flows from investing activities
Placements of short-term deposits	(3,046,581)	(4,425,191)	(1,707,825)
Maturities of short-term deposits	3,293,451	3,711,568	1,483,449
Placements of short-term investments	(657,639)	(418,578)	(1,970,387)
Maturities of short-term investments	752,196	889,905	1,507,304
Purchase of property and equipment	(81,567)	(69,022)	(70,820)
Purchase of intangible assets and land use right	(445)	(197)	(114,057)
Cash paid for investments	(66,014)	(175,719)	(89,681)
Cash received from disposal of investments	222,097	15,174	156,479
Acquisition of businesses, net of cash, cash equivalents and restricted cash acquired	0	27,926	7,049
Repayments from (payments on behalf of) related parties, net	1	(36,522)	(4,537)
Loans to related parties	0	(28,062)	(34,203)
Loans to employees and third parties	(650)	(1,025)	(9,526)
Repayments of loans from employees, related parties and third parties	1,048	1,385	2,225
Principal collection from financing receivables	70	174	240
Proceeds from disposal of property and equipment	3,830	7,508	3,244
Others	576	(9,608)	(5,811)
Net cash (used in) provided by continuing investing activities	420,373	(510,284)	(846,857)
Net cash provided by discontinued investing activities	0	0	1,636,450
Net cash provided by (used in) investing activities	420,373	(510,284)	789,593
Cash flows from financing activities
Proceeds from exercise of vested share options	180	0	0
Capital contributions from the non-controlling interest shareholders	0	17,045	5,508
Dividends paid to shareholders	(84,197)	(145,925)	(160,143)
Dividend paid to non-controlling interests in a subsidiary	0	0	(47)
Purchase of non-controlling interests and redeemable non-controlling interests	(22,000)	0	(216)
Purchase of capped call option in relation to repurchase of common shares	(50,000)	0	0
Proceeds from bank borrowings	95,169	44,504	39,676
Repayment of bank borrowings	(82,544)	(11,718)	(147,618)
Repurchase of common shares	(273,896)	(138,079)	(398,637)
Cash paid on extinguishment of convertible bonds	(432,232)	(87,736)	(62,059)
Settlement of capped call options	7,775	0	0
Net cash used in continuing financing activities	(841,745)	(321,909)	(723,536)
Net cash provided by discontinued financing activities	0	0	0
Net cash used in financing activities	(841,745)	(321,909)	(723,536)
Net increase (decrease) in cash, cash equivalents and restricted cash	(125,793)	(515,699)	276,473
Cash, cash equivalents and restricted cash at the beginning of the year	1,565,560	2,134,492	1,819,571
Effect of exchange rate changes on cash, cash equivalents and restricted cash	682	(53,233)	38,448
Cash, cash equivalents and restricted cash at the end of the year	1,440,449	1,565,560	2,134,492
Cash, cash equivalents and restricted cash of continuing operations at the end of the year	1,440,449	1,565,560	2,134,492
Supplemental disclosure of cash flows information of continuing operation:
-Cash paid for interest, net of amounts capitalized	(7,829)	(8,706)	(15,485)
-Income taxes paid	(22,084)	(19,150)	(29,929)
Supplemental disclosures of non-cash investing and financing activities of continuing operation:
-Accrued capital expenditure	$ 47,109	29,501	10,407
-Disposal of investments and business		$ 144	$ 819

Discontinued operations

12 Months Ended

Dec. 31, 2023

Discontinued operations

Discontinued operations

3.	Discontinued operations

Disposal of YY Live business

On November 16, 2020, the Company entered into definitive agreements with Baidu to dispose of the YY Live business. As a result, assets and liabilities of this business were classified as assets and liabilities held for sale and the results of YY Live business were presented as discontinued operations. The transaction was substantially completed on February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. The Company no longer was able to operate and exert control over the YY Live business, including but not limited to the assets, liabilities, business and employee contracts necessary for the operation of the YY Live business. Accordingly, the Company ceased consolidation of the YY Live business since February 8, 2021 and also ceased to present the results of the YY Live business within discontinued operations since that same date.

In April 2022, the Company and Baidu agreed to extend the long stop date, which is the closing deadline of the proposed acquisition, indefinitely until any such extension is properly terminated by either party.

As a result of the pending regulatory approvals discussed above, the Company has not recognized any gain from the transaction. Instead, the Company has classified and presented all the assets and liabilities related to the YY Live business amounting to US$38,194 on a net basis within prepayments and other current assets (Note 11). The total consideration of the transaction is approximately US$3.6 billion in cash and subject to certain adjustments. The Company received part of the consideration amounting to US$1.9 billion by December 31, 2023, which was recorded as advance payments received within accrued liabilities and other current liabilities (Note 18). If the transaction is ultimately closed, the Company will recognize the gain related to the disposal of YY Live business transaction.

On January 1, 2024, the Company received a written notice from an affiliate of Baidu, purporting to terminate the share purchase agreement, dated November 16, 2020, as subsequently amended or supplemented, in connection with the sale of YY Live to Baidu. Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchase agreement.

The Company is currently in discussion with Baidu on the next steps following Baidu’s assertion that it has exercised its right to terminate the share purchase agreement. The Company is also seeking legal advice and will consider all options at its disposal in response to Baidu’s written notice and expressly reserves all rights. From January 1, 2024 through the date of this annual report, the Company has not obtained control of the YY Live business and, accordingly, continues to not reflect the YY Live business within the Company’s consolidated results and position.

3.	Discontinued operations (continued)

Disposal of YY Live business (continued)

The following tables set forth the assets, liabilities, statement of operations and cash flows of discontinued operations which were included in the Group’s consolidated financial statements. The net amount of the assets and liabilities as of December 31, 2022 and 2023 shown below are recorded within prepayments and other current assets in the consolidated balance sheet.


	As of December 31,
	2022	2023
	US$	US$
Assets
Current assets
Cash and cash equivalents	201,393	201,393
Accounts receivable, net	18,239	18,239
Prepayments and other current assets	4,986	4,986

Total current assets	224,618	224,618

Non-current assets
Deferred tax assets	4,294	4,294
Property and equipment, net	10,356	10,356
Intangible assets, net	7,456	7,456
Other non-current assets	3,814	3,814

Total non-current assets	25,920	25,920
Total assets	250,538	250,538

Liabilities
Current liabilities
Accounts payable	1,117	1,117
Deferred revenue	49,495	49,495
Advances from customers	12,663	12,663
Income taxes payable	9,787	9,787
Accrued liabilities and other current liabilities	139,282	139,282

Total current liabilities	212,344	212,344

Total liabilities	212,344	212,344

3.	Discontinued operations (continued)

Disposal of YY Live business (continued)

The following tables set forth the statement of operations and cash flows of discontinued operations which were included in the Group’s consolidated financial statements (in thousands).


		For the year ended
		December 31,
		2021
		US$

Net revenues
Live streaming		151,445
Others		2,980

Total net revenues		154,425

Cost of revenues⁽¹⁾		(88,900)

Gross profit		65,525

Operating expenses⁽¹⁾
Research and development expenses		(6,323)
Sales and marketing expenses		(8,954)
General and administrative expenses		(7,108)

Total operating expenses		(22,385)

Other income		611

Operating income		43,751

Interest income and investment income		355

Income before income tax expenses		44,106

Income tax expenses		(8,539)

Net income from discontinued operations		35,567

		For the year ended
		December 31,
		2021
		US$
Net cash provided by discontinued operating activities		64,289
Net cash provided by discontinued investing activities		1,636,450

There is no financing activity from discontinued operations of YY Live business.

3.	Discontinued operations (continued)

Disposal of YY Live business (continued)

(1)	Share-based compensation was allocated in cost of revenues and operating expenses as follows:


		For the year ended
		December 31,
		2021
		US$

Cost of revenues		(426)
Research and development expenses		(703)
Sales and marketing expenses		(39)
General and administrative expenses		(175)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common shares Class A common shares	Common shares Class B common shares	Treasury Stock	Additional paid-in capital	Statutory reserves	Retained earnings	Accumulated other comprehensive income (loss)	Total JOYY Inc.'s shareholders' equity	Non controlling interests	Class A common shares	Class B common shares	Total
Balance at Dec. 31, 2020	$ 13	$ 3	$ (139,528)	$ 3,456,844	$ 17,825	$ 2,881,782	$ 18,471	$ 6,235,410	$ 5,497			$ 6,240,907
Balance (in shares) at Dec. 31, 2020	1,272,346,218	326,509,555
Adoption of ASU \| Adoption of ASU 2020-06				(299,398)		86,659		(212,739)				$ (212,739)
Issuance of common shares for vested restricted shares and restricted share units (in shares)	3,631,640
Transfer from treasury shares to issued common shares for vested restricted share units			5,788	(5,788)
Transfer from treasury shares to issued common shares for vested restricted share units (in shares)	1,442,020											1,442,020
Acquisition of subsidiaries				53,327				53,327	26,731			$ 80,058
Net forfeiture of restricted shares (in shares)	(773,813)
Share-based compensation				31,691				31,691				31,691
Appropriation to statutory reserves					8,979	(8,979)
Capital injection in subsidiaries from non-controlling interest shareholders				(3,357)				(3,357)	9,313			5,956
Share of changes in the equity method investments' capital accounts				13,267		(1)	(8,183)	5,083				5,083
Repurchase of common shares			(392,984)					(392,984)				(392,984)
Repurchase of common shares (in shares)	(130,309,760)
Repurchase of noncontrolling interest and redeemable noncontrolling interests				(63)				(63)	(154)			(217)
Deconsolidation of subsidiaries									7,148			7,148
Dividends declared						(161,398)		(161,398)	(47)			(161,445)
Net income attributable to JOYY Inc. and non-controlling interest shareholders						(80,293)		(80,293)	(13,691)			(93,984)
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value						(5,236)		(5,236)	(102)			(5,338)
Foreign currency translation adjustments, net of nil tax							58,887	58,887	(558)			58,329
Balance at Dec. 31, 2021	$ 13	$ 3	(526,724)	3,246,523	26,804	2,712,534	69,175	5,528,328	34,137			$ 5,562,465
Balance (in shares) at Dec. 31, 2021	1,146,336,305	326,509,555								1,146,336,305	326,509,555
Issuance of common shares for vested restricted shares and restricted share units		$ 0
Issuance of common shares for vested restricted shares and restricted share units (in shares)	780,263
Transfer from treasury shares to issued common shares for vested restricted share units		0	10,260	(10,260)
Transfer from treasury shares to issued common shares for vested restricted share units (in shares)	3,567,640											3,567,640
Share-based compensation		0		42,446				42,446	1,650			$ 44,096
Appropriation to statutory reserves		0			5,732	(5,732)
Share of changes in the equity method investments' capital accounts		0		146		(14)	15,549	15,681				15,681
Repurchase of common shares		0	(138,677)					(138,677)				(138,677)
Repurchase of common shares (in shares)	(84,507,180)
Dividends declared	$ 0	0	0	0	0	(145,190)	0	(145,190)	(63)			(145,253)
Net income attributable to JOYY Inc. and non-controlling interest shareholders		0				128,891		128,891	(27,323)			101,568
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value		0				(5,426)		(5,426)	(108)			(5,534)
Exercise/settlement of RSU's in subsidiaries		0		(877)				(877)	932			55
Non-controlling interest arising from an acquisition		0							222,741			222,741
Foreign currency translation adjustments, net of nil tax		0					(246,959)	(246,959)	1,183			(245,776)
Balance at Dec. 31, 2022	$ 13	$ 3	(655,141)	3,277,978	32,536	2,685,063	(162,235)	5,178,217	233,149			$ 5,411,366
Balance (in shares) at Dec. 31, 2022	1,066,177,028	326,509,555								1,066,177,028	326,509,555
Issuance of common shares for vested restricted shares and restricted share units (in shares)	3,471
Transfer from treasury shares to issued common shares for vested restricted share units			14,085	(14,085)
Transfer from treasury shares to issued common shares for vested restricted share units (in shares)	7,240,060											7,240,060
Share-based compensation				30,263				30,263	1,716			$ 31,979
Appropriation to statutory reserves					5,179	(5,179)
Capital injection in subsidiaries from non-controlling interest shareholders				68,738				68,738	(86,934)			(18,196)
Share of changes in the equity method investments' capital accounts				(26,175)		(9)	1,687	(24,497)				(24,497)
Repurchase of common shares	$ (4)		(272,883)	(50,000)				(322,887)				(322,887)
Repurchase of common shares (in shares)	(182,576,920)
Repurchase of noncontrolling interest and redeemable noncontrolling interests				(389)				(389)				(389)
Deconsolidation of subsidiaries					(6)	6	(1,135)	(1,135)	6,415			5,280
Dividends declared						(82,072)		(82,072)				(82,072)
Net income attributable to JOYY Inc. and non-controlling interest shareholders						301,816		301,816	(29,398)			272,418
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value						(5,048)		(5,048)	(302)			(5,350)
Gain on repurchase of redeemable convertible preferred shares of a subsidiary						52,583		52,583				52,583
Exercise/settlement of RSU's in subsidiaries				(11,351)				(11,351)	11,500			149
Settlement of capped call options				7,775				7,775				7,775
Foreign currency translation adjustments, net of nil tax							(35,327)	(35,327)	(2,816)			(38,143)
Balance at Dec. 31, 2023	$ 9	$ 3	$ (913,939)	$ 3,282,754	$ 37,709	$ 2,947,160	$ (197,010)	$ 5,156,686	$ 133,330			$ 5,290,016
Balance (in shares) at Dec. 31, 2023	890,843,639	326,509,555								890,843,639	326,509,555

Fair value measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value measurements
Equity Securities, FV-NI, Gain	$ 11,179	$ 17,089	$ 14,045
Impairment of investments	$ 0	$ 0	$ 93,632

Investments (Schedule of equity method investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summarized financial information of equity method investments
Current assets	$ 4,072,640	$ 4,644,649
Non-current assets	4,411,225	4,427,004
Current liabilities	3,086,407	3,071,684
Non-current liabilities	85,309	497,237
Gross profit	813,028	852,128	$ 837,901
Net (loss) income	272,418	101,568	(93,984)
Net (loss) income attributable to the investees	347,351	119,465	(89,529)
Equity Method Investments.
Summarized financial information of equity method investments
Current assets	380,267	1,879,845
Non-current assets	1,074,993	1,060,160
Current liabilities	58,862	373,980
Non-current liabilities	16,199	33,173
Revenues	147,015	1,588,732	2,082,821
Gross profit	102,095	259,169	466,970
Net (loss) income	8,893	(103,729)	(81,953)
Net (loss) income attributable to the investees	$ 8,893	$ (103,729)	$ (81,953)

Financing receivables, net (Schedule Of Accounts Financing Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Less: allowance for expected credit loss on financing receivables	$ (18,213)	$ (18,556)	$ (20,317)
Financing receivables, net	0	0
Micro-credit personal loans
Financing receivables, gross	$ 18,213	$ 18,556

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 80
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-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Accrued liabilities and other current liabilities

12 Months Ended

Dec. 31, 2023

Accrued liabilities and other current liabilities

Accrued liabilities and other current liabilities

18. Accrued liabilities and other current liabilities


	December 31,
	2022	2023
	US$	US$

Revenue sharing fees and content costs	106,770	105,961
Salaries and welfare	85,361	82,768
Marketing and promotion expenses	58,600	61,197
Value added taxes and other taxes payable	160,257	199,170
Bandwidth costs	20,171	18,300
Consideration received related to disposal of YY Live (Note 3)	1,861,299	1,859,699
Others	67,544	54,094

Total	2,360,002	2,381,189

Prepayments and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepayments and other current assets
Interest receivable	$ 67,312	$ 40,280
Value added taxes to be deducted	47,064	31,415
Receivables from payment platforms	27,882	20,210
Employee advances	2,146	2,386
Prepayments and deposits to vendors and content providers	8,388	4,105
Deposits	5,122	5,651
Amount due from a lessee of sale-and-leaseback arrangement - net (Note 10)	17,975	18,355
Net assets subject to disposal related to YY Live (Note 3(a))	38,194	38,194
Others	41,406	75,587
Total	$ 255,489	$ 236,183

Short-term loans

12 Months Ended

Dec. 31, 2022

Short-term loans

Short-term loans

19. Short-term loans


	December 31,
	2022	2023
	US$	US$

Short-term loans	37,270	52,119

The Group entered into several agreements with banks, pursuant to which the Group borrowed loans with total principal amount of US$52 million within a banking facility of US$85 million in 2023. These loans were all with a maturity of less than one year and the annual interest rates ranged from 1.91% to 3.00%. Short-term deposits of US$57 million were pledged as collateral for the banking facilities, which were classified as restricted short-term deposits. These loans do not include any financial or restrictive covenants.

Accounts receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing receivables, net
Accounts receivable, gross	$ 150,793	$ 138,597
Less: allowance for expected credit loss of receivables	(20,093)	(20,670)	$ (12,426)
Accounts receivable, net	130,700	117,927
Summary of allowance for doubtful accounts
Balance at the beginning of the year	(20,670)	(12,426)	(7,387)
Additions charged to general and administrative expenses, net	(82)	(8,484)	(5,039)
Write-off during the year	659	240	0
Balance at the end of the year	$ (20,093)	$ (20,670)	$ (12,426)

Convertible bonds (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Jun. 19, 2019
Convertible bonds
Interest expense	$ 10,420	$ 12,770	$ 14,475
Convertible bonds	0	401,173
Purchased call option	$ 77,000
Initial conversion price	$ 127.9
Retained earnings	$ 2,947,160	2,685,063
Settlement of capped call options	$ 7,775	0	$ 0
Adjustment
Convertible bonds
Retained earnings				$ 86,700
ADS
Convertible bonds
Initial conversion price	$ 95.9
Number of shares agreed to sell	10.4
Convertible bonds, non-current
Convertible bonds
Aggregate principle amount					$ 1,000
Convertible bonds	$ 0	401,200
Notes due 2025
Convertible bonds
Aggregate principle amount					$ 500,000
Interest rate (as a percent)					0.75%
Proceeds from convertible debt	491,000
Debt issuance costs	9,000
Amortization of debt issuance costs	7,000
Amount allocated as deduction to the equity component	2,000
Debt instrument, repurchased amount		27,800
Repayment of convertible bonds	432,000	29,700
Notes due 2026
Convertible bonds
Aggregate principle amount					$ 500,000
Interest rate (as a percent)					1.375%
Proceeds from convertible debt	491,000
Convertible bonds	0	401,173
Debt issuance costs	9,000
Amortization of debt issuance costs	6,000
Amount allocated as deduction to the equity component	3,000
Debt instrument, repurchased amount		55,300
Repayment of convertible bonds		60,900
Notes due 2025 and 2026
Convertible bonds
Interest expense	$ 1,583	2,448
Initial conversion rate					$ 10.4271
Initial conversion price					$ 95.9
Net gain on extinguishment of debt		$ 7,100
Repurchase price of the principal amount, percentage	100.00%

Business combination - Fair value of common shares (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 06, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business combination
Gain on fair value changes of investment		$ 12,425	$ 424,304	$ (15,435)
Shopline Group
Business combination
Amounts due from Shopline	$ 76,226
Gain on fair value changes of investment	$ 440,692

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

Related party transactions

28. Related party transactions

The table below sets forth the major related parties and their relationships with the Group:

Major related parties		Relationship with the Group
Guangzhou Sunhongs Corp., Ltd. (“Guangzhou Sunhongs”)		Significant influence exercised by a principal shareholder of the Company
Shopline^*		Investment with significant influence
Xiaomi Corporation (“Xiaomi Group”)		Controlled by a principal shareholder of the Company

Since September 6, 2022, Shopline became a subsidiary of the Group and ceased to be a related party of the Group.

During the years ended December 31, 2021, 2022 and 2023, significant related party transactions are as follows:


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Bandwidth service provided by Guangzhou Sunhongs	3,287	1,513	1,382
Promotion expense charged from related parties	3,149	5,322	8,008
Loan to related parties	34,035	28,062	—
Payments on behalf of related parties, net of repayments	55,301	36,522	(1)
Others	3,000	2,862	1,309

As of December 31, 2022 and 2023, the amounts due from/to related parties are as follows:


	December 31,
	2022	2023
	US$	US$

Amounts due from related parties, current	1,794	810

Amounts due to related parties, current
Due to Xiaomi Group	1,750	2,377
Others	1,475	156

Total	3,225	2,533

Other receivables and payables from/to related parties are unsecured and payable on demand.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Dividends

12 Months Ended

Dec. 31, 2023

Dividends.

Dividends

31. Dividends

On August 11, 2020, the board of directors approved a quarterly dividend policy for three years commencing in the second quarter of 2020. Under the policy, total cash dividend amount expected to be paid would be approximately US$300 million and quarterly dividends would be set at approximately US $25 million in each fiscal quarter. On November 20, 2020, the board of directors approved an additional quarterly dividend policy for three years, under which the total cash dividend amount expected to be paid would be approximately US$200 million and quarterly dividend would be set at approximately US$16.67 million in each fiscal quarter. Dividends are recognized when declared. The two quarterly dividend policies both expired already and there is no dividend payable as of December 31, 2023.

Share-based compensation - Share based awards granted to an employee of a subsidiary and Other share based compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation [Abstract]
Share-based compensation	$ 10,164	$ 9,009	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Foreign currency translation adjustments, tax portion	$ 0	$ 0	$ 0
Share-based compensation	31,979	44,096	33,382
Cost of revenues
Share-based compensation	3,575	8,185	8,089
Research and development expenses
Share-based compensation	19,415	25,170	24,053
Sales and marketing expenses
Share-based compensation	797	777	1,285
General and administrative expenses
Share-based compensation	$ 8,192	$ 9,964	$ (45)
Class A common shares
Number of common shares represented by each ADS	20	20	20

Income tax

12 Months Ended

Dec. 31, 2023

Income tax

Income tax

23. Income tax

(i)

Cayman Islands

Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

(ii)

BVI

Duowan BVI is exempted from income tax on its foreign-derived income in the BVI.

(iii)

Hong Kong profits tax

Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group in Hong Kong are subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated in Hong Kong are not subject to any Hong Kong withholding tax.

(iv)

Singapore

The income tax provision of the Group in respect of its international operations in Singapore was calculated at the tax rate of 17% on the assessable profits, based on the existing legislation, interpretations and practices in respect thereof.

According to the Development and Expansion Incentive (the “Incentive”) pursuant to the provisions of Part IIIB of the Economic Expansion Incentives (Relief from Income Tax) Act, Chapter 86, corporations engaging in new high-value-added projects, expanding or upgrading their operations, or undertaking incremental activities after their pioneer period may apply for their profits to be taxed at a reduced rate of not less than 5% for an initial period of up to ten years. The total tax relief period for each qualifying project or activity is subject to a maximum of 40 years (inclusive of the post-pioneer relief period previously granted, if applicable).

Bigo Singapore applied for the Incentive and received approval in October 2018 and started to enjoy the beneficial tax rate of 5% as the Incentive for the years 2018 through 2022. Bigo Singapore applied for the renewal of Incentive qualification and received approval in December 2022 and is entitled to enjoy the beneficial tax rate from 2023 to 2027. Other Singapore entities were subject to 17% income tax for the periods reported.

(v)

Mainland China

The Company’s subsidiaries and VIEs in Mainland China are governed by the Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in China are generally subject to tax at a statutory rate of 25%. Certified High and New Technology Enterprises (“HNTE”) are entitled to a favorable tax rate of 15%, but need to re-apply every three years. During this three-year period, an HNTE must conduct a qualification self-review each year to ensure it meets the HNTE criteria and is eligible for the 15% preferential tax rate for that year. If an HNTE fails to meet the criteria for qualification in any year, the enterprise cannot enjoy the preferential tax rate in that year, and must instead use the regular 25% EIT rate.

Certain PRC subsidiaries and VIEs, including Guangzhou Huanju Shidai, Guangzhou BaiGuoYuan and BaiGuoYuan Technology, etc. are qualified HNTEs and enjoy a reduced tax rate of 15% for the years presented. An entity could re-apply for the HNTE certificate when the prior certificate expires. Historically, most of the Company’s subsidiaries and VIEs successfully re-applied for the certificates when the prior ones expired.

23. Income tax (continued)

(v)

Mainland China (continued)

According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim an additional tax deduction amounting to 50% of the qualified research and development expenses incurred in determining its tax assessable profits for that year. The additional tax deducting amount of the qualified research and development expenses have been increased from 50% to 75%, effective from 2018 onwards, according to a new tax incentives policy promulgated by the State Tax Bureau of the PRC in September 2018 (“Super Deduction”). The additional tax deducting amount of the qualified research and development expenses have been increased from 75% to 100%, effective from 2023 onwards.

Qualified subsidiaries and VIEs of the Group claimed the Super Deduction in ascertaining the tax assessable profits for the periods reported.

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by an Foreign Invested Enterprise (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between the Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and are subject to the withholding taxes. All FIEs are subject to the withholding tax from January 1, 2008. The presumption may be overcome if the Group has sufficient evidence to demonstrate that the undistributed dividends will be re-invested and the remittance of the dividends will be postponed indefinitely.

Aggregate undistributed earnings and reserves of the Group entities located in the Mainland China that are available for distribution to the Company as of December 31, 2022 and 2023 are approximately US$2,385,325 and US$2,139,085, respectively.

In 2022, the Group determined to cause one of its PRC subsidiaries, Guangzhou Huanju Shidai, to declare and distribute a cash dividend of part of its stand-alone 2020 earnings, amounted to US$110,000, to its direct oversea parent company, Duowan BVI. As a result, Guangzhou Huanju Shidai paid a withholding tax in the amount of US$11,000 in 2022.

The Group has a plan to indefinitely reinvest its aggregate undistributed earnings and reserves and any future earnings in the PRC for use in the operation. Accordingly, no deferred tax liability on 10% withholding tax of aggregate undistributed earnings and reserves of the Company’s subsidiaries located in the PRC has been accrued that would be payable upon the distribution of those amounts to the Company as of December 31, 2022 and 2023.

Composition of income tax expense

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income are as follows:


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Current income tax expenses	(35,550)	(36,510)	(30,664)
Deferred income tax benefit	9,805	1,935	11,808
Income tax expenses	(25,745)	(34,575)	(18,856)

23. Income tax (continued)

(v)

Mainland China (continued)

Composition of income tax expense (continued)

The company records annual income tax with regard to a number of tax jurisdictions, including primarily Singapore and Mainland China.

Reconciliation of the differences between statutory tax rate and the effective tax rate

The reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income is as follows:


	2021		2022		2023

Singapore statutory income tax rate (*)	17.0	%	17.0	%	17.0	%
Effect of tax holiday and preferential tax benefit	20.9	%	(5.3)	%	(7.0)	%
Effect of different tax rates available to different jurisdictions	47.6	%	(9.5)	%	(19.5)	%
Permanent differences (i)	(66.3)	%	6.8	%	14.9	%
Change in valuation allowance	(95.2)	%	0.8	%	10.1	%
Effect of Super Deduction available to the Group	42.8	%	(4.4)	%	(9.0)	%
Effective income tax rate	(33.2)	%	5.4	%	6.5	%

*: As a majority of the Group’s businesses is subject to Singapore corporate tax rate, the reconciliation of tax expenses begins at Singapore statutory income tax rate.

(i)

Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.

23. Income tax (continued)

Deferred tax assets and liabilities

Deferred taxes are measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2022 and 2023 are as follows:


	December 31,
	2022	2023
	US$	US$

Deferred tax assets:
Tax loss carried forward	197,651	193,219
Allowance for expected credit loss of receivable, accrued expense and others not currently deductible for tax purposes	37,991	35,457
Deferred revenue	2,708	1,609
Impairment of investment	4,937	2,813
Others	4,350	(22)
Valuation allowance (i)	(242,051)	(224,130)
Deferred tax assets, net	5,586	8,946

Deferred tax liabilities:
Related to the fair value changes of investments	10,446	30,724
Related to acquired intangible assets	54,774	31,053
Others	4,628	1,124


Deferred tax liabilities	69,848	62,901
Classification in the consolidated balance sheets:
Deferred tax assets, net	—	—
Deferred tax liabilities	64,262	53,955

(i)

23. Income tax (continued)

Deferred tax assets and liabilities (continued)

Movement of valuation allowance


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Balance at beginning of the year	(150,252)	(213,688)	(242,051)
Additions	(119,999)	(58,968)	(31,733)
Reversals	56,563	30,605	49,654
Balance at end of the year	(213,688)	(242,051)	(224,130)

Tax loss carry forwards

As of December 31, 2023, total tax loss carry forwards of the Company’s subsidiaries and VIEs in the PRC amounted to US$716,957, which were mainly generated by non-HNTEs. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period was extended to 10 years for entities qualified as HNTEs. The tax losses of entities in the PRC will expire from 2024 to 2028, if not utilized except for those arose from HNTEs which will expired during the period from 2024 to 2033. The accumulated tax losses of subsidiaries incorporated in Hong Kong, Singapore and other countries, subject to the agreement of the relevant tax authorities, of US$26,754, US$353,835 and US$114,006,respectively, are allowed to be carried forward to offset against future taxable profits. Such carry forward of tax losses in Hong Kong and Singapore have no time limit.

In accordance with Singapore Tax Administration Law, the Singapore tax authorities generally have up to four years to claw back underpaid tax if the year of assessment is 2008 onwards. Accordingly, tax filings of the Group’s Singapore subsidiaries for tax years 2020 through 2023 remain subject to the review by the relevant Singapore tax authorities. There were no ongoing tax examinations as of December 31, 2023 by Singapore tax authorities.

In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax plus penalties and interest for PRC entities’ tax filings. Accordingly, tax filings of the Group’s PRC subsidiaries and VIEs for tax years 2019 through 2023 remain subject to the review by the relevant PRC tax authorities. There were no ongoing tax examinations as of December 31, 2023 by PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accounts receivable, net

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Accounts receivable, net

9.	Accounts receivable, net


	December 31,
	2022	2023
	US$	US$

Accounts receivable, gross	138,597	150,793
Less: allowance for expected credit loss of receivables	(20,670)	(20,093)

Accounts receivable, net	117,927	130,700

9.	Accounts receivable, net (continued)

The following table summarizes the details of the Group’s allowance for expected credit losses:


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Balance at the beginning of the year	(7,387)	(12,426)	(20,670)
Additions charged to general and administrative expenses, net	(5,039)	(8,484)	(82)
Write-off during the year	—	240	659

Balance at the end of the year	(12,426)	(20,670)	(20,093)

Land use rights, net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - Land Use Rights. $ in Thousands	Dec. 31, 2023 USD ($)
Land use rights, net
2024	$ 8,432
2025	8,432
2026	8,432
2027	8,432
2028	$ 8,432

Convertible bonds (Tables)

12 Months Ended

Dec. 31, 2023

Convertible bonds.

Schedule of convertible bonds


	December 31,
	2022	2023
	US$	US$

Current
2025 Convertible Senior Notes	435,087	—
2026 Convertible Senior Notes	—	405,603
	435,087	405,603
Non-current
2026 Convertible Senior Notes	401,173	—
	401,173	—

Short-term loans (Tables)

12 Months Ended

Dec. 31, 2022

Short-term loans

Schedule of short-term debt


	December 31,
	2022	2023
	US$	US$

Short-term loans	37,270	52,119

Basic and diluted net income per share - Schedule of shares outstanding were excluded from the calculation of diluted net (loss) income per share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share options
Basic and diluted net income per share
Antidilutive securities	8,574,220	9,414,400	9,414,400
Restricted share units
Basic and diluted net income per share
Antidilutive securities			24,027,895
Restricted shares
Basic and diluted net income per share
Antidilutive securities			15,149,405
Convertible bonds
Basic and diluted net income per share
Antidilutive securities			201,677,195

Principal accounting policies (Revenue Recognition and Cost of Revenues - Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract Balance [Member]
Revenue
Remaining performance obligation	$ 86,605
Revenue Remaining Performance Obligation Expected to be Recognized	73,673
Live streaming
Revenue
Deferred revenue	62,333	$ 72,733
Revenue recognized	63,303	58,425
Others
Revenue
Deferred revenue	24,272	23,046
Revenue recognized	$ 22,711	$ 2,485

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Principal accounting policies (Schedule of Property and Equipment Estimated Useful Lives and Residual Rate) (Details)	Dec. 31, 2023
Buildings
Property and equipment, net
Residual rate (as a percent)	0.00%
Buildings \| Minimum
Property and equipment, net
Estimated useful lives	32 years
Buildings \| Maximum
Property and equipment, net
Estimated useful lives	40 years
Servers, computers and equipment \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Residual rate (as a percent)	0.00%
Servers, computers and equipment \| Maximum
Property and equipment, net
Estimated useful lives	5 years
Residual rate (as a percent)	5.00%
Leasehold improvements
Property and equipment, net
Estimated useful lives	5 years
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Residual rate (as a percent)	0.00%
Renovation of buildings
Property and equipment, net
Estimated useful lives	10 years
Residual rate (as a percent)	0.00%
Motor vehicles \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Residual rate (as a percent)	0.00%
Motor vehicles \| Maximum
Property and equipment, net
Estimated useful lives	10 years
Residual rate (as a percent)	5.00%
Furniture, fixture and office equipment \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Residual rate (as a percent)	0.00%
Furniture, fixture and office equipment \| Maximum
Property and equipment, net
Estimated useful lives	5 years
Residual rate (as a percent)	5.00%

Organization and principal activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and principal activities

Schedule of details of the principal subsidiaries and VIEs


			% of direct
		Date of	or indirect
	Place of	incorporation or	economic
Name	incorporation	acquisition	ownership		Principal activities

Principal subsidiaries
Duowan Entertainment Corporation (“Duowan BVI”)	British Virgin Islands (“BVI”)	November 6, 2007	100	%	Investment holding

Huanju Shidai Technology (Beijing) Co., Ltd. (“Beijing Huanju Shidai”)	PRC	March 19, 2008	100	%	Investment holding

Guangzhou Huanju Shidai Information Technology Co., Ltd. (“Guangzhou Huanju Shidai”)	PRC	December 2, 2010	100	%	Software development

Bigo Inc.	Cayman Islands	March 4, 2019	100	%	Investment holding

Bigo Technology Pte. Ltd. (“Bigo Singapore”)	Singapore	March 4, 2019	100	%	Investment holding, operation of live streaming platform

Bigo (Hong Kong) Limited (“Bigo HK”)	Hong Kong	March 4, 2019	100	%	Investment holding

Guangzhou BaiGuoYuan Information Technology Co., Ltd. (“BaiGuoYuan Technology”)	PRC	March 4, 2019	100	%	Software development and provision of information technology services

Principal VIEs

Guangzhou Huaduo Network Technology Co., Ltd. (“Guangzhou Huaduo”)	PRC	April 11, 2005			Holder of internet content provider licenses and internet value added services

Guangzhou BaiGuoYuan Network Technology Co., Ltd. (“Guangzhou BaiGuoYuan”)	PRC	March 4, 2019			Holder of internet content provider licenses and internet value added services

Principal accounting policies

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Principal accounting policies

2.	Principal accounting policies

(a)

Basis of presentation

(b)

Consolidation

The Company deconsolidates its subsidiaries or business in accordance with ASC 810 as of the date the Company ceased to have a controlling financial interest in the subsidiaries.

2.	Principal accounting policies (continued)

(c)

Use of estimates

(d)

Foreign currency translation

(e)

Cash and cash equivalents and restricted cash

Readily convertible to known amounts of cash throughout the maturity period;

ii)

So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

The Group considers all highly liquid investments with original maturities of three months or less as cash equivalents.

2.	Principal accounting policies (continued)

(f)

Short-term deposits

(g)

Long-term deposits

(h)

Short-term investments

(i)

Accounts receivable

(j)

Financing receivables

2.	Principal accounting policies (continued)

(k)

Investments

Equity Investments Accounted for Using the Equity Method

Equity Investments with Readily Determinable Fair Values

Equity Investments without Readily Determinable Fair Values

Available-for-sale debt investments

(l)

Property and equipment


		Residual
	Estimated useful lives	rate
Buildings	32-40 years	0	%
Servers, computers and equipment	3-5 years	0%-5	%
Leasehold improvements	Shorter of lease term or 5 years	0	%
Renovation of buildings	10 years	0	%
Motor vehicles	3-10 years	0%-5	%
Furniture, fixture and office equipment	3-5 years	0%-5	%

2.	Principal accounting policies (continued)

(l)

Property and equipment (continued)

(m)

Business combinations

(n)

Intangible assets


		Estimated useful lives

Trademark		6 - 10 years
Customer relationships		3-5 years
Licenses		15 years
Non-compete agreement		1 year
Operating rights		Shorter of the economic life or contract terms
Software		1-10 years
Domain names		10-15 years
Technology		5 - 6 years
Others		Shorter of the economic life or contract terms

(o)

Land use rights

2.	Principal accounting policies (continued)

(p)

Impairment of long-lived assets

The impairment charges of long-lived assets recorded in general and administrative expenses for the years ended December 31, 2021, 2022 and 2023 were amounting to nil, US$1,356, and nil respectively.

(q)

Goodwill

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.

(r)

Annual test for impairment of goodwill

2.	Principal accounting policies (continued)

(r)

Annual test for impairment of goodwill (continued)

(s)

Convertible bonds

(t)

Mezzanine equity and non-controlling interests

Mezzanine equity

Each type of increase in carrying amount shall be recorded as charges against retained earnings or, in the absence of retained earnings, by charges against additional paid-in capital.

Non-controlling interests

2.	Principal accounting policies (continued)

(u)

Revenue

Revenue recognition and significant judgments

(i)Live streaming

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(i)Live streaming (continued)

(ii)

Others

Other revenues mainly generated from advertising, e-commerce business, online games, membership and online education.

(1)Advertising revenues

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(ii)Others (continued)

(2)E-commerce business revenues

(3)Online games revenues

(4)Membership

2.	Principal accounting policies (continued)

(u)

Revenue (continued)

Revenue recognition and significant judgments (continued)

(ii)Others (continued)

(5)Online education revenues

Contract balances

(v)

Advances from customers and deferred revenue

2.	Principal accounting policies (continued)

(w)

Cost of revenues

(x)

Research and development expenses

(y)	Sales and marketing expenses

(z)	General and administrative expenses

(aa) Employee social security and welfare benefits

(bb) Share-based compensation

2.	Principal accounting policies (continued)

(bb) Share-based compensation (continued)

The Group accounts for the effects of modifications, if any, to its equity award in accordance to Topic 718: Compensation—Stock Compensation.

The details of the Group’s share-based awards are disclosed in Note 26. Fair value determination of these share-based awards is summarized as below:

(1)Restricted share units

(2)Share options

(3)Restricted shares

(cc)	Other income

2.	Principal accounting policies (continued)

(dd) Leases

Operating leases are included in operating lease right-of-use assets, current lease liabilities and non-current lease liabilities on the consolidated balance sheets.

(i)Right-of-use assets

(ii) Lease liabilities

Lease liabilities are lessees’ obligations to make the lease payments arising from a lease, measured on a discounted basis.

2.	Principal accounting policies (continued)

(dd)

Leases (continued)

(ii) Lease liabilities (continued)


		Office rental
		US$

2024		11,440
2025		11,219
2026		7,770
2027 and after		2,371
Total undiscounted cash flows		32,800
Less: imputed interest		(1,990)
Present value of lease liabilities		30,810

(ee)	Income taxes

Uncertain tax positions

(ff)	Statutory reserves

The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain non-distributable reserve funds.

2.	Principal accounting policies (continued)

(ff)	Statutory reserves (continued)

During the years ended December 31, 2021, 2022 and 2023, appropriations to general reserve fund and statutory surplus fund amounted to US$8,979, US$5,732, and US$5,179, respectively.

(gg)	Related parties

(hh)

Dividends

Dividends are recognized when declared.

(ii)	Income per share

(jj)

Comprehensive income

As of December 31, 2021, 2022 and 2023, accumulated other comprehensive income/loss of the Group is the foreign currency translation adjustments.

2.	Principal accounting policies (continued)

(kk)	Segment reporting

(ll)

Recently issued accounting pronouncements

Recently adopted accounting pronouncements

2.	Principal accounting policies (continued)

(ll)

Recently issued accounting pronouncements (continued)

Recently issued accounting pronouncements not yet adopted

Intangible assets, net (Schedule of Estimated Amortization Expenses) (Details) - Indefinite-lived Intangible Assets $ in Thousands	Dec. 31, 2023 USD ($)
Amortization expense of intangible assets
2024	$ 56,898
2025	55,136
2026	55,091
2027	52,757
2028	$ 51,085

Deferred revenue

12 Months Ended

Dec. 31, 2023

Deferred revenue

Deferred revenue

17. Deferred revenue


	December 31,
	2022	2023
	US$	US$

Deferred revenue, current
Live streaming	63,303	56,817
Others	22,711	16,856
Total current deferred revenue	86,014	73,673

Deferred revenue, non-current
Live streaming	9,430	5,516
Others	335	7,416
Total non-current deferred revenue	9,765	12,932

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35729
Entity Incorporation, State or Country Code	E9
Entity Registrant Name	JOYY INC
Entity Address, Address Line One	30 Pasir Panjang Road #15-31A
Entity Address, City or Town	Mapletree Business City
Entity Address, Country	SG
Entity Address, Postal Zip Code	117440
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001530238
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Singapore
Auditor Firm ID	1093
ADS
Document Information [Line Items]
Title of 12(b) Security	American depositary shares (each representing 20 Class A common shares, par value US$0.00001 per share)
Security Exchange Name	NASDAQ
Trading Symbol	YY
Class A common shares
Document Information [Line Items]
Title of 12(b) Security	Class A common shares, par value US$0.00001 per share*
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	890,843,639
Trading Symbol	YY
Class B common shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	326,509,555
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	30 Pasir Panjang Road #15-31A
Entity Address, City or Town	Mapletree Business City
Entity Address, Country	SG
Entity Address, Postal Zip Code	117440
Contact Personnel Name	David Xueling Li
City Area Code	65
Local Phone Number	63519330
Contact Personnel Email Address	lxl@joyy.com

Short-term deposits (Tables)

12 Months Ended

Dec. 31, 2023

Short-term deposits

Schedule of Deposit Assets


	December 31, 2022		December 31, 2023
		US$		US$
	Amount	equivalent	Amount	equivalent

US$	1,983,877	1,983,877	1,596,592	1,596,592
RMB	2,623,347	376,668	2,647,185	373,754
Total		2,360,545		1,970,346

Cash and cash equivalents and restricted cash and cash equivalents (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 1,063,956		$ 1,214,449
Restricted cash and cash equivalent	319,250		303,370
Others
Cash and cash equivalents [Line Items]
Cash and cash equivalents	61,863		54,598
US$
Cash and cash equivalents [Line Items]
Cash and cash equivalents	846,754		863,452
RMB
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 155,339	¥ 1,100,216	$ 296,399	¥ 2,064,300

Certain risks and concentration (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Certain risks and concentration
Maximum foreign ownership in internet information provider or other value-added telecommunication service provider's business allowed under PRC laws and regulations	50.00%
Inter segment elimination
Certain risks and concentration
Revenues from sales of software	$ 21,970	$ 1,415	$ 0
Cost of revenues and operating expenses for purchase of software	47,257	54,127	80,402
Cost of revenues and operating expenses for technical support services	$ 25,798	55,760	35,899
Minimum
Certain risks and concentration
Term of contractual agreements	10 years
Maximum
Certain risks and concentration
Term of contractual agreements	30 years
Guangzhou Huaduo
Certain risks and concentration
Equity interests ownership (as a percent)	100.00%
Beijing Tuda and Guangzhou Huaduo
Certain risks and concentration
Maximum percentage of the income of VIEs which may be charged as service fees	100.00%
Maximum percentage of the profits payable by VIEs	100.00%
Guangzhou BaiGuoYuan
Certain risks and concentration
Equity interests ownership (as a percent)	100.00%
Group companies
Certain risks and concentration
Revenues	$ 54,280	54,587	109,618
Group companies \| Inter segment elimination
Certain risks and concentration
Revenues	14,505	9,668	129,440
Cash paid for settlement of software transactions	41,070	52,878	62,499
Cash paid for settlement of technical support fees	$ 45,063	$ 56,823	$ 52,119

Principal accounting policies (Convertible bonds - Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Impairment of long-lived assets
Impairment charges of intangible assets	$ 0	$ 1,356	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense	General and Administrative Expense	General and Administrative Expense
Retained earnings	$ 2,947,160	$ 2,685,063
Adjustment
Impairment of long-lived assets
Retained earnings				$ 86,700
Adjustment \| Adoption of ASU 2020-06
Impairment of long-lived assets
Retained earnings				$ 86,700

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Discontinued operations - Disposal of YY Live business and Huya operations and cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Net income from discontinued operations	$ 0	$ 0	$ 35,567
Net Cash Provided by (Used in) Discontinued Operations
Net cash provided by discontinued operating activities	0	0	64,289
Net cash provided by discontinued investing activities	$ 0	$ 0	1,636,450
Held for sale \| YY Live
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Total net revenues			154,425
Cost of revenues			(88,900)
Gross profit			65,525
Operating expenses
Research and development expenses			(6,323)
Sales and marketing expenses			(8,954)
General and administrative expenses			(7,108)
Total operating expenses			(22,385)
Other income			611
Operating income			43,751
Interest income and investment income			355
Income before income tax expenses			44,106
Income tax expenses			(8,539)
Net income from discontinued operations			35,567
Net Cash Provided by (Used in) Discontinued Operations
Net cash provided by discontinued operating activities			64,289
Net cash provided by discontinued investing activities			1,636,450
Held for sale \| YY Live \| Live streaming
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Total net revenues			151,445
Held for sale \| YY Live \| Others
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Total net revenues			$ 2,980

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Financing receivables, net

Schedule of accounts receivable, net


	December 31,
	2022	2023
	US$	US$

Accounts receivable, gross	138,597	150,793
Less: allowance for expected credit loss of receivables	(20,670)	(20,093)

Accounts receivable, net	117,927	130,700

Summary of allowance for expected credit losses


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Balance at the beginning of the year	(7,387)	(12,426)	(20,670)
Additions charged to general and administrative expenses, net	(5,039)	(8,484)	(82)
Write-off during the year	—	240	659

Balance at the end of the year	(12,426)	(20,670)	(20,093)

Discontinued operations - Disposal of YY Live business and Huya Share-based compensation (Details) - Held for sale - YY Live $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Cost of revenues
Discontinued operations
Cost of revenues	$ (426)
Research and development expenses
Discontinued operations
Research and development expenses	(703)
Sales and marketing expenses
Discontinued operations
Sales and marketing expenses	(39)
General and administrative expenses
Discontinued operations
General and administrative expenses	$ (175)

Share-based compensation - Share Options - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) installment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based compensation
Share-based compensation	$ 31,979	$ 44,096	$ 33,382
Allocated Share-based Compensation Expense	10,164	9,009	0
General and administrative expenses
Share-based compensation
Share-based compensation	$ 8,192	$ 9,964	$ (45)
Employees \| Vested after 24 months of the grant date in two equal installments over the following 24 months
Share-based compensation
Number of vesting installments \| installment	2
Share Incentive Scheme
Share-based compensation
share option granted \| shares	0	0	0
2011 Incentive Scheme
Share-based compensation
share option granted \| shares	8,574,220
Total intrinsic value	$ 0	$ 0	$ 0
2011 Incentive Scheme \| Employees \| Vested in three equal installments over the following 36 months
Share-based compensation
Number of vesting installments \| installment	3
Vesting period	36 months
2011 Incentive Scheme \| Employees \| Vested after 24 months of the grant date in two equal installments over the following 24 months
Share-based compensation
Vesting period	24 months
Vesting percentage	50.00%
Vesting percentage remaining	50.00%
Secondary vesting period	24 months
2011 Incentive Scheme \| Employees \| Vested after 24 months of the grant date in one installments over the following 12 months
Share-based compensation
Number of vesting installments \| installment	1
Vesting period	24 months
Vesting percentage	50.00%
Vesting percentage remaining	50.00%
Secondary vesting period	12 months
Share options \| 2011 Incentive Scheme
Share-based compensation
Allocated Share-based Compensation Expense	$ 120	1,022	2,222
Restricted share units \| 2011 Incentive Scheme
Share-based compensation
Share-based compensation	$ 13,766	$ 21,463	$ 21,427

Business combination - Summarizes the components of the purchase consideration (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 06, 2022	Jun. 30, 2021
Shopline Group
Components of the purchase consideration transferred
Cash	$ 182,892
Fair value of previously held equity interest in the acquiree	440,692
Elimination of preexisting amounts due	76,226
Total consideration	$ 699,810
Other acquisition
Components of the purchase consideration transferred
Cash		$ 9,611
Fair value of a subsidiary's common share issued		53,810
Fair value of previously held equity interest in the acquiree		27,716
Total consideration		$ 91,137

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Schedule of investments


	December 31,
	2022	2023
	US$	US$

Equity investments accounted for using the equity method (i)	458,463	322,701
Equity investments with readily determinable fair values (ii)	1,180	1,504
Equity investments without readily determinable fair values (iii)	179,462	156,419
Available-for-sale debt investments (iv)	21,299	63,918

Total	660,404	544,542

(i)

Investments have been accounted for under the equity method where the Group has significant influence over these investees and the investments are considered as in-substance common shares.

(ii)

The Group does not have the ability to exercise significant influence over these investments. Therefore, it has been precluded from applying the equity method of accounting.

(iii)

Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock.

(iv)

Schedule of equity method investments


	December 31,
	2022	2023
	US$	US$

Current assets	1,879,845	380,267
Non-current assets	1,060,160	1,074,993
Current liabilities	373,980	58,862
Non-current liabilities	33,173	16,199


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Revenues	2,082,821	1,588,732	147,015
Gross profit	466,970	259,169	102,095
Net (loss) income	(81,953)	(103,729)	8,893
Net (loss) income attributable to the investees	(81,953)	(103,729)	8,893

Share-based compensation - Restricted Share Units - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2019	Oct. 31, 2012	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 16, 2011
Share-based compensation
Shares approved for grants to qualified persons							43,000,000
Annual increase on the first day of each fiscal year, beginning from 2013 in maximum aggregate number of shares which may be issued pursuant to all awards under the Plan			20,000,000
Allocated Share-based Compensation Expense				$ 10,164	$ 9,009	$ 0
Restricted share units \| BIGOINC
Share-based compensation
Allocated Share-based Compensation Expense				$ 7,929	$ 12,602	$ 9,733
2011 Incentive Scheme \| Restricted share units
Share-based compensation
Shares approved for grants to qualified persons	131,950,949
Annual increase on the first day of each fiscal year, beginning from 2013 in maximum aggregate number of shares which may be issued pursuant to all awards under the Plan	20,000,000
Granted (in shares)				7,744,374	9,918,014	9,387,270
Total unrecognized compensation expense				$ 15,227
Weighted average period over which unrecognized compensation expense is expected to be recognized				1 year 4 months 28 days
2011 Incentive Scheme \| Restricted shares
Share-based compensation
Granted (in shares)				1,146,257	2,723,629	7,888,160
Bigo's Share Incentive Scheme \| Restricted shares
Share-based compensation
Total unrecognized compensation expense				$ 6,091
Weighted average period over which unrecognized compensation expense is expected to be recognized				1 year 4 months 17 days
Bigo's Share Incentive Scheme \| Restricted shares \| Vested after 24 months of the grant date in two equal installments over the following 24 months
Share-based compensation
Vesting percentage		50.00%
Vesting period		24 months
Bigo's Share Incentive Scheme \| Restricted shares \| Vested in four equal installments over the following 48 months
Share-based compensation
Vesting period		48 months
Bigo's Share Incentive Scheme \| Restricted shares \| vested in three equal installments over the following 36 months
Share-based compensation
Vesting period		36 months
Bigo's Share Incentive Scheme \| Restricted shares \| BIGOINC
Share-based compensation
Granted (in shares)		38,042,760

Cash and cash equivalents and restricted cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and restricted cash and cash equivalents

Schedule of cash and cash equivalents balance


	December 31, 2022		December 31, 2023
		US$		US$
	Amount	equivalent	Amount	equivalent

US$	863,452	863,452	846,754	846,754
RMB	2,064,300	296,399	1,100,216	155,339
Others	N/A	54,598	N/A	61,863
Total		1,214,449		1,063,956

Short-term deposits (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
Short Term And Long Term Deposits [Line Items]
Short-term deposits	$ 1,970,346		$ 2,360,545
US$
Short Term And Long Term Deposits [Line Items]
Short-term deposits	1,596,592		1,983,877
RMB
Short Term And Long Term Deposits [Line Items]
Short-term deposits	$ 373,754	¥ 2,647,185	$ 376,668	¥ 2,623,347

Organization and principal activities - Principal Subsidiaries and VIEs to conduct its business operations (Details)	12 Months Ended
	Dec. 31, 2023
Duowan BVI
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Beijing Huanju Shidai
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo Singapore
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo HK
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
BaiGuoYuan Technology
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou Huaduo
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou BaiGuoYuan
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou Huanju Shidai
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%

Other income (Details) - USD ($) $ in Thousands	12 Months Ended
Other income (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income
Government grants	$ 7,379	$ 11,534	$ 16,947
Others	2,326	5,971	3,429
Total	$ 9,705	$ 17,505	$ 20,376

Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2023

Held for sale | YY Live

Discontinued operations

Summary of assets, liabilities, statement of operations and cash flows of discontinued operations which were included in the Group's consolidated financial statements


	As of December 31,
	2022	2023
	US$	US$
Assets
Current assets
Cash and cash equivalents	201,393	201,393
Accounts receivable, net	18,239	18,239
Prepayments and other current assets	4,986	4,986

Total current assets	224,618	224,618

Non-current assets
Deferred tax assets	4,294	4,294
Property and equipment, net	10,356	10,356
Intangible assets, net	7,456	7,456
Other non-current assets	3,814	3,814

Total non-current assets	25,920	25,920
Total assets	250,538	250,538

Liabilities
Current liabilities
Accounts payable	1,117	1,117
Deferred revenue	49,495	49,495
Advances from customers	12,663	12,663
Income taxes payable	9,787	9,787
Accrued liabilities and other current liabilities	139,282	139,282

Total current liabilities	212,344	212,344

Total liabilities	212,344	212,344

The following tables set forth the statement of operations and cash flows of discontinued operations which were included in the Group’s consolidated financial statements (in thousands).


		For the year ended
		December 31,
		2021
		US$

Net revenues
Live streaming		151,445
Others		2,980

Total net revenues		154,425

Cost of revenues⁽¹⁾		(88,900)

Gross profit		65,525

Operating expenses⁽¹⁾
Research and development expenses		(6,323)
Sales and marketing expenses		(8,954)
General and administrative expenses		(7,108)

Total operating expenses		(22,385)

Other income		611

Operating income		43,751

Interest income and investment income		355

Income before income tax expenses		44,106

Income tax expenses		(8,539)

Net income from discontinued operations		35,567

		For the year ended
		December 31,
		2021
		US$
Net cash provided by discontinued operating activities		64,289
Net cash provided by discontinued investing activities		1,636,450

There is no financing activity from discontinued operations of YY Live business.


		For the year ended
		December 31,
		2021
		US$

Cost of revenues		(426)
Research and development expenses		(703)
Sales and marketing expenses		(39)
General and administrative expenses		(175)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Basic and diluted net income per share

12 Months Ended

Dec. 31, 2023

Basic and diluted net income per share

Basic and diluted net income per share

27. Basic and diluted net income per share

Basic and diluted net income per share for the years ended December 31, 2021, 2022 and 2023 are calculated as follows:


	For the year ended December 31,
	2021	2022	2023
	US$	US$	US$

Numerator:
Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc.	(125,096)	119,465	347,351
Dilutive effect of convertible bonds	—	11,740	8,653
Numerator for diluted (loss) income per share from continuing operations	(125,096)	131,205	356,004

Net income from discontinued operations attributable to common shareholders of JOYY Inc.	35,567	—	—
Numerator for diluted income per share from discontinued operations	35,567	—	—

Denominator:
Denominator for basic calculation—weighted average number of Class A and Class B common shares outstanding	1,562,016,001	1,439,390,191	1,308,695,642
Dilutive effect of convertible bonds	—	193,704,343	141,564,583
Dilutive effect of restricted stock	—	7,524,041	8,025,901
Dilutive effect of restricted share units	—	4,829,865	4,690,418
Denominator for diluted calculation	1,562,016,001	1,645,448,440	1,462,976,544

Basic net (loss) income per Class A and Class B common share	(0.06)	0.08	0.27
Continuing operations	(0.08)	0.08	0.27
Discontinued operations	0.02	—	—
Diluted net (loss) income per Class A and Class B common share	(0.06)	0.08	0.24
Continuing operations	(0.08)	0.08	0.24
Discontinued operations	0.02	—	—

Basic net (loss) income per ADS*	(1.14)	1.66	5.31
Continuing operations	(1.60)	1.66	5.31
Discontinued operations	0.46	—	—
Diluted net (loss) income per ADS*	(1.14)	1.59	4.87
Continuing operations	(1.60)	1.59	4.87
Discontinued operations	0.46	—	—

Each ADS represents 20 common shares.

27. Basic and diluted net income per share (continued)

For the years ended December 31, 2021, 2022 and 2023, the following shares outstanding were excluded from the calculation of diluted net income (loss) per share, as their inclusion would have been anti-dilutive for the periods prescribed but which could potentially dilute EPS in the future.


	For the year ended December 31,
	2021	2022	2023

Shares issuable upon exercise of share options	9,414,400	9,414,400	8,574,220
Shares issuable upon exercise of restricted share units	24,027,895	—	—
Shares issuable upon exercise of restricted share	15,149,405	—	—
Shares issuable upon conversion of convertible bonds	201,677,195	—	—

Financing receivables, net (Tables)

12 Months Ended

Dec. 31, 2023

Financing receivables, net

Schedule of gross financing receivables


	December 31,
	2022	2023
	US$	US$

Financing receivables, gross
Micro-credit personal loans	18,556	18,213

Less: allowance for expected credit loss on financing receivables	(18,556)	(18,213)

Financing receivables, net	—	—

Schedule of allowance for credit losses on financing receivables


	For the year ended December 31,
	2022	2023
	US$	US$

Balance at the beginning of the year	(20,317)	(18,556)
Addition for the year	1,761	343

Balance at the end of the year	(18,556)	(18,213)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,063,956	$ 1,214,449
Restricted cash and cash equivalents	319,250	303,370
Short-term deposits	1,970,346	2,360,545
Restricted short-term deposits	57,243	47,741
Short-term investments	274,846	362,640
Accounts receivable, net of allowance of US$20,670 and US$20,093 as of December 31, 2022 and 2023, respectively	130,700	117,927
Amounts due from related parties, net of allowance of US$5 and US$3 as of December 31, 2022 and 2023, respectively	$ 810	$ 1,794
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Financing receivables, net of allowance of US$18,556 and US$18,213 as of December 31, 2022 and 2023, respectively	$ 0	$ 0
Prepayments and other current assets, net of allowance of US$13,141 and US$13,086 as of December 31, 2022 and 2023, respectively	255,489	236,183
Total current assets	4,072,640	4,644,649
Non-current assets
Long-term deposits	130,000	0
Investments	544,542	660,404
Property and equipment, net	390,681	343,201
Land use rights, net	316,070	330,005
Intangible assets, net	333,715	398,300
Right-of-use assets, net	30,173	33,196
Goodwill	2,649,281	2,649,307
Other non-current assets	16,763	12,591
Total non-current assets	4,411,225	4,427,004
Total assets	8,483,865	9,071,653
Current liabilities (including amounts of the consolidated VIEs without recourse to the Company of US$172,174 and US$204,655 as of December 31, 2022 and 2023, respectively)
Accounts payable	66,755	56,000
Deferred revenue	73,673	86,014
Advances from customers	6,047	3,532
Income taxes payable	86,100	78,103
Accrued liabilities and other current liabilities	2,381,189	2,360,002
Amounts due to related parties	$ 2,533	$ 3,225
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Lease liabilities due within one year	$ 12,388	$ 12,451
Short-term loans	52,119	37,270
Convertible bonds	405,603	435,087
Total current liabilities	3,086,407	3,071,684
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the Company of US$20,164 and US$17,477 as of December 31, 2022 and 2023, respectively)
Convertible bonds	0	401,173
Lease liabilities	18,422	21,601
Deferred revenue	12,932	9,765
Deferred tax liabilities	53,955	64,262
Other non-current liabilities		436
Total non-current liabilities	85,309	497,237
Total liabilities	3,171,716	3,568,921
Commitments and contingencies (Note 30)
Mezzanine equity	22,133	91,366
Shareholders' equity
Treasury Shares (US$0.00001 par value; 251,663,436 and 426,996,825 shares held as of December 31, 2022 and December 31, 2023, respectively)	(913,939)	(655,141)
Additional paid-in capital	3,282,754	3,277,978
Statutory reserves	37,709	32,536
Retained earnings	2,947,160	2,685,063
Accumulated other comprehensive loss	(197,010)	(162,235)
Total JOYY Inc.'s shareholders' equity	5,156,686	5,178,217
Non-controlling interests	133,330	233,149
Total shareholders' equity	5,290,016	5,411,366
Total liabilities, mezzanine equity and shareholders' equity	8,483,865	9,071,653
Class A common shares
Shareholders' equity
Common shares	9	13
Class B common shares
Shareholders' equity
Common shares	$ 3	$ 3

Goodwill (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Impairment of goodwill	$ 0	$ 14,830	$ 0
Bigo
Goodwill
Carrying value of reporting unit	3.00%	4.00%	10.00%
Impairment of goodwill		$ 0
Shopline
Goodwill
Carrying value of reporting unit	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details