JOYY (YY) 20-F 27 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-35729
Entity Registrant Name	JOYY Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road
Entity Address, Address Line Two	Nancun Town
Entity Address, Address Line Three	Panyu District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	511442
Entity Address, Country	CN
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001530238
Current Fiscal Year End Date	--12-31
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
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Emerging Growth Company	false
ADS [Member]
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
Trading Symbol	YY
Entity Common Stock, Shares Outstanding	1,293,162,504
Class B common shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	326,509,555
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Bing Jin
Entity Address, Address Line One	Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road
Entity Address, Address Line Two	Nancun Town
Entity Address, Address Line Three	Panyu District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	511442
Entity Address, Country	CN
City Area Code	8620
Local Phone Number	82120088
Contact Personnel Email Address	jinbing@yy.com

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Current assets
Cash and cash equivalents	$ 559,272	¥ 3,893,538	¥ 6,004,231
Restricted cash and cash equivalents	703	4,892	0
Short-term deposits	2,408,987	16,770,885	7,326,996
Restricted short-term deposits	93,802	653,034	0
Short-term investments	807,577	5,622,189	979,053
Accounts receivable, net	109,457	762,018	198,428
Amounts due from related parties	2,480	17,262	193,559
Financing receivables, net	15,132	105,344	768,343
Prepayments and other current assets	139,447	970,807	1,019,019
Total current assets	4,136,857	28,799,969	16,489,629
Non-current assets
Long-term deposits	0	0	1,000,000
Deferred tax assets	18,334	127,635	70,834
Investments	339,410	2,362,907	4,591,524
Property and equipment, net	324,106	2,256,360	1,296,319
Land use rights, net	249,439	1,736,544	1,784,639
Intangible assets, net	456,759	3,179,863	74,685
Right-of-use assets, net	39,588	275,607	0
Goodwill	1,859,748	12,947,192	11,763
Financing receivables, net	18,584	129,380	224,793
Other non-current assets	56,598	394,026	223,859
Total non-current assets	3,362,566	23,409,514	9,278,416
Total assets	7,499,423	52,209,483	25,768,045
Current liabilities
Convertible bonds (including convertible bonds of the consolidated variable interest entities("VIEs") without recourse to the Company of nil and nil as of December 31, 2018 and 2019, respectively)	0	0	6,863
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB112,167 and RMB90,764 as of December 31, 2018 and 2019, respectively)	17,891	124,551	114,589
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB950,816 and RMB1,225,819 as of December 31, 2018 and 2019, respectively)	192,954	1,343,308	951,616
Advances from customers (including advances from customers of the consolidated VIEs without recourse to the Company of RMB101,690 and RMB150,091 as of December 31, 2018 and 2019, respectively)	21,559	150,091	101,690
Income taxes payable (including income taxes payable of the consolidated VIEs without recourse to the Company of RMB162,118 and RMB319,888 as of December 31, 2018 and 2019, respectively)	64,872	451,623	235,561
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated VIEs without recourse to the Company of RMB2,207,138 and RMB2,657,811 as of December 31, 2018 and 2019, respectively)	671,234	4,673,000	2,414,371
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to the Company of RMB28,336 and RMB208,833 as of December 31, 2018 and 2019, respectively)	31,929	222,281	28,336
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of nil and RMB34,292 as of December 31, 2018 and 2019, respectively)	16,600	115,564	0
Short-term loans (including short-term loans of the consolidated VIEs without recourse to the Company of nil and RMB270,565 as of December 31, 2018 and 2019, respectively)	80,037	557,203	0
Total current liabilities	1,097,076	7,637,621	3,853,026
Non-current liabilities
Convertible bonds (including convertible bonds of the consolidated VIEs without recourse to the Company of nil and nil as of December 31, 2018 and 2019, respectively)	719,436	5,008,600	0
Lease liabilities (including lease liabilities of the consolidated VIEs without recourse to the Company of nil and RMB31,105 as of December 31, 2018 and 2019, respectively)	23,382	162,779	0
Deferred revenue(including deferred revenue of the consolidated VIEs without recourse to the Company of RMB86,977 and RMB228,111 as of December 31, 2018 and 2019, respectively)	34,552	240,541	91,710
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Company of nil and RMB85,479 as of December 31, 2018 and 2019, respectively)	38,013	264,639	27,505
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the Company of nil and RMB11,495 as of December 31, 2018 and 2019, respectively)	1,651	11,495	0
Total non-current liabilities	817,034	5,688,025	119,215
Total liabilities	1,914,110	13,325,646	3,972,241
Mezzanine equity	66,947	466,071	418,673
Shareholders' equity
Treasury Shares (US$0.00001 par value; nil and 8,682,900 shares held as of December 31, 2018 and December 31, 2019, respectively)	(24,142)	(168,072)
Additional paid-in capital	3,148,835	21,921,562	11,168,866
Statutory reserves	21,541	149,961	101,725
Retained earnings	1,475,498	10,272,122	6,913,469
Accumulated other comprehensive (loss) income	127,871	890,209	336,152
Total JOYY Inc.'s shareholders' equity	4,749,617	33,065,886	18,520,292
Non-controlling interests	768,749	5,351,880	2,856,839
Total shareholders' equity	5,518,366	38,417,766	21,377,131
Total liabilities, mezzanine equity and shareholders' equity	7,499,423	52,209,483	25,768,045
Class A common shares
Shareholders' equity
Common shares	11	80	59
Class B common shares
Shareholders' equity
Common shares	$ 3	¥ 24	¥ 21

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)shares
Convertible Debt, Current	$ 0	¥ 0	¥ 6,863
Accounts payable	17,891	124,551	114,589
Deferred revenue	192,954	1,343,308	951,616
Advances from customers	21,559	150,091	101,690
Income taxes payable	64,872	451,623	235,561
Accrued liabilities and other current liabilities	671,234	4,673,000	2,414,371
Amounts due to related parties	31,929	222,281	28,336
Lease liabilities due within one year	16,600	115,564	0
Short-term Debt	80,037	557,203	0
Convertible Debt, Noncurrent	719,436	5,008,600	0
Lease liabilities	23,382	162,779	0
Deferred revenue	34,552	240,541	91,710
Deferred tax liabilities	38,013	264,639	27,505
Other non-current liabilities	$ 1,651	¥ 11,495	¥ 0
Number of treasury shares held | shares	8,682,900	8,682,900	0
Class A common shares
Common shares, shares authorized | shares	10,000,000,000	10,000,000,000	10,000,000,000
Common shares, shares issued | shares	1,301,845,404	1,301,845,404	981,740,848
Common shares, shares outstanding | shares	1,293,162,504	1,293,162,504	981,740,848
Class B common shares
Common shares, shares authorized | shares	1,000,000,000	1,000,000,000	1,000,000,000
Common shares, shares issued | shares	326,509,555	326,509,555	288,182,976
Common shares, shares outstanding | shares	326,509,555	326,509,555	288,182,976
Variable interest entity
Convertible Debt, Current
Accounts payable		90,764	112,167
Deferred revenue		1,225,819	950,816
Advances from customers		150,091	101,690
Income taxes payable		319,888	162,118
Accrued liabilities and other current liabilities		2,657,811	2,207,138
Amounts due to related parties		208,833	28,336
Lease liabilities due within one year		34,292	0
Short-term Debt		270,565	0
Convertible Debt, Noncurrent		0	0
Lease liabilities		31,105	0
Deferred revenue		228,111	86,977
Deferred tax liabilities		85,479	0
Other non-current liabilities		¥ 11,495	¥ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)$ / sharesshares		Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares		Dec. 31, 2017CNY (¥)¥ / sharesshares
Net revenues
Others		$ 222,343		¥ 1,547,905	¥ 885,890		¥ 923,838
Total net revenues		3,673,792		25,576,204	15,763,557		11,594,792
Cost of revenues	[1]	(2,463,206)		(17,148,350)	(10,017,134)		(7,026,402)
Gross profit		1,210,586		8,427,854	5,746,423		4,568,390
Operating expenses
Research and development expenses	[1]	(364,199)		(2,535,482)	(1,192,052)		(781,886)
Sales and marketing expenses	[1]	(537,178)		(3,739,724)	(1,149,316)		(691,281)
General and administrative expenses	[1]	(213,953)		(1,489,495)	(883,225)		(544,641)
Goodwill impairment		0		0	0	[1]	(2,527)	[1]
Total operating expenses		(1,115,330)		(7,764,701)	(3,224,593)		(2,020,335)
Gain on disposal of subsidiaries and business		11,879		82,699	0		37,989
Other income		46,267		322,103	117,860		113,187
Operating income		153,402		1,067,955	2,639,690		2,699,231
Interest expense		(38,283)		(266,517)	(8,616)		(32,122)
Interest income and investment income		105,372		733,576	485,552		180,384
Foreign currency exchange (losses) gains, net		1,407		9,796	(514)		(2,176)
Gain on deemed disposal and disposal of investments		0		0	16,178		45,861
Gain on fair value changes of investments		384,859		2,679,312	1,689,404		0
Fair value loss on derivative liabilities		(2,300)		(16,011)	(2,285,223)		0
Other non-operating expenses		0		0	(2,000)		0
Income before income tax expenses		604,457		4,208,111	2,534,471		2,891,178
Income tax expenses		(78,517)		(546,622)	(477,707)		(415,811)
Income before share of income in equity method investments, net of income taxes		525,940		3,661,489	2,056,764		2,475,367
Share of income in equity method investments, net of income taxes		5,536		38,540	58,933		33,024
Net income (loss)		531,476		3,700,029	2,115,697		2,508,391
Less: Net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders		36,599		254,794	(93,310)		(4,532)
Net income attributable to controlling interest of the Company		494,877		3,445,235	2,209,007		2,512,923
Less: Accretion of subsidiaries' redeemable convertible preferred shares to redemption value		5,508		38,346	73,159		19,688
Deemed dividend to Huya Inc.'s (Huya's) Series A preferred shareholders		0		0	489,284		0
Cumulative dividend on a subsidiary's preferred shares		3,959		27,559	4,606		0
Net income attributable to common shareholders of the Company		485,410		3,379,330	1,641,958		2,493,235
Other comprehensive income (loss):
Unrealized loss of available-for-sale securities, net of nil tax		0		0	0		(41,150)
Foreign currency translation adjustments, net of nil tax		82,136		571,815	434,080		(61,513)
Comprehensive income attributable to the common shareholders of JOYY Inc.		$ 567,546		¥ 3,951,145	¥ 2,076,038		¥ 2,390,572
Net income per common share
-Basic (in CNY/dollars per share) | (per share)	[2]	$ 0.31		¥ 2.19	¥ 1.28		¥ 2.10
-Diluted (in CNY/dollars per share) | (per share)		$ 0.31	[2]	¥ 2.15	¥ 1.27	[2]	¥ 2.07	[2]
Weighted average number of common shares used in calculating net income per common share
-Basic (in shares)	[2]	1,544,396,920		1,544,396,920	1,280,847,795		1,186,460,144
-Diluted (in shares)	[2]	1,565,080,905		1,565,080,905	1,294,089,406		1,216,637,741
American Depositary Shares
Net income per common share
-Basic (in CNY/dollars per share) | (per share)	[2]	$ 6.29		¥ 43.76	¥ 25.64		¥ 42.03
-Diluted (in CNY/dollars per share) | (per share)		$ 6.18	[2]	¥ 43.01	¥ 25.38	[2]	¥ 41.33	[2]
Weighted average number of common shares used in calculating net income per common share
-Basic (in shares)	[2]	77,219,846		77,219,846	64,042,390		59,323,007
-Diluted (in shares)	[2]	78,254,045		78,254,045	64,704,470		60,831,887
Live streaming
Net revenues
Total net revenues		$ 3,451,449		¥ 24,028,299	¥ 14,877,667		¥ 10,670,954
[1]	Share-based compensation was allocated in cost of revenues and operating expenses as follows
[2]	Each ADS represents 20 common shares.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Share-based compensation	$ 136,193	¥ 948,148	¥ 648,025	¥ 257,661
Cost of revenues
Share-based compensation	11,671	81,254	74,339	42,759
Research and development expenses
Share-based compensation	72,639	505,697	225,173	122,348
Sales and marketing expenses
Share-based compensation	1,827	12,718	5,723	4,417
General and administrative expenses
Share-based compensation	$ 50,056	¥ 348,479	¥ 342,790	¥ 88,137
Class A common shares
Number of common shares represented by each ADS	20	20	20	20

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	common StockClass A common sharesCNY (¥)shares	common StockClass B common sharesCNY (¥)shares	Treasury StockCNY (¥)	Additional paid-in capitalCNY (¥)	Statutory reservesCNY (¥)	Retained earningsCNY (¥)	Accumulated other comprehensive income (loss)CNY (¥)	Total JOYY Inc.'s shareholders' equityCNY (¥)	Non controlling interestsCNY (¥)	Class A common sharesshares	Class B common sharesshares	USD ($)	CNY (¥)
Balance at Dec. 31, 2016	¥ 44	¥ 26		¥ 2,165,766	¥ 58,857	¥ 2,728,736	¥ 93,066	¥ 5,046,495	¥ 6,060				¥ 5,052,555
Balance (in shares) at Dec. 31, 2016 | shares	750,115,028	359,557,976
Issuance of common shares for exercised share options	¥ 0	¥ 0		20	0	0	0	20	0				20
Issuance of common shares for exercised share options (in shares) | shares	379,120	0
Issuance of common shares for vested restricted shares and restricted share units	¥ 1	¥ 0		(1)	0	0	0	0	0				0
Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares	20,926,760	0
Issuance of common share	¥ 9			2,946,125				2,946,134					2,946,134
Issuance of common share (in shares) | shares	132,250,000
Class B common shares converted to Class A common shares (issued)	¥ 3
Class B common shares converted to Class A common shares (issued) (in shares) | shares	41,575,000
Class B common shares converted to Class A common shares (converted)		¥ (3)
Class B common shares converted to Class A common shares (converted) (in shares) | shares		(41,575,000)
Issuance of common shares in connection with the acquisition of Bigo													0
Share-based compensation	¥ 0	¥ 0		229,435	0	0	0	229,435	28,226				257,661
Deemed disposal of partial interest in an equity investment	0	0		(1,501)	0	0	0	(1,501)	0				(1,501)
Appropriation to statutory reserves	0	0		0	3,861	(3,861)	0	0	0				0
Set-up of subsidiaries with non-controlling interest shareholders	0	0		0	0	0	0	0	20,816				20,816
Acquisition of subsidiaries with non-controlling interest shareholders	0	0		0	0	0	0	0	453				453
Capital injection in subsidiaries from non-controlling interest shareholders	0	0		0	0	0	0	0	44,059				44,059
Disposal of subsidiaries with non-controlling interest shareholders									12,833				12,833
Components of comprehensive income
Net income (loss) attributable to JOYY Inc. and non-controlling interest shareholders	0	0		0	0	2,512,923	0	2,512,923	(10,589)				2,502,334
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value						(19,688)		(19,688)	(154)				(19,842)
Unrealized gain (loss) of available-for-sale securities	0	0		0	0	0	(41,150)	(41,150)	0				(41,150)
Foreign currency translation adjustments, net of nil tax	0	0		0	0	0	(61,513)	(61,513)	0				(61,513)
Balance at Dec. 31, 2017	¥ 57	¥ 23		5,339,844	62,718	5,218,110	(9,597)	10,611,155	101,704				10,712,859
Balance (in shares) at Dec. 31, 2017 | shares	945,245,908	317,982,976								945,245,908	317,982,976
Issuance of common shares for exercised share options	¥ 0	¥ 0		7	0	0	0	7	0				7
Issuance of common shares for exercised share options (in shares) | shares	154,260	0
Issuance of common shares for vested restricted shares and restricted share units	¥ 0	¥ 0		0	0	0	0	0	0				0
Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares	6,540,680	0
Class B common shares converted to Class A common shares (issued)	¥ 2
Class B common shares converted to Class A common shares (issued) (in shares) | shares	29,800,000
Class B common shares converted to Class A common shares (converted)		¥ (2)
Class B common shares converted to Class A common shares (converted) (in shares) | shares		(29,800,000)
Issuance of common shares in connection with the acquisition of Bigo													0
Share-based compensation	¥ 0	¥ 0		648,025	0	0	0	648,025	0				648,025
Appropriation to statutory reserves	0	0		0	39,007	(39,007)	0	0	0				0
Acquisition of subsidiaries with non-controlling interest shareholders		0		13,315				13,315					13,315
Capital injection in subsidiaries from non-controlling interest shareholders	0	0		0	0	0	0	0	658				658
Conversion of a Huya's preferred shares to ordinary shares upon the completion of its IPO		0		4,009,874				4,009,874	2,280,543				6,290,417
Proceed from a Huya's IPO, net of issuance cost		0		795,073				795,073	412,676				1,207,749
Disposal of subsidiaries with non-controlling interest shareholders		0		389,358			(529)	388,829	(34,081)				354,748
Components of comprehensive income
Net income (loss) attributable to JOYY Inc. and non-controlling interest shareholders	0	0		0	0	2,209,007	0	2,209,007	(94,666)				2,114,341
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value	0	0		0	0	(73,159)	0	(73,159)	(4,692)				(77,851)
Unrealized gain (loss) of available-for-sale securities													0
Deemed dividend to Huya's Series A Preferred shareholders	0	0		0	0	(489,284)	0	(489,284)	(7,711)				(496,995)
Foreign currency translation adjustments, net of nil tax	0	0		0	0	0	434,080	434,080	202,408				636,488
Balance at Dec. 31, 2018	¥ 59	¥ 21		11,168,866	101,725	6,913,469	336,152	18,520,292	2,856,839				21,377,131
Balance (in shares) at Dec. 31, 2018 | shares	981,740,848	288,182,976								981,740,848	288,182,976
Adoption of ASU 2016-01 at Dec. 31, 2018		¥ 0				87,802	(87,802)
Issuance of common shares for exercised share options				(18,805)			(1,448)	(20,253)	52,664				32,411
Issuance of common shares for vested restricted shares and restricted share units	¥ 0	¥ 0	¥ 0	0	0	0	0	0	0				0
Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares	6,216,060	0
Issuance of common shares in connection with the acquisition of Bigo	¥ 21	¥ 3	0	7,704,396	0	0	0	7,704,420	0			$ 1,106,671	7,704,420
Issuance of common shares in connection with the acquisition of Bigo (in shares) | shares	305,127,046	38,326,579
Grant of restricted shares (in shares) | shares	8,761,450
Share-based compensation	¥ 0	¥ 0	0	817,739	0	0	0	817,739	130,409				948,148
Appropriation to statutory reserves	0	0	0	0	48,236	(48,236)	0	0	0				0
Bifurcation of conversion feature of convertible bonds				2,014,966				2,014,966					2,014,966
Purchase of caped call options in relation to the conversion features of the convertible bonds				(527,473)				(527,473)					(527,473)
Exercise/Settlement of RSU's in subsidiaries				(7,746)				(7,746)	3,580				(4,166)
Repurchase of common stock	¥ 0	¥ 0	(168,072)	(83,027)	0	0	0	(251,099)	0				(251,099)
Repurchase of common stock (in shares) | shares	(8,682,900)	0
Deemed contribution from non-controlling interest shareholders				6,162				6,162	(6,162)
Proceed from a Huya's IPO, net of issuance cost	¥ 0	¥ 0	0	293,403	0	0	(9,919)	283,484	1,826,582				2,110,066
Disposal of subsidiaries with non-controlling interest shareholders	0	0	0	553,081	0	0	(6,391)	546,690	133,938				680,628
Components of comprehensive income
Net income (loss) attributable to JOYY Inc. and non-controlling interest shareholders	0	0	0	0	0	3,445,235	0	3,445,235	254,794				3,700,029
Accretion of subsidiaries' redeemable convertible preferred shares to redemption value	0	0	0	0	0	(38,346)	0	(38,346)	(1,669)				(40,015)
Unrealized gain (loss) of available-for-sale securities												0	0
Foreign currency translation adjustments, net of nil tax							571,815	571,815	100,905				672,720
Balance at Dec. 31, 2019	¥ 80	¥ 24	¥ (168,072)	¥ 21,921,562	¥ 149,961	¥ 10,272,122	¥ 890,209	¥ 33,065,886	¥ 5,351,880			$ 5,518,366	¥ 38,417,766
Balance (in shares) at Dec. 31, 2019 | shares	1,293,162,504	326,509,555								1,293,162,504	326,509,555

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustments, tax portion

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)		Dec. 31, 2017CNY (¥)
Cash flows from operating activities
Net income	$ 531,476	¥ 3,700,029	¥ 2,115,697		¥ 2,508,391
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	52,069	362,495	150,991		176,715
Amortization of acquired intangible assets and land use rights	103,099	717,753	69,095		62,419
Amortization of right-of-use assets	14,860	103,451
Allowance for doubtful accounts	24,350	169,522	54,073		15,106
Loss (gain) on disposal of property and equipment, intangible assets and other long-term assets	(66)	(460)	(799)		17,620
Impairment of investments	8,954	62,334	35,348		43,205
Impairment of property and equipment	768	5,347
Impairment of intangible assets	440	3,061
Impairment of goodwill	0	0	0	[1]	2,527	[1]
Share-based compensation	136,193	948,148	648,025		257,661
Share of income in equity method investments, net of income taxes	(5,536)	(38,540)	(58,933)		(33,024)
Gain on deemed disposal and disposal of investments	0	0	(16,178)		(45,861)
Gain on disposal of subsidiaries and business	(11,879)	(82,699)			(37,989)
Deferred income taxes, net	(24,136)	(168,029)	49,646		3,919
Foreign currency exchange (gains) losses, net	(1,407)	(9,796)	514		2,176
Interest expenses	30,341	211,226
Investment income	(7,259)	(50,535)	(17,093)
Gain on fair value changes of investments	(384,859)	(2,679,312)	(1,689,404)		0
Fair value loss on derivative liabilities	2,300	16,011	2,285,223		0
Changes in operating assets and liabilities, net of business acquisition and disposal of subsidiaries
Accounts receivable	(22,600)	(157,337)	(45,682)		18,383
Interest receivables recorded in financing receivables	(1,971)	(13,720)	(832)
Prepayments and other assets	(43,549)	(303,167)	(380,834)		(48,277)
Amounts due from related parties	(2,098)	(14,608)	486		155
Inventory	0	0	315		1,434
Lease liabilities	(14,547)	(101,274)
Amounts due to related parties	4,314	30,030	(1,896)		(18,615)
Accounts payable	(3,777)	(26,298)	8,699		(39,060)
Deferred revenue	55,279	384,838	227,564		366,634
Advances from customers	6,952	48,401	21,284		24,254
Income taxes payable	13,680	95,235	62,520		5,544
Accrued liabilities and other current liabilities	196,727	1,369,585	946,985		435,135
Net cash provided by operating activities	658,118	4,581,691	4,464,814		3,718,452
Cash flows from investing activities
Placements of short-term deposits	(2,621,877)	(18,252,986)	(9,512,818)		(9,667,447)
Maturities of short-term deposits	1,432,231	9,970,909	8,649,150		7,361,225
Placements of long-term deposits	0	0	(1,000,000)
Placements of short-term investments	(1,243,611)	(8,657,771)	(3,505,075)		(189,550)
Maturities of short-term investments	583,925	4,065,170	2,667,665		65,000
Placement of derivative financial instruments	(1,556)	(10,832)
Purchase of property and equipment	(141,871)	(987,678)	(333,994)		(397,327)
Purchase of intangible assets and land use right	(15,059)	(104,838)	(58,838)		(17,749)
Purchase of other non-current assets	(18,961)	(132,000)			(82,645)
Prepayments for investments	(75)	(525)	(67,250)
Cash paid for investments	(92,171)	(641,675)	(2,335,537)		(325,647)
Cash received from disposal of investments	23,489	163,526	718,476		86,714
Cash dividend received from an equity investee	0	0	6,125
Acquisition of businesses, net of cash, cash equivalents and restricted cash acquired	(237,979)	(1,656,763)			(6,161)
Deconsolidation and disposal of subsidiaries, net of cash disposed	0	0			117,005
Payments on behalf of related parties, net of repayment	1,761	12,261	2,543		23,116
Loans to related parties	(24,419)	(170,000)	(188,000)		(24,962)
Repayments of loans from related parties	0	0	20,000		35,462
Loans to employees and third parties	(9,049)	(62,998)	(282,031)		(20,550)
Repayments of loans from employees and third parties	20,728	144,306	35,067		4,641
Payments to originate financing receivables	(111,956)	(779,414)	(1,458,012)
Principal collection from financing receivables	213,903	1,489,148	346,028
Proceeds from disposal of property and equipment	325	2,260	1,115		1,359
Net cash used in investing activities	(2,242,222)	(15,609,900)	(6,295,386)		(3,037,516)
Cash flows from financing activities
Proceeds from exercise of vested share options	3,295	22,936	7		20
Capital contributions from the non-controlling interests shareholders	0	0	658		64,875
Capital contributions from mezzanine equity holders	14,441	100,536	3,231,261		509,535
Proceeds from issuance of Huya's common shares upon its Initial Public Offering	0	0	1,207,749		0
Proceeds from issuance of Huya's common shares upon its Follow-on Public Offering	303,185	2,110,715	0		0
Acquisition of a subsidiary's shares from mezzanine equity holders	0	0	(30,000)		0
Partial disposal of Huya's interests to non-controlling interest shareholders	107,444	748,005	378,548		0
Purchase of capped call option in relation to repurchase of common shares	(11,926)	(83,027)	0		0
Proceeds from bank borrowings	222,709	1,550,453	691,612		621,118
Repayment of bank borrowings	(145,723)	(1,014,496)	(1,308,092)		0
Proceeds from issuance of common shares, net of issuance cost	0	0	(4,473)		2,950,607
Repurchase of common shares	(24,142)	(168,072)	0		0
Proceeds from issuance of convertible bonds, net of issuance costs	891,952	6,209,590	0		0
Repayment of convertible bonds	(967)	(6,734)	0		(2,753,630)
Net cash provided by financing activities	1,360,268	9,469,906	4,167,270		1,392,525
Net increase/(decrease) in cash, cash equivalents, restricted cash and restricted short-term deposits	(223,836)	(1,558,303)	2,336,698		2,073,461
Cash, cash equivalents, restricted cash and restricted short-term deposits at the beginning of the year	862,454	6,004,231	3,617,432		1,579,743
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted short-term deposits	15,159	105,536	50,101		(35,772)
Cash, cash equivalents and restricted cash at the end of the year	653,777	4,551,464	6,004,231		3,617,432
Supplemental disclosure of cash flows information:
-Cash paid for interest, net of amounts capitalized	(7,682)	(53,479)	(9,354)		(41,729)
-Income taxes paid	(85,132)	(592,673)	(365,541)		(406,348)
Supplemental disclosures of non-cash investing and financing activities:
-Acquisition of property and equipment	17,151	119,400	64,041		16,865
-Disposal of investments and business	52,699	366,882	77,423		7,986
-Common shares issued for the acquisition of Bigo	$ 1,106,671	¥ 7,704,420	0		0
-Conversion of Huya's preferred shares to ordinary shares			6,290,417		0
-Amounts receivable from issuance of a subsidiary's preferred shares			¥ 102,951		¥ 0
[1]	Share-based compensation was allocated in cost of revenues and operating expenses as follows

Organization and principal acti

Organization and principal activities	12 Months Ended
	Dec. 31, 2019
Organization and principal activities
Organization and principal activities	1. Organization and principal activities (a) Organization and principal activities JOYY Inc. (the “Company” or “JOYY” or “YY”), 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. In March 2019, the Company completed the acquisition of Bigo Inc (“Bigo”). Bigo is primarily engaged in the video and audio broadcast business all over the world. The Company paid US$343.1 million in cash and issued 305,127,046 Class A common shares, which were outstanding, and 38,326,579 Class B common shares of the Company to Bigo’s selling shareholders. The details of this acquisition are disclosed in Note 4. (b) Initial Public Offering The Company completed its initial public offering (“IPO”) on November 21, 2012 on the “NASDAQ Global 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, 2019 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Engage Capital Partners I, L.P. (“Engage L.P.”) Cayman Islands ​ March 23, 2015 93.5 % Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ HUYA Inc. (“Huya”) Cayman Islands ​ March 30, 2017 38.7 % Investment holding ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou Huya Technology Co., Ltd. (“Huya Technology”) PRC ​ June 16, 2017 38.7 % Software development ​ ​ ​ ​ ​ ​ ​ ​ ​ Hago Singapore Pte. Ltd. (“Hago Singapore”) Singapore ​ May 7, 2018 100 % Internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Bigo ​ 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 100 % Holder of internet content provider licenses and internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou Huya Information Technology Co., Ltd. ("Guangzhou Huya") PRC ​ August 10, 2016 38.7 % Holder of internet content provider licenses and internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou BaiGuoYuan Network Technology Co., Ltd. ("Guangzhou BaiGuoYuan") PRC ​ March 4, 2019 100 % Holder of internet content provider licenses and internet value added services ​ ​ 1. Organization and principal activities (continued) (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, Guangzhou Huya and Guangzhou BaiGuoYuan, which hold the internet value-added service license and approvals to provide such internet services in the PRC. (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. 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) ● 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 Huya Technology, Guangzhou Huya and its nominee shareholders In 2017, Huya undertook a reorganization (the “Huya Reorganization”) through setting up Huya Technology, a wholly owned subsidiary, and entering into a series of VIE agreements with Guangzhou Huya and its nominee shareholders. The Huya Reorganization was completed on July 10, 2017. The following is a summary of the contractual arrangements entered among Huya Technology, Guangzhou Huya and its nominee shareholders: ● Exclusive Business Cooperation Agreement Huya Technology and Guangzhou Huya entered into exclusive business cooperation agreement under which Guangzhou Huya engages Huya Technology as its exclusive provider of technology support, business support and consulting services. Guangzhou Huya shall pay to Huya Technology service fees, which is determined by Huya Technology at its sole discretion. Huya Technology shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising from the performance of the agreement. During the term of the agreement, Guangzhou Huya shall not accept any consultations and/or services provided by any third party and shall not cooperate with any third party for the provision of identical or similar services without prior consent of Huya Technology. The term of this agreement is ten years and will be extended for ten years automatically after expiration, unless otherwise agreed by both parties in a written agreement. Huya Technology is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Guangzhou Huya. ● Exclusive Purchase Option Agreement Under the exclusive purchase option agreement, the nominee shareholders of Guangzhou Huya have granted Huya Technology or its designated representative(s) irrevocably an exclusive option to purchase, to the extent permitted under PRC law, all or part of their equity interests in Guangzhou Huya at the lowest price permitted by the laws of the PRC applicable at the time of exercise. Huya Technology or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Huya Technology’s prior written consent, the nominee shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou Huya. The term of this agreement is ten years and may be extended for another ten years at Huya Technology’s sole discretion. Huya Technology is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Guangzhou Huya. ​ 1. Organization and principal activities (continued) (d) Variable Interest Entities (continued) ● Equity Pledge Agreement Pursuant to the equity pledge agreement, the nominee shareholders of Guangzhou Huya have pledged all of their equity interests in Guangzhou Huya to Huya Technology to guarantee the performance by Guangzhou Huya and its nominee shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive purchase option agreement, and powers of attorney. The nominee shareholders shall not transfer or assign the equity interests, the rights and obligations in the equity pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of Huya Technology without Huya Technology’s written consent. If Guangzhou Huya and/or its nominee shareholders breach their contractual obligations under those agreements, Huya Technology, as pledgee, will be entitled to sell the pledged equity interests. ● Power of Attorney Pursuant to the irrevocable power of attorney, Huya Technology is authorized by each of the nominee shareholders as its attorney-in-fact to exercise such nominee shareholders’ rights in Guangzhou Huya, including, without limitation, the power to vote on its behalf on all matters of Guangzhou Huya requiring nominee shareholder approval under PRC laws and regulations and the articles of association of Guangzhou Huya and rights to information relating to all business aspects of Guangzhou Huya. The term of this agreement is ten years and will be automatically extended for one (iii) 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 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. 1. Organization and principal activities (continued) (d) Variable Interest Entities (continued) ● 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. ● 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, Guangzhou Huya and Guangzhou BaiGuoYuan are considered VIEs in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) because the Company, through Beijing Huanju Shidai, Huya Technology and BaiGuoYuan Technology, respectively, has the ability to: ● exercise effective control over Guangzhou Huaduo, Guangzhou Huya 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 Bilin Changxiang Information Technology Co., Ltd. (“Bilin Changxiang”) and Guangzhou 100 Education Technology Co., Ltd. (“100 Edu Technology”), subsidiaries of the Company, also entered into similar contractual agreements with Guangzhou Bilin Online Information Technology Co., Ltd. (“Bilin Online”) and Guangzhou Sanrenxing 100 Education Technology Co., Ltd. (“Guangzhou Sanrenxing”), respectively. 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”). Through these contractual agreements, Beijing Tuda, Bilin Online, Guangzhou Sanrenxing, Chengdu Yunbu, Chengdu Luota and Chengdu Jiyue are considered VIEs of the Group. 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. Therefore 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 RMB5,524,402 as of December 31, 2019. As the VIEs were incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of 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 3(a) for the consolidated financial information of the Group’s VIEs as of December 31, 2019.

Principal accounting policies

Principal accounting policies	12 Months Ended
	Dec. 31, 2019
Principal accounting policies
Principal accounting policies	2. Principal accounting policies (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. (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 subsidiary 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, Bilin Changxiang, Huya Technology, 100 Edu Technology, BaiGuoYuan Technology, Guangzhou Wangxing and ultimately the Company hold all the variable interests of the VIEs and have been determined to be the primary beneficiary 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. ​ 2. Principal accounting policies (continued) (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 whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple elements revenue contracts, income taxes, allowances for doubtful accounts, determination of share-based compensation expenses, purchase price allocation in a business combination, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group’s VIEs, assessment on the probability of performance condition affiliated in equity-classified award under ASC 718 that affect vesting, determination of the fair value of derivative liabilities arising from Huya’s Preferred Shares prior to Huya’s IPO, subsequent adjustment 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 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. (d) Foreign currency translation The Group uses Renminbi (“RMB”) 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 and India is United States dollar (“US$”), while the functional currency of the other entities and VIEs in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. 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. (e) Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB 6.9618 on December 31, 2019 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. ​ 2. Principal accounting policies (continued) (f) Cash and cash equivalents 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: i) 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. In November 2016, the FASB issued new guidance related to the classification of restricted cash in the statement of cash flows. The new standard requires that a statement of cash flows explain any change during the year in total cash, cash equivalents, and restricted cash. The new standard is effective for fiscal years beginning after December 15, 2017, and should be applied retrospectively. The Company adopted the new standard during the beginning of 2018 and applied the standard retrospectively for all periods presented. Cash, cash equivalents, restricted cash and restricted short-term deposits presented on the consolidated statements of cash flows included cash, cash equivalents, restricted cash and restricted short-term deposits in the consolidated balance sheets. As of December 31, 2018, cash, cash equivalents, restricted cash and restricted short-term deposits presented in the consolidated statement of cash flows is RMB6,004,231, including cash and cash equivalents of RMB6,004,231 in the consolidated balance sheets. As of December 31, 2019, cash, cash equivalents, restricted cash and restricted short-term deposits presented in the consolidated statement of cash flows is RMB4,551,464, including cash and cash equivalents of RMB3,893,538, restricted cash of RMB4,892 and restricted short-term deposits of RMB653,034 in the consolidated balance sheets, respectively. (g) 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. (h) 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. (i) 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. (j) Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. ​ 2. Principal accounting policies (continued) (j) Accounts receivable (continued) The Group maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Group determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, Group makes specific bad debt provisions based on any specific knowledge Group has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require Group to use substantial judgment in assessing its collectability. (k) Financing receivables Financing receivables represent receivables derived from finance business, including micro-credit personal loans and corporate loans. 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. Micro-credit personal loans The Group provides micro loans to qualified individual borrowers. The micro loan periods granted to the borrowers generally range from one month to twelve months. Corporate loans The Group provides loans to corporate borrowers mainly through sales-and-leaseback model. Under the sales-and-leaseback arrangement, the Group, who is also the lender, purchases machinery and equipment from lessees, who are also the borrowers, and leases the purchased equipment back to the lessees for a number of years. In a sales-and-leaseback arrangement, the transaction is in substance a collateral financing. Allowance for financing receivables The Group assesses the allowance for financing receivables either on an individual or collective basis. The Group estimates and evaluates the allowance amounts and whether such amounts are adequate to cover potential losses, and periodic reviews are performed to ensure such amounts continue to reflect the best estimate of the losses inherent in the outstanding portfolio of debts. The estimate is based on a pooled basis due to the composition of homogeneous financing with similar size and general credit risk characteristics for similar finance businesses. The Group considers the credit worthiness of the individuals and the companies receiving financing, aging of the outstanding financing receivables, value of the collateral assets and other specific circumstances related to the financing when determining the allowance for financing receivables. Financing receivables are placed on non-accrual status upon reaching 90 days past due or when reasonable doubt exists in timely collection of the financing receivables. When a financing receivable is placed on non-accrual status, the Group stops accruing financing income. Financing receivable is returned to accrual status if the related individual or company has performed in accordance with the contractual terms for a reasonable period of time and, in the Group’s judgment, will continue to make period principal and financing income payments as scheduled. ​ 2. Principal accounting policies (continued) (l) Investments ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The main provisions require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value through earnings, unless they qualify for a measurement alternative. The new guidance requires modified retrospective application to all outstanding instruments beginning January 1, 2018, with a cumulative effect adjustment recorded to opening accumulated deficit as of the beginning of the first period in which the guidance becomes effective. However, changes to the accounting for equity securities without a readily determinable fair value would be applied prospectively. The Group adopted the new financial instruments accounting standard from January 1, 2018. Following the adoption of this guidance, accumulated fair value gain, amounting to RMB87.8 million, was reclassified from accumulated other comprehensive loss to retained earnings as of January 1, 2018. 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. Equity Investments without Readily Determinable Fair Values After the adoption of this new accounting standard, the Group elected to record equity investments without readily determinable fair values and not accounted for under the equity method 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. 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 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. ​ 2. Principal accounting policies (continued) (m) 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 40 years ​ 0 % Servers, computers and equipment 3-5 years ​ 0%-5 % Leasehold improvements Shorter of lease term or 5 years ​ 0 % Decoration of buildings 10 years ​ 0 % Motor vehicles 4 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. (n) 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 subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. 2. Principal accounting policies (continued) (o) Intangible assets Intangible assets mainly consist of trademark, user bases, non-compete agreement, operating rights, software, domain names, technology, license 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 ​ 10 years User bases ​ 3 years License 15 years Non-compete agreement ​ 1 year Operating rights Shorter of the economic life or contract terms Software 1 Domain names 15 years Technology 5 years Others Shorter of the economic life or contract terms ​ (p) 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. (q) 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 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 reporting unit 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, 2017, 2018 and 2019 were amounting to nil, nil and RMB8,408, respectively. (r) 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. ​ 2. Principal accounting policies (continued) (s) Annual test for impairment of goodwill Goodwill assessment for impairment is performed on at least an annual basis in the fourth quarter or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit’s goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit. (t) Convertible bonds The Group 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. ​ 2. Principal accounting policies (continued) (u) 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 an accumulative 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 (loss) 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 an accumulative 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. (v) Revenue Revenue recognition and significant judgments For the year ended December 31, 2018, revenue presentation has been changed to live streaming and others to better reflect the way the Group generates revenues. The revenue presentation for the years ended December 31, 2017 is also retrospectively changed to be consistent with the year ended December 31, 2018. Revenues from live streaming are mainly generated from YY platform, Huya platform and Bigo platform. Other revenues are mainly generated from online games, membership, online education, advertising and finance business. Disaggregated revenues are disclosed in Note 32 “Segment Reporting”. On January 1, 2018, the Group adopted ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not result in any adjustment on the Group’s consolidated financial statements, and there were no material differences between the Group’s adoption of ASC 606 and its historic accounting under ASC 605. 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. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) (i) Live streaming Live streaming mainly consists of YY platform, Huya platform and Bigo platform. 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. 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 ite

Certain risks and concentration

Certain risks and concentration	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Certain risks and concentration	3. 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, Guangzhou Huya and Guangzhou BaiGuoYuan. As of December 31, 2019, Beijing Tuda owns the majority equity interests of Guanghzou Huaduo, Guangzhou Huaduo owns the majority equity interests of Guangzhou Huya, and Mr. David Xueling Li owns the majority equity interest of Guangzhou BaiGuoYuan. Guangzhou Huaduo, Guangzhou Huya 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 The amount of service fees payable is determined by various factors, including (a) a percentage of Guangzhou Huaduo, Guangzhou Huya and Guangzhou BaiGuoYuan’s revenues or earnings, and (b) the expenses that Beijing Huanju Shidai, Huya Technology and BaiGuoYuan Technology incur for providing such services. Beijing Huanju Shidai, Huya Technology and BaiGuoYuan Technology may charge up to 100% of the income in Guangzhou Huaduo, Guangzhou Huya and Guangzhou BaiGuoYuan and a multiple of the expenses incurred for providing such services, as determined by Beijing Huanju Shidai, Huya Technology and BaiGuoYuan Technology, respectively, from time to time. The service fees payable by Guangzhou Huaduo, Guangzhou Huya and Guangzhou BaiGuoYuan to Beijing Huanju Shidai, Huya Technology and BaiGuoYuan Technology are determined to be up to 100% of the profits of Guangzhou Huaduo, Guangzhou Huya and Guangzhou BaiGuoYuan, with the timing of such payment to be determined at the sole discretion of Beijing Huanju Shidai, Huya Technology 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, 2017, 2018 and 2019, the Company’s wholly owned foreign enterprises determined that service fees of RMB279,828, RMB744,339 and RMB1,843,097 were charged to the Group’s VIEs, respectively. Further, the Group believes that the contractual arrangements among Beijing Huanju Shidai, Huya Technology, BaiGuoYuan Technology and Bilin Changxiang, the VIEs, and their shareholders are in compliance with PRC law and are legally enforceable. 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. ​ 3. Certain risks and concentration (continued) (a) PRC regulations (continued) 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; ● 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. ​ 3. Certain risks and concentration (continued) (a) PRC regulations (continued) The following consolidated financial information of the Group’s VIEs excluding the intercompany items with the Group’s subsidiaries was included in the accompanying consolidated financial statements as of and for the years ended: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB Assets Current assets Cash and cash equivalents 4,665,938 2,097,191 Restricted cash and cash equivalents ​ — ​ 4,892 Short-term deposits 2,100,000 4,100,003 Restricted short-term deposits — 650,000 Short-term investments 979,052 4,581,725 Accounts receivable, net 192,932 189,889 Amounts due from related parties 172,258 15,397 Financing receivables, net 725,336 74,247 Prepayments and other current assets 663,437 556,610 Total current assets 9,498,953 12,269,954 ​ ​ ​ ​ ​ Non-current assets Long-term deposits 1,000,000 — Deferred tax assets 70,834 117,214 Investments 862,272 1,875,685 Property and equipment, net 655,402 911,427 Land use rights, net 1,784,639 1,736,544 Intangible assets, net 57,050 622,968 Right of use asset, net — 65,840 Other non-current assets 143,240 281,989 Total non-current assets 4,573,437 5,611,667 ​ ​ ​ ​ ​ Total assets 14,072,390 17,881,621 ​ ​ ​ ​ ​ Liabilities Current liabilities Accounts payable 112,167 90,764 Deferred revenue 950,816 1,225,819 Advances from customers 101,690 150,091 Income taxes payable 162,118 319,888 Accrued liabilities and other current liabilities 2,207,138 2,657,811 Amounts due to related parties 28,336 208,833 Lease liabilities due within one year ​ — ​ 34,292 Short-term loans ​ — ​ 270,565 Total current liabilities 3,562,265 4,958,063 ​ ​ ​ ​ ​ Non-current liabilities Lease liabilities ​ — ​ 31,105 Deferred revenue 86,977 228,111 Deferred tax liabilities — 85,479 Other non-current liabilities ​ — ​ 11,495 Total non-current liabilities 86,977 356,190 ​ ​ ​ ​ ​ Total liabilities 3,649,242 5,314,253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ ​ Net revenues 11,577,104 15,740,097 21,205,945 Net income 2,766,279 3,475,109 4,797,984 ​ ​ 3. Certain risks and concentration (continued) (a) PRC regulations (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities 3,974,085 4,672,879 ​ 6,267,972 Net cash used in investing activities (3,571,668) (1,212,622) (4,985,027) Net cash provided by financing activities 66,875 — 271,333 ​ 469,292 3,460,257 1,554,278 ​ (b) Foreign exchange risk 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 Group’s oversea operation and investing and financing activities are denominated in U.S. dollars. 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, short-term deposits, long-term deposits, short-term investments, accounts receivable, financing receivables, amounts due from related parties, prepayments and other current assets. As of December 31, 2018 and 2019, substantially all of the Group’s cash and cash equivalents, short-term deposits, short-term investments and long-term deposits 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, 2017, 2018 and 2019 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. 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.

Business combination and dispos

Business combination and disposal of subsidiaries and businesses	12 Months Ended
	Dec. 31, 2019
Business combination and disposal of subsidiaries and businesses
Business combination and disposal of subsidiaries and businesses	4. Business combination and disposal of subsidiaries and businesses (a) Business combination Acquisition of Bigo Immediately prior to this acquisition, the Company held 31.7% of equity interest of Bigo, a company which is primarily engaged in the video and audio broadcast business through its live-streaming applications and platforms all over the world. The Company had a contingent redemption right on its investment in Bigo, therefore the interest held by the Company did not meet the definition of in-substance common stock under ASC 323. As the investment in Bigo did not have readily determinable fair value, it was accounted for as an investment at cost less impairments, adjusted by observable price changes. In February 2019, the Group entered into a share purchase agreement with Bigo and its shareholders. Under the agreement, the Group agreed to purchase all outstanding shares of Bigo that were not already owned by the Group. Pursuant to the agreement, the Company paid US $343.1 million in cash and issued 305,127,046 Class A common shares, which were outstanding, and 38,326,579 Class B common shares of the Company to Bigo’s selling shareholders. In addition, the Company has also issued 8,761,450 Class A common shares for future grants to employees as share-based awards. The acquisition was completed on March 4, 2019. The Group believed that the acquisition of Bigo helped the Group create enhanced live streaming content, expand global footprint and offer world-class user experiences for global user community. Upon the completion of the acquisition, Bigo became a wholly-owned subsidiary of the Group. 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 ​ RMB ​ ​ ​ Cash 2,300,196 Fair value of common shares issued 7,704,420 Fair value of previously held equity interest in Bigo 5,697,154 Elimination of preexisting amounts due from Bigo 323,002 Total consideration 16,024,772 ​ The fair value of common shares issued above does not include post-acquisition share-based compensation amounting to RMB590,346. Out of the 305,127,046 Class A common shares issued and outstanding 38,042,760 shares are for the replacement awards to Bigo’s employees to replace their original share-based awards. The post-acquisition share-based compensation of RMB590,346 are share-based compensation subject to continuous employment and will be recognized as share-based compensation expenses over the remaining required service period. Immediately before the acquisition, the amounts due from Bigo to the Company amounted to RMB323,002. This amount due from Bigo was effectively eliminated upon the acquisition. The amount of the preexisting amounts due from Bigo of RMB323,002 was included as part of the consideration. In accordance with ASC 805, the Company’s previously held equity interest in Bigo was re-measured to fair value on the acquisition date, and a re-measurement gain of RMB2,669,334 was recognized as gain on fair value changes of investments. Acquisition-related costs of RMB27,162 was recognized as general and administrative expenses. 4. Business combination and disposal of subsidiaries and businesses (continued) (a) Business combination (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 Amortization period ​ RMB ​ ​ ​ ​ ​ ​ ​ Net tangible assets acquired: ​ ​ ​ ​ -Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits 643,433 ​ ​ -Accounts receivables 386,517 -Other current assets 52,432 -Property and equipment, net 294,030 -Other non-current assets 174,837 Identifiable intangible assets acquired: -Trademark 2,400,354 10 years -User Base 1,027,191 3 years -Non-compete agreement 81,129 1 year -Others 6,195 Accrued liabilities and other liabilities (1,156,854) Deferred tax liabilities (316,859) Goodwill 12,432,367 Total 16,024,772 ​ The Company estimated the fair value of 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. In terms of the fair value of the acquired user base, the excess earnings method was used. The value is estimated as the present value of the revenues calculated at an appropriate discount rate. The Company’s determination of the fair values of acquired trademark and user base 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 (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 was not expected to be deductible for income tax purpose. 4. Business combination and disposal of subsidiaries and businesses (continued) (a) Business combination (continued) Pro forma information of the acquisition The following unaudited pro forma information summarizes the results of operations for the years ended December 31, 2018 and 2019 of the Company as if the acquisition had occurred on January 1, 2018. The unaudited pro forma information includes: (i) amortization associated with estimates for the acquired intangible assets and corresponding deferred tax liability; (ii) recognition of the post-combination share-based compensation; (iii) removal of the transaction costs related to the acquisition; (iv) removal of the remeasurement gain of JOYY’s previously held interests in Bigo; (v) removal of fair value loss on derivative liabilities related to Bigo’s preferred shares; (vi) elimination of transaction between Bigo and the Company and (vii) the associated tax impact on these unaudited pro forma adjustments. The following pro forma financial information is presented for informational purpose only and is not necessarily indicative of the results that would have occurred had the acquisition been completed on January 1 2018, nor is it indicative of future operating results. ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2018 2019 ​ RMB RMB ​ ​ ​ ​ ​ Pro forma net revenues 18,786,008 26,237,534 Pro forma net (loss) income (153,302) 805,905 ​ The amounts of revenues and earnings of Bigo since the acquisition date are disclosed in Note 32 “Segment Reporting”. (b) Disposal of subsidiaries and businesses Disposal of Beijing Yunke Online Technology Development Co., Ltd. (“Yunke Online”) Yunke Online, a company engaged in online language education, was acquired by the Group in 2014. In January 2017, the Group disposed of 46% equity interest of Yunke Online. After the disposal, the Group retained 34% equity interest of Yunke Online. As a result, Yunke Online ceased to be a subsidiary of the Group. A total income of RMB37,989 was recognized. Disposal of online game business In 2019, the Group entered into entered into a restructuring and subscription agreement with a third party company and the third party company's then shareholders. Pursuant to the agreement, Guangzhou Huaduo obtained 30% of equity interest of the third party company by injecting the Group's wholly owned online games business into the third party company. The Group disposed of its online games business by injecting it into the third party company. After the disposal, the Group classified the investment in this company as an equity investment without readily determinable fair value. The investment was initially recognised at fair value. With the assistance of an independent valuer, the Group has determined that the fair value of the investment upon initial recognition was RMB347,000. In addition, the Company also entered into a business cooperation agreement with this company under which the Group will provide internet traffic and other support to this company. The Company will help to collect recharge amount from certain users on behalf of this company and pay the recharge amount to this company. The fair value of the business cooperation agreement, being RMB103,600, is recognised as deferred revenue and will be recognised the amount as revenue over the estimated period in which the investee can be benefitted from such service, which is 5 years. As a result, a net gain of RMB82,699 was recognised, which is the difference between (a) the fair value of consideration received, which was RMB347,000 and (b) the carrying amount of the assets and liabilities being de-consolidated, the deferred revenue being recognised and the direct related tax resulting from the disposal, which was RMB264,301.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2019
Cash and cash equivalents
Cash and cash equivalents	5. 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, 2018 and 2019 primarily consist of the following currencies: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ December 31, 2019 ​ ​ RMB ​ ​ ​ RMB ​ ​ Amount equivalent Amount equivalent ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 4,707,868 4,707,868 2,154,711 2,154,711 US$ 188,869 1,296,284 229,198 1,598,931 Others N/A 79 N/A 139,896 Total 6,004,231 3,893,538 ​

Short-term and Long-term deposi

Short-term and Long-term deposits	12 Months Ended
	Dec. 31, 2019
Short-term and Long-term deposits
Deposit Assets Disclosures	6. Short-term and Long-term deposits Short-term deposits represent time deposits placed with banks with original maturities between three months and one year. Long-term deposits represent time deposits placed with banks with original maturities more than one year. The term deposits balance as of December 31, 2018 and 2019 primarily consist of the following currencies: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ December 31, 2019 ​ ​ RMB ​ RMB ​ ​ Amount ​ equivalent ​ Amount ​ equivalent ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 2,100,000 2,100,000 4,500,003 4,500,003 US$ 761,573 5,226,996 1,758,964 12,270,882 Total 7,326,996 16,770,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 1,000,000 1,000,000 — — ​

Restricted short-term deposits

Restricted short-term deposits	12 Months Ended
	Dec. 31, 2019
Restricted short-term deposits
Restricted short-term deposits	7. Restricted short-term deposits As of December 31, 2019, the Group's restricted short-term deposits were RMB653,034, which was mainly pledged as collateral for the banking facilities of HK$320 million and US$40 million.

Accounts receivable, net

Accounts receivable, net	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Accounts receivable, net	8. Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Accounts receivable, gross 206,772 763,004 Less: allowance for doubtful receivables (8,344) (986) ​ ​ ​ ​ ​ Accounts receivable, net 198,428 762,018 ​ ​ 8. Accounts receivable, net (continued) The following table summarizes the details of the Group’s allowance for doubtful accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year (55,220) (7,356) (8,344) Additions charged to general and administrative expenses, net (3,049) (1,198) (117) Write-off during the year 50,913 210 7,475 ​ ​ ​ ​ ​ ​ ​ Balance at the end of the year (7,356) (8,344) (986) ​

Financing receivables, net

Financing receivables, net	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Financing Receivables	9. Financing receivables, net Financing receivables consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Financing receivables, gross ​ Micro-credit personal loans 734,108 ​ 194,517 Corporate loans 274,857 ​ 226,977 Total 1,008,965 ​ 421,494 ​ ​ ​ ​ ​ Less: allowance for financing receivables (15,829) ​ (186,770) ​ ​ ​ ​ ​ Financing receivables, net 993,136 ​ 234,724 ​ ​ ​ ​ ​ Current portion 768,343 ​ 105,344 Non-current portion 224,793 ​ 129,380 ​ As of December 31, 2018, micro-credit personal loans amounting to RMB371,031 was guaranteed by a third party corporation. The co-operation with this third party corporation was ceased in 2019 and as of December 31, 2019 the personal loans were not guaranteed. 9. Financing receivables, net (continued) The following table presents the aging of gross financing receivables as of December 31, 2018 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1-90 days ​ 91-180 days ​ 181-360 days ​ over 1 year ​ Total ​ ​ ​ Total financing ​ past due past due past due past due past due Current receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Micro-credit personal loans 13,074 6,590 1,411 ​ — ​ 21,075 713,033 734,108 Corporate loans — — — ​ — ​ — 274,857 274,857 ​ 13,074 6,590 1,411 ​ — ​ 21,075 987,890 1,008,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Micro-credit personal loans 29,109 26,192 36,999 ​ 20,183 ​ 112,483 82,034 194,517 Corporate loans — — 195,143 ​ — ​ 195,143 31,834 226,977 ​ 29,109 26,192 232,142 ​ 20,183 ​ 307,626 113,868 421,494 ​ The non-accrual financing receivables related to personal loans as of December 31, 2018 and 2019 amounted to RMB8,001 and RMB83,374, respectively, as they were past due for over 90 days. As a result, an impairment charge of RMB104 million was recognized in general and administrative expenses for the year ended December 31, 2019 due to the increasing receivables of past due. 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 around RMB15 million due in January and was default. Total financial receivable due from the lessee is RMB195 million. 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, the court has passed the first instance judgement 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 Group pledged or preserved additional assets of the lessee or its related entity as collateral. Based on the Group’s assessment on the lessess’ finance condition and the recoverable amount from the collateral, the financial receivable cannot be fully recovered. As a result, an impairment charge of RMB67 million was recognized in general and administrative expenses for the year ended December 31, 2019, against the carrying value of the financing receivables. The financing receivable was placed on non-accrual status. The Group has decided not to further develop corporate loan business so as to avoid further potential risk arising from such business. Movement of allowance for financing receivables is as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year — ​ (15,829) Charge for the year (15,829) ​ (170,941) ​ ​ ​ ​ ​ Balance at the end of the year (15,829) ​ (186,770) ​

Prepayments and other current a

Prepayments and other current assets	12 Months Ended
	Dec. 31, 2019
Prepayments and other current assets
Prepayments and other current assets	10. Prepayments and other current assets ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Interests receivable 218,553 324,019 Prepayments and deposits to vendors and content providers 183,293 235,134 Loans to third parties 180,964 93,253 Value added taxes to be deducted 69,563 84,783 Receivables from payment platforms 112,061 74,770 Rental and other deposits 22,457 38,489 Employee advances 11,536 27,683 Receivables from disposal of subsidiaries and investments 59,255 19,882 Amounts receivables from issuance of a subsidiary’s preferred shares 102,951 — Others 58,386 72,794 ​ ​ ​ ​ ​ Total 1,019,019 970,807 ​

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments
Investments	11. Investments ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Equity investments accounted for using the equity method (i) 378,378 754,144 Equity investments with readily determinable fair values (ii) 238,915 115,926 Equity investments without readily determinable fair values (iii) 3,974,231 1,492,837 ​ ​ ​ ​ ​ Total 4,591,524 2,362,907 (i) In 2018 and 2019, the Group acquired minority stake of a number of privately-held entities with total consideration of RMB 14,277 and RMB 332,401 , respectively. Investments have been accounted for under the equity method where the Group has significant influence on these investees and the investments are considered as in-substance common shares. (ii) In 2018, the Group made an investment in an investment fund with total consideration of RMB 204,499, which primarily invests in public stock market. The Group does not have the ability to exercise significant influence over the investment. Therefore, it has been precluded from applying the equity method of accounting. In 2019, the Group disposed of an investment with readily determinable fair values, for a cash consideration of RMB141,875. In 2018 and 2019, fair value loss of RMB113,677 and fair value gain of RMB21,942 related to investments with readily determinable fair values were recognized in the consolidated statements of comprehensive income (Note 28), respectively. (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 2018 and 2019, the Group acquired minority preferred shares or ordinary shares of a number of privately-held entities with total consideration of RMB2,118,648 and RMB723,024, respectively. The ownership interests were less than 20% of the investees’ total equities or the ownership interest 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 2019, The Group completed the acquisition of the remaining 68.3% of equity interest in Bigo and Bigo became a wholly owned subsidiary of the Group. Therefore the previously held 31.7% equity interest in Bigo, which was classified as equity investments without readily determinable fair value, was derecognized. Please refer to Note 4(a) for the acquisition of Bigo. In 2019, the Group partially disposed of an investment without readily determinable fair values, with a consideration of RMB23,761. In 2018 and 2019, fair value gain of RMB1,803,081 and RMB2,657,370 due to the observable price change, were recognized in gain on fair value changes of investments (Note 28), which was mainly due to gain on the fair value change on the investment in Bigo before the Company’s acquisition of Bigo. Out of the fair value gain of RMB1,803,081 for the year ended December 31, 2018, fair value gain of RMB356,545 was realized and RMB1,446,536 was unrealized. Out of the fair value gain of RMB2,657,370 for the year ended December 31, 2019, fair value gain of RMB2,676,014 was realized and fair value loss of RMB18,644 was unrealized. ​ 11. Investments (continued) 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 2017, 2018 and 2019, based on the Group’s assessment, an impairment charge of RMB43,205, RMB35,348 and RMB62,334 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.

Property and equipment, net

Property and equipment, net	12 Months Ended
	Dec. 31, 2019
Property and equipment, net [Abstract]
Property and equipment, net	12. Property and equipment, net Property and equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Gross carrying amount Servers, computers and equipment 679,735 1,865,395 Buildings 857,020 867,518 Construction in progress 211,657 333,550 Decoration of buildings 103,305 103,305 Leasehold improvements 22,913 76,560 Motor vehicles 38,407 48,638 Furniture, fixture and office equipment 26,439 35,253 Total 1,939,476 3,330,219 Less: accumulated depreciation (643,157) (1,068,559) ​ ​ ​ ​ ​ Less: impairment loss ​ — ​ (5,300) ​ ​ ​ ​ ​ Property and equipment, net 1,296,319 2,256,360 ​ Depreciation expense for the years ended December 31, 2017, 2018 and 2019 were RMB176,715, RMB150,991, and RMB362,495, respectively.

Land use rights, net

Land use rights, net	12 Months Ended
	Dec. 31, 2019
Intangible assets, net
Land Use Right Disclosure	13. Land use rights, net Land use rights consist of the following: ​ ​ ​ ​ ​ December 31, 2019 ​ ​ RMB ​ ​ ​ Gross carrying amount 1,924,563 Less: accumulated amortization (188,019) ​ ​ ​ Land use rights, net 1,736,544 ​ Amortization expense for the years ended December 31, 2017, 2018 and 2019 were RMB47,909, RMB48,100 and RMB48,096, respectively. ​ 13. Land use rights, net (continued) The estimated amortization expenses for each of the following five years are as follows: ​ ​ ​ ​ ​ Amortization expense ​ ​ of land use rights ​ ​ RMB ​ ​ ​ 2020 48,096 2021 48,096 2022 48,096 2023 48,096 2024 48,096 ​

Intangible assets, net

Intangible assets, net	12 Months Ended
	Dec. 31, 2019
Intangible assets, net
Intangible assets, net	14. Intangible assets, net The following table summarizes the Group’s intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Gross carrying amount Trademark ​ — ​ 2,497,480 User bases ​ — ​ 1,069,668 License ​ 32,000 ​ 142,318 Non-compete agreement ​ — ​ 84,412 Operating rights 67,080 76,272 Software 39,535 60,309 Domain names 26,819 28,044 Technology ​ 18,094 ​ 18,237 Others — 2,158 ​ ​ ​ ​ ​ Total of gross carrying amount 183,528 3,978,898 ​ ​ ​ ​ ​ Less: accumulated amortization ​ ​ ​ ​ ​ Trademark ​ — ​ (208,128) User bases ​ — ​ (366,139) License ​ (1,422) ​ (4,435) Non-compete agreement ​ — ​ (70,348) Operating rights (48,451) (63,147) Software (28,406) (50,151) Domain names (11,213) (13,327) Technology (11,856) (11,916) Others — (91) ​ ​ ​ ​ ​ Total accumulated amortization (101,348) (787,682) ​ ​ ​ ​ ​ Less: accumulated impairment (7,495) (11,353) ​ ​ ​ ​ ​ Intangible assets, net 74,685 3,179,863 ​ Amortization expense for the years ended December 31, 2017, 2018 and 2019 were RMB14,510, RMB20,995 and RMB669,657, respectively. ​ 14. Intangible assets, net (continued) The estimated amortization expenses for each of the following five years are as follows: ​ ​ ​ ​ ​ Amortization expense ​ of intangible assets ​ ​ RMB ​ ​ ​ 2020 728,771 2021 391,154 2022 325,675 2023 325,548 2024 272,618 ​ The weighted average amortization periods of intangible assets as of December 31, 2018 and 2019 are as below: ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ ​ ​ ​ Trademark ​ Not applicable ​ 10 years User base ​ Not applicable ​ 3 years License ​ 15 years ​ 15 years Non-compete agreement ​ Not applicable ​ 1 year Operating rights 2 years 2 years Software 4 years 4 years Domain names 15 years 15 years Technology Not applicable Not applicable Others Not applicable 10 years ​

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	15. Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Bigo ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2017 11,716 ​ — ​ 11,716 ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments 47 ​ — ​ 47 Balance as of December 31, 2018 11,763 ​ — ​ 11,763 ​ ​ ​ ​ ​ ​ ​ Increase in goodwill related to acquisition ​ — ​ 12,432,367 ​ 12,432,367 Foreign currency translation adjustments 16 ​ 503,046 ​ 503,062 Balance as of December 31, 2019 11,779 ​ 12,935,413 ​ 12,947,192 ​ The increase in goodwill in 2019 was related to the acquisition of Bigo. Please refer to Note 4(a) for the acquisition of Bigo. ​ 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. 15. Goodwill (continued) The Group performed a goodwill impairment analysis in the fourth quarter of 2019. When determining the fair value of Bigo reporting unit, the Group used the income approach. The income approach determines fair value based on discounted cash flow models derived from the reporting units’ long-term forecasts which included a seven-year future cash flow projection and an estimated terminal value. The discounted cash flow model included a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) the seven-year future cash flows forecasts including expected 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 units; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the YY and Bigo reporting units’ operations and the uncertainty inherent in the Group’s internally developed forecasts. Based on the Group’s assessment, the fair value of Bigo reporting units exceeded their carrying value by around 1% of the carrying value of the Bigo reporting unit.

Deferred revenue

Deferred revenue	12 Months Ended
	Dec. 31, 2018
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	16. Deferred revenue ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Deferred revenue, current Live streaming 842,040 1,220,722 Others 109,576 122,586 Total current deferred revenue 951,616 1,343,308 ​ ​ ​ ​ ​ Deferred revenue, non-current Live streaming 80,734 177,598 Others 10,976 62,943 Total non-current deferred revenue 91,710 240,541 ​

Accrued liabilities and other c

Accrued liabilities and other current liabilities	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued liabilities and other current liabilities	17. Accrued liabilities and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Revenue sharing fees 1,318,561 1,820,663 Salaries and welfare 329,169 882,644 Marketing and promotion expenses 213,216 688,530 Bandwidth costs 131,252 417,213 Value added taxes and other taxes payable 109,040 410,357 Payables to merchants 75,471 106,814 Deposits from third parties 82,771 81,251 Other payable to content providers 30,313 76,162 Others 124,578 189,366 ​ ​ ​ ​ ​ Total 2,414,371 4,673,000 ​

Short-term loans

Short-term loans	12 Months Ended
	Dec. 31, 2019
Convertible bonds
Short-term Debt	18. Short-term loans ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Short-term loans — 557,203 ​ The Group entered into agreements with banks, pursuant to which the Group borrowed three loans with total principal amount of HK $320 million and US$39 million (equivalent to RMB557 million) within a banking facility of HK$320 million and US$40 million in 2019, respectively. These loans were all with a maturity of less than one year and the annual interest rates ranged from 2.38% to 3.77%. Short-term deposits of RMB650 million were pledged as collateral for the banking facilities, which were classified as restricted short-term deposits.

Convertible bonds

Convertible bonds	12 Months Ended
	Dec. 31, 2019
Convertible bonds
Convertible bonds	19. Convertible bonds ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Convertible bonds, current 2019 Convertible Senior Notes 6,863 — ​ ​ ​ ​ ​ Convertible bonds, non-current 2025 Convertible Senior Notes ​ — ​ 2,646,642 2026 Convertible Senior Notes ​ — ​ 2,361,929 Total — 5,008,571 ​ 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 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 conversion features were recognized by ascribing the difference between the proceeds and the fair value of the debt component in Additional paid-in capital. As a result, the cash conversion version features for the Notes due 2025 and Notes due 2026 were US$364 million and US$324 million after deducting debt issuance costs, respectively. ​ 19. Convertible bonds (continued) 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. As of December 31, 2019, RMB 5,008.6 million (US$719.4 million) has 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, 2019 was RMB246,434. During 2019, the outstanding 2019 Convertible Senior Notes matured and were redeemed by the holders. Interest expense related to 2019 Convertible Senior Notes recognized during the years ended December 31, 2018 and 2019 was RMB149 and RMB38, respectively. 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 USD127.9 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 USD95.9 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.

Cost of revenues

Cost of revenues	12 Months Ended
	Dec. 31, 2019
Cost of Revenue [Abstract]
Cost of revenues	20. Cost of revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Revenue sharing fees and content costs 5,727,081 8,272,696 12,861,431 Bandwidth costs 695,839 967,436 1,722,979 Payment handling costs 72,953 104,772 866,455 Salary and welfare 237,063 323,623 746,517 Technical service fee 18,232 42,686 327,403 Depreciation and amortization 128,639 117,293 282,162 Share-based compensation 42,759 74,339 81,254 Other taxes and surcharges 48,360 48,724 68,471 Other costs 55,476 65,565 191,678 ​ ​ ​ ​ ​ ​ ​ Total 7,026,402 10,017,134 17,148,350 ​

Other income

Other income	12 Months Ended
	Dec. 31, 2019
Component of Operating Income [Abstract]
Other income	21. Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Government grants 88,873 88,488 247,416 Others 24,314 29,372 74,687 ​ ​ ​ ​ ​ ​ ​ Total 113,187 117,860 322,103 ​

Income tax

Income tax	12 Months Ended
	Dec. 31, 2019
Income tax
Income tax	22. 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. There are no withholding taxes 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). The Group’s Singapore entities provided for income tax are as follows: ● Bigo Singapore applied for the Incentive and received approval in October 2018. Bigo Singapore is entitled to enjoy the beneficial tax rate of 5% as the Incentive for the years 2018 through 2022, and will need to re-apply for the Incentive qualification renewal in 2023. ● Other Singapore entities were subject to 17% income tax for the periods reported. ​ 22. Income tax (continued) (v) PRC The Company’s subsidiaries and VIEs in 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. Enterprises qualified as software enterprises can enjoy an income tax exemption for two years beginning with their first profitable year and a 50% tax reduction to the applicable tax rate for the subsequent three years. An entity that qualifies as a “Key National Software Enterprise” (a “KNSE”) is entitled to a further reduced preferential income tax rate of 10%. Enterprises wishing to enjoy the status of a Software Enterprise or a KNSE must perform a self-assessment each year to ensure they meet the criteria for qualification and file required supporting documents with the tax authorities before adopting the preferential EIT rates. These enterprises will be subject to the tax authorities’ assessment each year as to whether they are entitled to use the relevant preferential EIT treatments. If at any time during the preferential tax treatment years an enterprise uses the preferential EIT rates but the relevant authorities determine that it fails to meet applicable criteria for qualification, the relevant authorities may revoke the enterprise’s Software Enterprise/KNSE status. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its entities registered outside of the PRC should be considered as resident enterprises for the PRC tax purposes. The Group’s PRC entities provided for enterprise income tax are as follows: ● Guangzhou Huaduo applied for the renewal of HNTE qualification and received approval in December 2019. Guangzhou Huaduo is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2019 through 2021, and will need to re-apply for HNTE qualification renewal in 2022. ● In 2018, Guangzhou Huanju Shidai was qualified as a KNSE after the relevant government authorities’ assessment and was entitled to a preferential income tax rate of 10% . In 2019, Guangzhou Huanju Shidai is expected to enjoy a reduced tax rate of 10% based on its self-assessment. ● In June 2017, Guangzhou Juhui Information Technology Co., Ltd. was qualified as a Software Enterprise, and started to enjoy the zero preferential tax rate beginning from 2016 and 12.5% preferential tax rate beginning from 2018. ● Huya Technology was qualified as a Software Enterprise and enjoyed the zero preferential tax rate in 2017 and 2018. In 2019, Huya Technology assessed it is qualified as a KNSE and applied the preferential income tax rate of 10% . ● Guangzhou Huya was qualified as an HNTE in 2018. It is entitled to enjoy the preferential tax rate of 15% for three years starting from 2018, and will need to apply for HNTE qualification renewal in 2021. ● Guangzhou BaiGuoYuan was qualified as a Software Enterprise and enjoyed the zero preferential tax rate in 2018 and 2019. 22. Income tax (continued) (v) PRC (continued) ● BaiGuoYuan Technology was qualified as an HNTE in 2018. It is entitled to enjoy the preferential tax rate of 15% for the years 2018 through 2020, and will need to re-apply for HNTE qualification renewal in 2021. ● Other PRC subsidiaries and VIEs were subject to 25% EIT for the periods reported. 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 to 2020, according to a new tax incentives policy promulgated by the State Tax Bureau of the PRC in September 2018 (“Super Deduction”). 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 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 PRC that are available for distribution to the Company as of December 31, 2018 and 2019 are approximately RMB11,519,699 and RMB16,010,167, respectively. In 2017, the Group determined to cause one of its PRC subsidiaries, Guangzhou Huanju Shidai, to declare and distribute a one-off cash dividend of part of its stand-alone earnings from 2014 to 2016, amounting to US$15,000, to its direct oversea parent company, Duowan BVI. Guangzhou Huanju Shidai paid for the withholding tax in the amount of US$1,500 in 2017. The Group has a plan to indefinitely reinvest its aggregate undistributed earnings and reserves and any future earnings for use in the operation and expansion of its business. 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, 2018 and 2019. ​ 22. Income tax (continued) 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, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses PRC entities 2,919,350 3,494,192 4,265,759 Non-PRC entities (28,172) (959,721) (57,648) Total 2,891,178 2,534,471 4,208,111 ​ ​ ​ ​ ​ ​ ​ Current income tax expenses PRC entities (402,012) (379,130) (684,086) Non-PRC entities (9,880) (48,931) (30,565) Total (411,892) (428,061) (714,651) ​ ​ ​ ​ ​ ​ ​ Deferred income tax benefit (expenses) PRC entities (3,919) (25,081) 63,582 Non-PRC entities — (24,565) 104,447 Total (3,919) (49,646) 168,029 ​ ​ ​ ​ ​ ​ ​ Income tax expenses PRC entities (405,931) (404,211) (620,504) Non-PRC entities (9,880) (73,496) 73,882 Total (415,811) (477,707) (546,622) ​ ​ 22. Income tax (continued) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2017 2018 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Statutory income tax rate (25.0) % (25.0) % (25.0) % Effect of tax holiday and preferential tax benefit 13.2 % 16.5 % 8.9 % Effect of different tax rates available to different jurisdictions (i) (0.3) % (10.1) % 10.9 % Permanent differences (ii) (1.8) % (3.5) % (1.3) % Change in valuation allowance (2.3) % (1.6) % (11.2) % Effect of Super Deduction available to the Group 1.8 % 4.9 % 4.7 % Effective income tax rate (14.4) % (18.8) % (13.0) % ​ ​ ​ ​ ​ ​ ​ ​ Per ADS effect of tax holiday (RMB) 4.71 5.35 6.59 ​ Per share effect of tax holiday (RMB) 0.24 0.27 0.33 ​ (i) The effect of different tax rates available to different jurisdictions was mainly due to the fair value loss on derivative liabilities incurred by Huya whose applicable tax rate is zero for the year ended December 31, 2018. The effect of different tax rates available to different jurisdictions was mainly due to the re-measurement gain of the previously held equity interest in Bigo on the acquisition date incurred by Duowan BVI whose applicable tax rate is zero for the year ended December 31, 2019. (ii) Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs. ​ 22. 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, 2018 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets: Tax loss carried forward 148,899 707,744 Allowance for doubtful receivable, accrued expense and others not currently deductible for tax purposes 84,249 173,512 Deferred revenue 36,007 90,959 Impairment of investment 17,180 19,280 Others 753 2,725 Valuation allowance (i) (175,793) (722,280) ​ ​ ​ ​ ​ Amounts offset by deferred tax liabilities (40,461) (144,305) ​ ​ ​ ​ ​ Total deferred tax assets, net 70,834 127,635 ​ ​ ​ ​ ​ Deferred tax liabilities: Related to the fair value changes of investments 61,658 70,517 Related to acquired intangible assets 1,531 323,466 Others 4,777 14,961 ​ ​ ​ ​ ​ Amounts offset by deferred tax assets (40,461) (144,305) ​ ​ ​ ​ ​ Total deferred tax liabilities, net 27,505 264,639 (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 provided for net operating loss carry forward 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. ​ 22. Income tax (continued) Movement of valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the year (80,712) (135,505) (175,793) Additions (78,978) (113,597) (585,557) Reversals 24,185 73,309 39,070 Balance at end of the year (135,505) (175,793) (722,280) ​ Tax loss carry forwards As of December 31, 2019, total tax loss carry forwards of the Company’s subsidiaries and VIEs in the PRC amounted to RMB1,495,129, which were mainly generated by non-HNTEs and will then expire if not used between 2020 and 2024. The accumulated tax losses of subsidiaries incorporated in Hong Kong, Singapore and other countries, subject to the agreement of the relevant tax authorities, of RMB15,573, RMB3,096,692 and RMB351,108 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 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. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. There were no ongoing examinations by tax authorities as of December 31, 2019.

Mezzanine equity

Mezzanine equity	12 Months Ended
	Dec. 31, 2019
Mezzanine equity
Mezzanine equity	23. Mezzanine equity On July 10, 2017, Huya issued 22,058,823 shares of redeemable convertible preferred shares (“Series A Preferred Shares”) at a price of US$3.4 per share with total cash consideration of US$75,000 (equivalent to RMB509,730 as of the issuance date). On March 8, 2018, Huya issued 64,488,235 shares of redeemable convertible preferred shares (“Series B-2 Preferred Shares”) for cash consideration of US$461,600 (equivalent to RMB2,919,112 as of the issuance date) to Linen Investment Limited, a wholly owned subsidiary of Tencent Holdings Limited (“Tencent”). As holders of the Series B-2 Preferred Shares who exercise the redemption rights are allowed to request Huya to issue a convertible note if the Huya’s assets or funds legally available for redemption are insufficient, the host contract is considered to be a debt host. As the conversion feature is an equity instrument as it results in conversion of preferred shares into equity shares, this feature is not clearly and closely related to the debt host. In addition, net settlement criteria is met for the conversion right given the holder will receive the greater of a fixed amount or the if-converted value in the occurrence of a liquidation or deemed liquidation. Therefore, Huya determined that conversion feature embedded in the Series B-2 Preferred Shares is required to be bifurcated and accounted for as a derivative liability and measured at fair value at the end of each reporting year prior to the completion of Huya’s IPO. Upon the issuance of Series B-2 Preferred Shares, the conversion features of Series A Preferred Shares was also modified to be the same as Series B-2 Preferred Shares. Therefore, the difference between the fair value of the modified Series A Preferred Shares and the carrying value of Series A Preferred Shares on the modification date was recognized as a deemed dividend against retained earnings, amounting to RMB489,284. The initial recognition of the derivative liabilities for Series A Preferred Shares and Series B-2 Preferred Shares amounted to RMB892 million and the fair value loss on derivative liabilities of RMB2,285,223 was recognized in the consolidated statement of comprehensive income for the year ended December 31, 2018. ​ 23. Mezzanine equity (continued) Prior to the completion of Huya’s IPO, the Group recorded accretion of redemption value in accordance with ASC 480-10. The Group used the interest method to accrete the changes in redemption value over the period from the date of issuance to the earliest redemption date of the redeemable convertible preferred shares. In 2017 and 2018, the accretion charges of redeemable convertible preferred shares to redemption value were RMB19,842 and RMB71,628, respectively. Upon the completion of Huya’s IPO in May 2018, all the redeemable convertible preferred shares were automatically converted into ordinary share of Huya. As a result, the Group held 44.0% of the outstanding ordinary shares of Huya. However, the Group is able to control Huya under Huya’s dual voting structure by gaining the simple majority of the voting right of Huya immediately after the IPO. Accordingly, the Group continues to consolidate the operations and the financial results of Huya and provides for non-controlling interests reflecting ordinary shares in Huya held by shareholders other than the Group in the consolidated financial statements. The Group derecognized the derivative liability mentioned above and recognized a one-time credit to additional paid-in capital of RMB4,804,947 in shareholders’ equity in the consolidated balance sheets to reflect: 1) the increase in the value of the Group’s equity in Huya resulted from the proceeds from Huya’s IPO amounting to RMB795,073 and 2) conversion of redeemable convertible preferred shares amounting to RMB4,009,874. In 2018, another subsidiary of the Group issued 500,000,000 shares of redeemable convertible preferred shares for cash consideration of US$50,000 (equivalent to RMB345,420 as of the issuance date) 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. Accretion of redeemable convertible preferred shares to redemption value of RMB5,758 and RMB34,448 was recognized for the years ended December 31, 2018 and 2019.

Common shares and treasury shar

Common shares and treasury shares	12 Months Ended
	Dec. 31, 2019
Common shares and treasury shares
Common shares and treasury shares	24. Common shares and treasury shares During the year ended December 31, 2017, 21,305,880 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and 41,575,000 Class B common shares were converted to Class A common shares. As of December 31, 2017, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 945,245,908 Class A common common During the year ended December 31, 2018, 6,694,940 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and 29,800,000 Class B common shares were converted to Class A common shares. As of December 31, 2018, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 981,740,848 Class A common shares and 288,182,976 Class B common shares had been issued and outstanding, respectively. During the year ended December 31, 2019, 6,216,060 Class A common shares were issued for the exercised share options, vested restricted shares and restricted share. 305,127,046 Class A common shares and 38,326,579 Class B common shares were issued to Bigo’s selling shareholders during Bigo’s acquisition. On August 13, 2019, the Company’s board of directors approved a share repurchase programs (the “Share Repurchase Program”), pursuant to which the Company may repurchase from time to time at management’s discretion, at prevailing market prices in the open market in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, up to US$300 million in total of the Company’s outstanding ADSs for a period not to exceed twelve (12) months from the date of approval by board of directors. For the year ended December 31, 2019, the Company had repurchased an aggregate of 434,145 ADSs, representing 8,682,900 Class A common shares at an average price of US$54.6194 per ADS, or US$2.7310 per Class A common share, for aggregate consideration of US$23.7 million. Since the shares repurchased hasn’t been cancelled, the excess of repurchase price over par value was recorded as treasury shares upon the repurchase date. Additionally, in order to lower the average cost of acquiring shares in the ongoing share repurchase program, the Company purchased a capped call option of US$11.7 million for the repurchase of shares. Upon expiration of the option, if the closing market price of the Company’s common share is at or above the pre-determined price (the “Strike Price”), the Company will have its initial investment returned with a premium in either cash or shares at the Company’s election. If the closing market price is below the Strike Price, the Company will receive the number of shares specified in the agreement. As the outcome of these arrangements is based entirely on the Company’s stock price and does not require the Company to deliver either shares or cash, other than the initial investment, the entire transaction is recorded in equity. The agreement was expired in January 2020 and the Company received approximate US$12.2 million (approximately RMB84.8 million) of cash that was recorded in equity. As of December 31, 2019, 10,000,000,000 Class A common shares and 1,000,000,000 Class B common shares had been authorized, 1,301,845,404 Class A common shares and 326,509,555 Class B common shares had been issued, 1,293,162,504 Class A common shares and 326,509,555 Class B common shares were outstanding, respectively.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2019
Share-based compensation
Share-based compensation	25. 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. During the years ended December 31, 2017, 2018 and 2019, the Company granted restricted share units to employees of 22,090,030, 11,977,794 and 16,114,095 respectively pursuant to the 2011 Share Incentive Plan. During the years ended December 31, 2017, 2018 and 2019, the Company granted restricted share units to non-employees of 150,000, nil and nil pursuant to the 2011 Share Incentive Plan. The following table summarizes the restricted share units activity for the years ended December 31, 2017, 2018 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Number of average ​ ​ restricted ​ grant-date ​ ​ shares ​ fair value (US$) ​ ​ ​ ​ ​ Outstanding, December 31, 2016 20,955,720 2.4320 ​ ​ ​ ​ ​ Granted 22,090,030 5.3001 Forfeited (4,007,728) 2.5561 Vested (8,163,878) 2.3227 ​ ​ ​ ​ ​ Outstanding, December 31, 2017 30,874,144 4.4969 ​ ​ ​ ​ ​ Granted 11,977,794 4.7052 Forfeited (5,115,304) 4.6843 Vested (12,507,000) 3.6776 ​ ​ ​ ​ ​ Outstanding, December 31, 2018 25,229,634 4.9639 ​ ​ ​ ​ ​ Granted 16,114,095 3.0005 Forfeited (6,381,786) 4.7840 Vested (7,848,811) 4.7427 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 27,113,132 3.9034 ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 25,703,976 3.8916 ​ For the years ended December 31, 2017, 2018 and 2019, the Company recorded share-based compensation of RMB211,189, RMB372,281 and RMB207,185 using the graded-vesting attribution method. As of December 31, 2019, total unrecognized compensation expense relating to the restricted share units was RMB375,846. The expense is expected to be recognized over a weighted average period of 1.09 years using the graded-vesting attribution method. ​ 25. Share-based compensation (continued) (a) JOYY’s share-based awards (continued) (ii) Restricted Shares In connection with the acquisition of Bigo in March 2019, the Group issued common shares 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. After the acquisition, Bigo’s share incentive scheme are replaced by JOYY’s restricted shares of 38,042,760 without change in vesting terms. The post-acquisition share-based compensation expenses are recognized over the remaining vesting period after the acquisition date. In addition, the Company granted additional restricted shares to employees of 16,041,327, during the year ended December 31, 2019. The following table summarizes the restricted shares activity for the three months ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average ​ ​ restricted ​ grant-date fair ​ ​ shares ​ value (US$) ​ ​ ​ ​ ​ Outstanding, December 31, 2018 — — ​ ​ ​ ​ ​ Replacement due to acquisition of Bigo ​ 38,042,760 ​ 3.6100 Granted 16,041,327 3.4750 Forfeited (7,279,877) 3.6302 Vested (8,599,959) 3.6608 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 38,204,251 3.5267 ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 32,715,029 3.5533 ​ For the year ended December 31, 2019, the Company recorded share-based compensation for restricted shares of RMB364,907 using the graded-vesting attribution method. As of December 31, 2019, total unrecognized compensation expense relating to the restricted shares was RMB438,455. The expense is expected to be recognized over a weighted average period of 1.58 years using the graded-vesting attribution method. ​ 25. Share-based compensation (continued) (a) JOYY’s share-based awards (continued) (iii) Share options Pre-2009 Scheme Options Before the adoption of the Employee Equity Incentive Scheme (the “2009 Incentive Scheme”), 12,705,700 and 8,499,050 share options were granted to employees through individually signed share option agreements, to acquire common shares of Duowan BVI on a one-to-one basis on January 1, 2008 and 2009 respectively. In addition, on January 1, 2008, 3,832,290 share options were granted to one non-employee for the provision of consulting services to the Group (collectively defined as “Pre-2009 Scheme Options”). The vesting of the Pre-2009 Scheme Options has already been completed before January 1, 2016. As of December 31, 2017, the outstanding, vested and exercisable share options was 154,535. As of December 31, 2018, all outstanding, vested and exercisable share options have been exercised. 2011 Share Incentive Scheme Grant of options During the year ended December 31, 2019, the Company granted 438,100 share options to employees, pursuant to the 2011 Share Incentive Scheme. 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. 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, 2018 — — — — Granted 10,934,300 4.7025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2018 10,934,300 4.7025 5.29 — Granted ​ 438,100 ​ 3.5350 ​ ​ ​ ​ Forfeited ​ (1,065,000) ​ 4.5225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 ​ 10,307,400 ​ 3.8069 ​ 5.45 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 10,307,400 3.8069 5.45 — Exercisable as of December 31, 2019 2,134,100 4.7025 6.50 — ​ Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates. ​ 25. Share-based compensation (continued) (a) JOYY’s share-based awards (continued) (iii) Share options (continued) The aggregate intrinsic value in the table above represents the difference between the Company’s common shares as of December 31, 2018 and 2019 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, 2018 and 2019 and the exercise price. For the year ended December 31, 2019, the Company recorded share-based compensation of RMB88,330 using the graded vesting attribution method. The Company has used binomial option-pricing model to determine the fair value of the share options as of the grant dates. Key assumptions are set as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2019 ​ Weighted average fair value per option granted ​ US$ 2.6425 ​ US$ 1.7582 ​ Weighted average exercise price US$ 4.7025 ​ US$ 3.5350 ​ Weighted average Risk-free interest rate (1) ​ 2.77 % ​ 1.82 % Expected term (in year) (2) ​ 5-6 ​ ​ 6 ​ Expected volatility (3) ​ 57 % ​ 56 % Dividend yield (4) ​ — ​ ​ — ​ (1) The risk-free interest rate of periods within the contractual life of the share option is based on US Treasury Bonds of similar tenor at the valuation dates. (2) The expected term is the contract life of the option. (3) Expected volatility is estimated based on the average of historical volatilities of the Company at the valuation dates. (4) The Company has no history or expectation of paying dividend on its common shares. The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected term of the option. (b) Huya’s share-based awards On July 10, 2017, the Board of Directors of Huya approved the establishment of 2017 Share Incentive Plan (“Huya’s 2017 Share Incentive Plan”), the purpose of which is to provide an incentive for employees contributing to Huya. Huya’s 2017 Share Incentive Plan shall be valid and effective for 10 years from the establishment date. The maximum number of shares that may be issued pursuant to all awards under 2017 Share Incentive Plan shall be 17,647,058 shares. On March 31, 2018, the Board of Directors of Huya approved to increase the maximum number of shares that may be issued, from 17,647,058 shares to 28,394,117 shares, including incentive share options and restricted share units. (i) Share options Grant of options During the year ended December 31, 2017, Huya granted 11,737,705 share options to employees. During the year ended December 31, 2018, Huya granted 5,918,353 and 220,000 share options to employees and non-employees, respectively. During the year ended December 31, 2019, no share option 25. Share-based compensation (continued) (b) Huya’s share-based awards (continued) (i) Share options (continued) Vesting of options There are mainly three types of vesting schedule, which are: i) 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, ii) options will be vested in four equal installments over the following 48 months, and iii) options will be vested in four equal installments over the following 24 months. These options shall (i) be exercisable during its term cumulatively according to the vesting schedule set out in the grant notice and with the applicable provisions of Huya’s 2017 Share Incentive Plan, provided that the performance conditions otherwise agreed by the parties (if any) to which the option is subject have been fulfilled upon each corresponding vesting date; (ii) be deemed vested and exercisable immediately in the event of a change of control, regardless of the vesting schedule; (iii) be exercisable upon any arrangement as otherwise agreed by the parties based on their discussion in good faith. Movements in the number of share options granted and their related weighted average exercise prices are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate intrinsic ​ ​ Number of ​ exercise ​ contractual life ​ value ​ ​ options ​ price (US$) ​ (years) ​ (US$) ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2016 — — — — Granted 11,737,705 2.5500 Forfeited (18,000) 2.5500 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2017 11,719,705 2.5500 9.75 2,227 Granted 6,138,353 2.4672 Forfeited (75,000) 2.5500 Cancelled (262,503) 2.5500 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2018 17,520,555 2.5210 8.82 227,049 Granted — — Forfeited (257,750) 2.5500 Exercised (2,011,144) 2.3290 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 15,251,661 2.5458 7.84 234,939 Expected to vest as of December 31, 2019 9,790,460 2.5500 7.88 150,773 Exercisable as of December 31, 2019 5,410,546 2.5383 7.77 83,386 ​ ​ 25. Share-based compensation (continued) (b) Huya’s share-based awards (continued) (i) Share options (continued) Vesting of options (continued) Prior to the completion of the IPO, Huya has used binomial option-pricing model to determine the fair value of the share options as of the grant dates. Key assumptions are set as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 2018 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average fair value per option granted US$ 1.3798 US$ 5.2130 ​ Weighted average exercise price US$ 2.55 US$ 2.47 ​ Risk-free interest rate (1) ​ 2.25 % ​ 2.83 % Expected term (in year) (2) ​ 10 ​ 10 ​ Expected volatility (3) ​ 55 % ​ 55 % Dividend yield (4) ​ — ​ — ​ (1) The risk-free interest rate of periods within the contractual life of the share option is based on the China Government Bond yield as at the valuation dates. (2) The expected term is the contract life of the option. (3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (4) Huya has no history or expectation of paying dividend on its ordinary shares. The expected dividend yield was estimated based on Huya’s expected dividend policy over the expected term of the option. For the years ended December 31, 2017, 2018 and 2019, the Group recorded share-based compensation in general and administrative expenses of nil, RMB20,980 and RMB6,746 for the share options granted to non-employees. For the years ended December 31, 2017, 2018 and 2019, the Group recorded share-based compensation of RMB19,473, RMB151,242 and RMB102,970, using the graded-vesting attribution method, including accelerated compensation cost amounted to RMB1,869 due to that 262,503 share options were canceled during the year ended December 31, 2018 without concurrent grant of replacement awards, which is treated as a settlement for no consideration at the time of cancelation under ASC 718. As of December 31, 2019, there was RMB74,614 unrecognized share-based compensation expense of options relating to Huya 2017 Share Incentive Plan. The expense is expected to be recognized over a weighted-average remaining vesting period of 0.91 years using the graded vesting attribution method. ​ 25. Share-based compensation (continued) (b) Huya’s share-based awards (continued) (ii) Restricted share units Grant of restricted share units During the years ended December 31, 2017, no restricted share unit was granted to employees or non-employees. During the year ended December 31, 2018, Huya granted 4,183,685 and 10,000 restricted share units to employees and non-employees, respectively. During the year ended December 31, 2019, Huya granted 2,908,370 and nil restricted share units to employees and non-employees, respectively. Vesting of restricted share units There are mainly three types of vesting schedule for employees, which are: i) 50% of the restricted share units 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) restricted share units will be vested in four equal installments over the following 48 months, and iii) 25% of the restricted share units will be vested after 6 months of the grant date and the remaining 75% will be vested in three equal installments over the following 36 months. The following table summarizes the activity of restricted share units for the years ended December 31, 2017, 2018 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average ​ ​ restricted ​ grant-date ​ share units fair value (US$) ​ ​ ​ ​ ​ Outstanding, January 1, 2017 and December 31, 2017 — — Granted 4,193,685 9.0242 Forfeited (76,500) 7.1600 Vested (10,000) 19.5900 ​ ​ ​ ​ ​ Outstanding, December 31, 2018 4,107,185 9.0331 Granted 2,908,370 22.7642 Forfeited (270,707) 14.8129 Vested (465,000) 7.1600 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 ​ 6,279,848 ​ 15.4350 Expected to vest at December 31, 2019 6,040,024 15.0623 ​ 25. Share-based compensation (continued) (b) Huya’s share-based awards (continued) For the years ended December 31, 2017, 2018 and 2019, Huya recorded share-based compensation of nil, RMB69,620 and RMB176,778 using the graded vesting attribution method. For the years ended December 31, 2017, 2018 and 2019, Huya recorded share-based compensation in general and administrative expenses of nil, RMB1,076 and nil for the restricted share units granted to non-employees. As of December 31, 2019, total unrecognized compensation expense relating to the restricted share units was RMB412,186. The expense is expected to be recognized over a weighted average period of 1.16 year using the graded-vesting attribution method. (iii) Ordinary shares awards In October 2017, the Company transferred, at nominal consideration, 1,551,495 ordinary shares of Huya to the management of the Group, for their service provided. The share awards were immediately vested and the Company recorded a share-based compensation charge of RMB28,226 for the year ended December 31, 2017. In 2018, the Company transferred 367,870 ordinary shares of Huya to the management of the Group, for the service provided. The shares awards will be vested over 5 years. For the year ended December 31, 2018 and 2019, the Company recorded share-based compensation of RMB5,227 and RMB9,060, respectively. The fair value of the ordinary shares of Huya was determined at the grant date by the Company. (c) Other subsidiaries’ share-based awards For the years ended December 31, 2017, 2018 and 2019, the Company recorded share-based compensation reversal of RMB1,227, share-based compensation expense of RMB7,916 and a reversal of RMB1,082 for restricted shares to the founders or management of the subsidiaries of a variable interest entity.

Basic and diluted net income pe

Basic and diluted net income per share	12 Months Ended
	Dec. 31, 2019
Basic and diluted net income per share
Basic and diluted net income per share	26. Basic and diluted net income per share Basic and diluted net income per share for the years ended December 31, 2017, 2018 and 2019 are calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Numerator: Net income attributable to common shareholders of the Company 2,493,235 1,641,958 3,379,330 Interest expenses of convertible notes 20,820 149 — Incremental dilution from Huya (1) ​ — ​ — ​ (14,004) Numerator for diluted income per share 2,514,055 1,642,107 3,365,326 ​ ​ ​ ​ ​ ​ ​ Denominator: Denominator for basic calculation—weighted average number of Class A and Class B common shares outstanding 1,186,460,144 1,280,847,795 1,544,396,920 Dilutive effect of share options 376,918 94,254 — Dilutive effect of restricted shares — — 12,521,789 Dilutive effect of restricted share units ​ 11,598,378 ​ 12,966,689 ​ 8,162,196 Dilutive effect of convertible bonds (2) 18,202,301 180,668 — Denominator for diluted calculation 1,216,637,741 1,294,089,406 1,565,080,905 ​ ​ ​ ​ ​ ​ ​ Basic net income per Class A and Class B common share 2.10 1.28 2.19 Diluted net income per Class A and Class B common share 2.07 1.27 2.15 Basic net income per ADS* 42.03 25.64 43.76 Diluted net income per ADS* 41.33 25.38 43.01 * Each ADS represents 20 common shares. (1) In calculation of diluted net income per share, assuming a dilutive effect, all of Huya’s existing unvested restricted share units and unexercised share options are treated as vested and exercised by Huya under the treasury stock method, causing the decrease percentage of the weighted average number of shares held by the Company in Huya. As a result, Huya’s net income (loss) attributable to the Company on a diluted basis decreased accordingly, which is presented as “incremental dilution from Huya” in the table. (2) The 2025 Convertible Senior Notes and 2026 Convertible Senior Notes were excluded in the computation of diluted earnings per share in 2019 because the inclusion of such instruments would be anti-dilutive.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2019
Related party transactions
Related party transactions	27. 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”) (Formerly known as Guangzhou Shanghang Information Technology Co., Ltd.) ​ Significant influence exercised by a principal shareholder of the Company Kingsoft Corporation Limited (“Kingsoft Group”) ​ Significant influence exercised by a principal shareholder of the Company Xiaomi Corporation(“Xiaomi Group”) ​ Controlled by a principal shareholder of the Company Bigo Inc (“Bigo”) * ​ Investment with significant influence Shanghai Chuangsi Enterprise Development Co., Ltd. (“Shanghai Chuangsi”) ​ Investment with significant influence Guangzhou Chenjun Equity Investment Limited Partnership(“Guangzhou Chenjun”) ​ Investment with significant influence * Bigo became a subsidiary of the Group on March 4, 2019. Therefore, Bigo ceased to be a related party of the Group since March 4, 2019. During the years ended December 31, 2017, 2018 and 2019, significant related party transactions are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Loan to related parties 24,962 188,000 170,000 Bandwidth service provided by Guangzhou Sunhongs 92,068 103,439 116,033 Bandwidth service provided by Kingsoft Group 711 11,314 47,929 Promotion expense charged from related parties — — 26,462 Purchase of fixed assets from Kingsoft Group — — 16,776 Payments on behalf of related parties, net of repayments (23,116) (2,543) 3,866 Online games revenue shared from related parties 87,414 31,366 3,588 Repayment of loans from related parties ​ 35,462 ​ 20,000 ​ — Partial disposal of investments to Guangzhou Chenjun 35,160 — — Others 14,276 11,833 23,447 ​ 27. Related party transactions (continued) As of December 31, 2018 and 2019, the amounts due from/to related parties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Amounts due from related parties, current Due from Bigo 191,800 — Others 1,759 17,262 ​ ​ ​ ​ ​ Total 193,559 17,262 ​ ​ ​ ​ ​ Amounts due to related parties Due to Shanghai Chuangsi* — 176,893 Due to Kingsoft Group 5,239 14,349 Due to Xiaomi Group — 11,513 Due to Guangzhou Sunhongs 11,062 11,383 Others 12,035 8,143 ​ ​ ​ ​ ​ Total 28,336 222,281 * Please refer to section “disposal of online game business” in Note 4 of the consolidated financial statements. ​ Other receivables and payables from/to related parties are unsecured and payable on demand.

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2019
Fair value measurements
Fair value measurements	28. 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. ​ 28. Fair value measurements (continued) 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, 2018 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2018 ​ Level 1 Level 2 Total ​ ​ ​ ​ ​ ​ ​ Assets Short-term investments (i) 78,605 900,448 979,053 Equity investment with readily determinable fair values (ii) 238,915 — 238,915 ​ 317,520 900,448 1,217,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ Level 1 Level 2 Total ​ ​ ​ ​ ​ ​ ​ Assets Short-term investments (i) 481,243 5,140,946 5,622,189 Equity investment with readily determinable fair values (ii) 115,926 — 115,926 Derivative - forward exchange contracts — 6,340 6,340 ​ ​ 597,169 ​ 5,147,286 ​ 5,744,455 Liabilities ​ ​ ​ Derivatives - forward exchange contracts — (11,495) (11,495) (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 whose fair value is provided by banks at the end of each period, 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. ​ 28. Fair value measurements (continued) The following table presents the changes in Level 3 liabilities for the year ended December 31, 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Conversion feature ​ Conversion feature ​ ​ ​ ​ embedded in Series A ​ embedded in Series B-2 ​ ​ ​ ​ Preferred Shares ​ Preferred Shares ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as of January 1, 2018 — — — Initial recognition upon the extinguishment of Huya’s Series A Preferred Shares and the issuance of Huya’s Series B-2 Preferred Shares as of March 8, 2018 572,237 320,097 892,334 Fair value loss on derivative liabilities 628,298 1,656,925 2,285,223 Foreign exchange 4,573 6,697 11,270 Derecognition of derivative liabilities upon the completion of Huya’s IPO (1,205,108) (1,983,719) (3,188,827) Balance as of December 31, 2018 — — — ​ In determining the fair value of these preferred shares, the Group has adopted the equity allocation model. For purposes of determining the conversion features of Huya’s Pre-IPO Preferred Shares as of March 8, 2018 and May 10, 2018, the Company has re-performed the equity allocation model for Huya’s Pre-IPO Preferred Shares in scenarios assuming the conversion feature is removed, the difference between the with embedded conversion features scenario and the without embedded conversion features scenario is considered to be value of the conversion features of Huya’s Pre-IPO Preferred Shares. The Company assumed Huya’s Pre-IPO Preferred Shares would not be converted to common shares in neither the IPO scenario, the liquidation scenario nor the redemption scenario. Such approach involves certain significant estimates which are as follows: ​ ​ ​ ​ ​ ​ ​ Valuation Date March 8, 2018 May 10, 2018 ​ ​ ​ ​ ​ ​ Volatility 50 % 50 % Risk-free rate (3 months) 1.66 % 1.58 % Risk-free rate (4 years) 2.52 % 2.46 % Dividend yield 0 % 0 % ​ Fair value measurement on a non-recurring basis The Company measures 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, 2018 and 2019, gain on fair value changes of investment of RMB1,803,081 and RMB2,657,370 due to the observable price change of the investment without readily determinable fair value, which was mainly due to the fair value change of investment in Bigo before the acquisition of Bigo, was recognized in gain on fair value changes of investments. ​ 28. Fair value measurements (continued) Fair value measurement on a non-recurring basis (continued) 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 2017, 2018 and 2019, based on the Group’s assessment, an impairment charge of RMB43,205, RMB35,348 and RMB62,334 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, short-term deposits, long-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. The fair value of convertible bonds is within Level 2 of the fair value hierarchy.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and contingencies
Commitments and contingencies	29. Commitments and contingencies (a) Operating lease commitments The operating lease commitments as of December 31, 2019 as presented below 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 since January 1, 2019. As of December 31, 2018, future minimum payments under non-cancellable operating leases commitments consist of the following: ​ ​ ​ ​ ​ ​ Office rental ​ RMB ​ ​ ​ 2019 84,689 2020 53,609 2021 35,871 2022 and after 47,726 ​ 221,895 ​ As of December 31, 2019, future minimum payments under non-cancellable operating leases commitments consist of the following: ​ ​ ​ ​ ​ Office rental ​ RMB ​ ​ ​ 2020 36,924 2021 11,680 2022 6,723 2023 and after 4,523 ​ 59,850 ​ ​ 29. Commitments and contingencies (continued) (b) Capital commitments As of December 31, 2019, the Group had outstanding capital commitments totaling to RMB915,780, which consisted of capital expenditures related to properties and additional investments in equity investments. (c) Litigation In 2018, the Group involved in a lawsuit alleging the Group infringed the counter party's game intellectual property. Total claim amount is RMB20 million. In 2019, the Group involved in a few cases related to unfair competition in broadcasters recruitment. These cases are pending in various courts. Total claim amount is RMB120 million. In April 2020, local court passed a first-instance judgement on one unfair competition case of the Company. The court held the Company's action did not constitute unfair competition and rejected all the plaintiff's claims. Such judgement is still subject to an appeal, if any. As of the date of issuance of the financial statement, those remaining lawsuits are still pending and the Group is not able to make a reliable estimate of the potential loss, if any.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2019
Subsequent events
Subsequent events	30. Subsequent events (a) Starting from January 2020, it was reported that a novel strain of coronavirus, later named COVID-19, spread worldwide. The outbreak has affected the activity level of certain users and broadcasters on the Group's live streaming platforms. While the Group has not noted significant negative impact to the results of operations in the first quarter of 2020, the extent to which COVID-19 impacts the business and financial results of the Group in the longer term will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. The Group will continue to evaluate the impact on the results of operation and financial position of the Group and react actively as the situation evolves. (b) On April 3, 2020, the Group 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 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 holds 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 will account for the investment in Huya using the equity method. The Group expects to recognise a gain upon the deconsolidation of Huya based on the difference between the aggregate amount of the cash consideration and the fair value of the Group’s remaining equity interest in Huya and the carrying amount of the Group’s equity interest in Huya before the deconsolidation. Huya has certain share options which will be accelerated vested upon the deconsolidation due to the change of control.

Restricted net assets

Restricted net assets	12 Months Ended
	Dec. 31, 2019
Restricted net assets
Restricted net assets	31. Restricted net assets Relevant PRC laws and regulations permit payments of dividends by the Group’s subsidiaries and VIEs 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 RMB5,057,086 and RMB6,111,088 as of December 31, 2018 and 2019, 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. 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, 2019 and the condensed financial information of the Company are not required to be presented.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting
Segment Reporting	32. Segment Reporting There are two segments in the Group, including YY Live and Huya for the years ended December 31, 2017 and 2018. Starting from the first quarter of 2019, the segment of “YY Live” was renamed as “YY”. The Company completed the acquisition of Bigo in March 2019, which is a separate segment of the Group. Therefore, there are three segments in the Group for the year ended December 31, 2019. The Group currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. ​ 32. Segment Reporting (continued) (a) For the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Bigo Elimination Total ​ RMB RMB RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Live streaming 11,490,325 7,976,214 4,561,760 — 24,028,299 Others 743,205 398,287 406,556 (143) 1,547,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenues 12,233,530 8,374,501 4,968,316 (143) 25,576,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues (1) (6,747,434) (6,892,579) (3,508,480) 143 (17,148,350) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit 5,486,096 1,481,922 1,459,836 — 8,427,854 Operating expenses (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development expenses (1,047,615) (508,714) (979,153) — (2,535,482) Sales and marketing expenses (1,242,523) (438,396) (2,058,805) — (3,739,724) General and administrative expenses (805,210) (352,824) (331,461) — (1,489,495) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses (3,095,348) (1,299,934) (3,369,419) — (7,764,701) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on disposal of subsidiaries and business 82,699 — — ​ — ​ 82,699 Other income 233,132 79,390 9,581 — 322,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income 2,706,579 261,378 (1,900,002) — 1,067,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (265,513) — (31,956) 30,952 (266,517) Interest income and investment income 457,353 304,491 2,684 (30,952) 733,576 Foreign currency exchange (losses) gains, net (4,569) 1,157 13,208 — 9,796 Gain on fair value changes of investment 2,679,312 — — — 2,679,312 Fair value loss on derivative liabilities (16,011) — — — (16,011) Other non-operating expenses — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses 5,557,151 567,026 (1,916,066) — 4,208,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax (expenses) benefits (587,481) (96,078) 136,937 — (546,622) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 4,969,670 470,948 (1,779,129) — 3,661,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of income (loss) in equity method investments, net of income taxes 41,315 (2,775) — — 38,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) 5,010,985 468,173 (1,779,129) — 3,700,029 (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ 32. Segment Reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Bigo Total ​ RMB RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues 21,411 31,593 28,250 81,254 Research and development expenses 119,104 86,296 300,297 505,697 Sales and marketing expenses 2,543 5,919 4,256 12,718 General and administrative expense 158,081 157,936 32,462 348,479 ​ The following table presents summary information by segment: ​ For the year ended December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Elimination Total ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenues Live streaming 10,434,822 4,442,845 — 14,877,667 Others 667,350 220,595 (2,055) 885,890 ​ Total net revenues 11,102,172 4,663,440 (2,055) 15,763,557 ​ Cost of revenues (1) (6,083,487) (3,933,647) — (10,017,134) ​ Gross profit 5,018,685 729,793 (2,055) 5,746,423 ​ Operating expenses (1) Research and development expenses (926,900) (265,152) — (1,192,052) Sales and marketing expenses (962,164) (189,207) 2,055 (1,149,316) General and administrative expenses (595,515) (287,710) — (883,225) ​ Total operating expenses (2,484,579) (742,069) 2,055 (3,224,593) ​ Other income 78,922 38,938 — 117,860 ​ Operating income 2,613,028 26,662 — 2,639,690 ​ Interest expense (8,616) — — (8,616) Interest income and investment income 329,003 156,549 — 485,552 Foreign currency exchange (losses) gains, net (565) 51 — (514) Gain on deemed disposal and disposal of investments 16,178 — — 16,178 Gain on fair value changes of investment 1,487,405 — 201,999 1,689,404 Fair value loss on derivative liabilities — (2,285,223) — (2,285,223) Other non-operating expenses (2,000) — — (2,000) ​ Income (loss) before income tax expenses 4,434,433 (2,101,961) 201,999 2,534,471 ​ Income tax (expenses) benefits (501,683) 50,943 (26,967) (477,707) ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 3,932,750 (2,051,018) 175,032 2,056,764 ​ Share of income (loss) in equity method investments, net of income taxes 120,636 113,329 (175,032) 58,933 ​ Net income (loss) 4,053,386 (1,937,689) — 2,115,697 (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ 32. Segment Reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Cost of revenues 63,867 10,472 74,339 Research and development expenses 194,530 30,643 225,173 Sales and marketing expenses 3,891 1,832 5,723 General and administrative expenses 159,042 183,748 342,790 ​ The following table presents summary information by segment: For the year ended December 31, 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Net revenues Live streaming 8,601,418 2,069,536 10,670,954 Others 808,558 115,280 923,838 ​ ​ ​ ​ ​ ​ ​ Total net revenues 9,409,976 2,184,816 11,594,792 ​ ​ ​ ​ ​ ​ ​ Cost of revenues (1) (5,096,538) (1,929,864) (7,026,402) ​ ​ ​ ​ ​ ​ ​ Gross profit 4,313,438 254,952 4,568,390 ​ ​ ​ ​ ​ ​ ​ Operating expenses (1) Research and development expenses (611,726) (170,160) (781,886) Sales and marketing expenses (603,989) (87,292) (691,281) General and administrative expenses (442,646) (101,995) (544,641) Goodwill impairment (2,527) — (2,527) ​ ​ ​ ​ ​ ​ ​ Total operating expenses (1,660,888) (359,447) (2,020,335) ​ ​ ​ ​ ​ ​ ​ Gain on disposal of subsidiaries 37,989 — 37,989 Other income 103,558 9,629 113,187 ​ ​ ​ ​ ​ ​ ​ Operating income (loss) 2,794,097 (94,866) 2,699,231 ​ ​ ​ ​ ​ ​ ​ Interest expense (32,122) — (32,122) Interest income and investment income 166,335 14,049 180,384 Foreign currency exchange losses, net (2,176) — (2,176) Gain on deemed disposal and disposal of investments 45,861 — 45,861 ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses 2,971,995 (80,817) 2,891,178 ​ ​ ​ ​ ​ ​ ​ Income tax expenses (415,811) — (415,811) ​ ​ ​ ​ ​ ​ ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 2,556,184 (80,817) 2,475,367 ​ ​ ​ ​ ​ ​ ​ Share of income (loss) in equity method investments, net of income taxes 33,175 (151) 33,024 ​ ​ ​ ​ ​ ​ ​ N et income (loss) 2,589,359 (80,968) 2,508,391 ​ ​ 32. Segment Reporting (continued) (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Cost of revenues 39,882 2,877 42,759 Research and development expenses 113,174 9,174 122,348 Sales and marketing expenses 3,626 791 4,417 General and administrative expenses 60,871 27,266 88,137 ​ (b) The following tables set forth revenues and property and equipment for the Company’s geographic operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ 2017 2018 2019 Revenues: ​ ​ ​ ​ ​ ​ PRC 11,587,563 15,757,603 21,308,083 Non- PRC 7,229 5,954 4,268,121 ​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ 2018 2019 Property and equipment, net: ​ ​ ​ ​ PRC 1,295,171 1,498,423 Non- PRC 1,148 757,937 ​

Principal accounting policies (

Principal accounting policies (Policies)	12 Months Ended
	Dec. 31, 2019
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 subsidiary 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, Bilin Changxiang, Huya Technology, 100 Edu Technology, BaiGuoYuan Technology, Guangzhou Wangxing and ultimately the Company hold all the variable interests of the VIEs and have been determined to be the primary beneficiary 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 whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple elements revenue contracts, income taxes, allowances for doubtful accounts, determination of share-based compensation expenses, purchase price allocation in a business combination, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group’s VIEs, assessment on the probability of performance condition affiliated in equity-classified award under ASC 718 that affect vesting, determination of the fair value of derivative liabilities arising from Huya’s Preferred Shares prior to Huya’s IPO, subsequent adjustment 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 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 Renminbi (“RMB”) 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 and India is United States dollar (“US$”), while the functional currency of the other entities and VIEs in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. 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.
Convenience translation	(e) Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB 6.9618 on December 31, 2019 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Cash and cash equivalents	(f) Cash and cash equivalents 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: i) 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. In November 2016, the FASB issued new guidance related to the classification of restricted cash in the statement of cash flows. The new standard requires that a statement of cash flows explain any change during the year in total cash, cash equivalents, and restricted cash. The new standard is effective for fiscal years beginning after December 15, 2017, and should be applied retrospectively. The Company adopted the new standard during the beginning of 2018 and applied the standard retrospectively for all periods presented. Cash, cash equivalents, restricted cash and restricted short-term deposits presented on the consolidated statements of cash flows included cash, cash equivalents, restricted cash and restricted short-term deposits in the consolidated balance sheets. As of December 31, 2018, cash, cash equivalents, restricted cash and restricted short-term deposits presented in the consolidated statement of cash flows is RMB6,004,231, including cash and cash equivalents of RMB6,004,231 in the consolidated balance sheets. As of December 31, 2019, cash, cash equivalents, restricted cash and restricted short-term deposits presented in the consolidated statement of cash flows is RMB4,551,464, including cash and cash equivalents of RMB3,893,538, restricted cash of RMB4,892 and restricted short-term deposits of RMB653,034 in the consolidated balance sheets, respectively.
Short-term deposits	(g) 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	(h) 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	(i) 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	(j) Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. ​ 2. Principal accounting policies (continued) (j) Accounts receivable (continued) The Group maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Group determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, Group makes specific bad debt provisions based on any specific knowledge Group has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require Group to use substantial judgment in assessing its collectability.
Financing receivables	(k) Financing receivables Financing receivables represent receivables derived from finance business, including micro-credit personal loans and corporate loans. 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. Micro-credit personal loans The Group provides micro loans to qualified individual borrowers. The micro loan periods granted to the borrowers generally range from one month to twelve months. Corporate loans The Group provides loans to corporate borrowers mainly through sales-and-leaseback model. Under the sales-and-leaseback arrangement, the Group, who is also the lender, purchases machinery and equipment from lessees, who are also the borrowers, and leases the purchased equipment back to the lessees for a number of years. In a sales-and-leaseback arrangement, the transaction is in substance a collateral financing. Allowance for financing receivables The Group assesses the allowance for financing receivables either on an individual or collective basis. The Group estimates and evaluates the allowance amounts and whether such amounts are adequate to cover potential losses, and periodic reviews are performed to ensure such amounts continue to reflect the best estimate of the losses inherent in the outstanding portfolio of debts. The estimate is based on a pooled basis due to the composition of homogeneous financing with similar size and general credit risk characteristics for similar finance businesses. The Group considers the credit worthiness of the individuals and the companies receiving financing, aging of the outstanding financing receivables, value of the collateral assets and other specific circumstances related to the financing when determining the allowance for financing receivables. Financing receivables are placed on non-accrual status upon reaching 90 days past due or when reasonable doubt exists in timely collection of the financing receivables. When a financing receivable is placed on non-accrual status, the Group stops accruing financing income. Financing receivable is returned to accrual status if the related individual or company has performed in accordance with the contractual terms for a reasonable period of time and, in the Group’s judgment, will continue to make period principal and financing income payments as scheduled.
Investments	(l) Investments ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The main provisions require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value through earnings, unless they qualify for a measurement alternative. The new guidance requires modified retrospective application to all outstanding instruments beginning January 1, 2018, with a cumulative effect adjustment recorded to opening accumulated deficit as of the beginning of the first period in which the guidance becomes effective. However, changes to the accounting for equity securities without a readily determinable fair value would be applied prospectively. The Group adopted the new financial instruments accounting standard from January 1, 2018. Following the adoption of this guidance, accumulated fair value gain, amounting to RMB87.8 million, was reclassified from accumulated other comprehensive loss to retained earnings as of January 1, 2018. 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. Equity Investments without Readily Determinable Fair Values After the adoption of this new accounting standard, the Group elected to record equity investments without readily determinable fair values and not accounted for under the equity method 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. 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 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.
Property and equipment	(m) 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 40 years ​ 0 % Servers, computers and equipment 3-5 years ​ 0%-5 % Leasehold improvements Shorter of lease term or 5 years ​ 0 % Decoration of buildings 10 years ​ 0 % Motor vehicles 4 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	(n) 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 subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income.
Intangible assets	(o) Intangible assets Intangible assets mainly consist of trademark, user bases, non-compete agreement, operating rights, software, domain names, technology, license 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 ​ 10 years User bases ​ 3 years License 15 years Non-compete agreement ​ 1 year Operating rights Shorter of the economic life or contract terms Software 1 Domain names 15 years Technology 5 years Others Shorter of the economic life or contract terms ​
Land use rights	(p) 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.
Impairment of long-lived assets	(q) 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 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 reporting unit 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, 2017, 2018 and 2019 were amounting to nil, nil and RMB8,408, respectively.
Goodwill	(r) 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	(s) Annual test for impairment of goodwill Goodwill assessment for impairment is performed on at least an annual basis in the fourth quarter or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit’s goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit.
Convertible bonds	(t) Convertible bonds The Group 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	(u) 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 an accumulative 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 (loss) 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 an accumulative 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.
Revenue	(v) Revenue Revenue recognition and significant judgments For the year ended December 31, 2018, revenue presentation has been changed to live streaming and others to better reflect the way the Group generates revenues. The revenue presentation for the years ended December 31, 2017 is also retrospectively changed to be consistent with the year ended December 31, 2018. Revenues from live streaming are mainly generated from YY platform, Huya platform and Bigo platform. Other revenues are mainly generated from online games, membership, online education, advertising and finance business. Disaggregated revenues are disclosed in Note 32 “Segment Reporting”. On January 1, 2018, the Group adopted ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not result in any adjustment on the Group’s consolidated financial statements, and there were no material differences between the Group’s adoption of ASC 606 and its historic accounting under ASC 605. 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. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) (i) Live streaming Live streaming mainly consists of YY platform, Huya platform and Bigo platform. 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. 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 online games, membership, online education, advertising and finance business. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) (1) 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. Historically, the majority of online games revenues for the three years ended December 31, 2017, 2018 and 2019 were derived from third parties developed games. 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. Given that third party developed games are managed and administered by the third party game developers, the Group does not have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group believes that its responsibility to the game developers correspond to the game developers’ services to the users. 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. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period with the Group may change in the future. The estimated user relationship period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the Group maintains a system that captures the following information for each user: (a) the frequency that users log into each game via the Group’s platform, and (b) the amount and the timing of when the users convert or charge his or her game tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation is performed on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game. The consideration of user relationship period with each online game is based on the Group’s best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes and Error Corrections. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) (2) Membership The Group operates a membership subscription program where subscription members can have enhanced user privileges when using YY Client and live streaming channels. 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 long-term deferred revenue. (3) 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. In addition to regular courses, the Group also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant to the applicable accounting guidance, the Group has accounted for these course packages as a multiple-element arrangement because each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package based on its standalone selling price. The Group recognizes revenue equal to the fair value allocated to individual courses proportionately as the classes are attended. Students are granted a right to retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S. GAAP. Therefore, the Group has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally six months after the end of the initial course term. The Group also sells pre-paid cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognized on a gross basis based on the selling price of the distributors to the students and is recognized over the period the online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional examination date. (4) 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. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) 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. (5) Financing revenues The Group generates revenues from micro-credit personal loans provided to individual borrowers and corporate loans to corporate customers. The Group recognizes financing income related to those services over the life of the underlying financing using the effective interest method on unpaid principal amounts after net of loan origination cost. The Group does not accrue financing revenues when a financing receivables is placed on non-accrual status. Financing revenues will be recognized when cash is received on a cash basis cost recovery method by applying first to reduce principal and then to interests thereafter. Contract balances The Group collects accounts receivable from various online payment platforms, distribution platforms and advertising customers. The allowance for doubtful accounts 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 8. The opening balance of accounts receivable was RMB153,944 as of January 1, 2018. As of December 31, 2018 and 2019, accounts receivable were RMB198,428 and RMB762,018, respectively. During the years ended December 31, 2017, 2018 and 2019, the Group recognized an addition of RMB3,049, and an addition of RMB1,198 and an addition of RMB117 of allowance for accounts receivable, respectively. 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. The opening balance of deferred revenue related to live streaming business as of January 1, 2018 was RMB682,613. As of December 31, 2018 and 2019, deferred revenue related to live streaming business were RMB922,774 and RMB1,398,320 respectively. During the years ended December 31, 2018 and 2019, the Group recognized revenue of live streaming business amounted to RMB637,346 and RMB842,040, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. The opening balance of deferred revenue related to other revenue as of January 1, 2018 was RMB133,149. As of December 31, 2018 and 2019, deferred revenue related to other revenue were RMB120,552 and RMB185,529, respectively. During the years ended December 31, 2018 and 2019, the Group recognized revenue of other revenue amounted to RMB120,698 and RMB109,576, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. ​ 2. Principal accounting policies (continued) (v) Revenue (continued) During the years ended December 31, 2017, 2018 and 2019, the Group does not have any arrangement where the performance obligations have already been satisfied in the past year, but the corresponding revenue is recognized in a later year. As of December 31, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligation is RMB1,583,849 the Group expects to recognize RMB1,343,308 performance obligation as revenue in 2020, the remaining performance obligation is expected to be recognized as revenue in 2021 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	(w) Advances from customers and deferred revenue Advances from customers primarily consist of prepayments from users in the form of the Group’s virtual currency that are not yet consumed or converted into game tokens, and upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition policies described above. Deferred revenue primarily consists of the unamortized game tokens, prepaid subscriptions under the membership program 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	(x) 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, (viii) other taxes and surcharges, and (ix) other costs. The Group was subject to cultural development fee at a tax rate of 3% on service income from provision of advertising services in the PRC. The Group was also subject to surcharges of VAT, which are calculated based on 12% of the VAT paid for the years ended December 31, 2017, 2018 and 2019. The Group reported other taxes and surcharges, and cultural development fees in cost of revenues. Based on the Group’s corporate structure and the contractual arrangements among the Group’s PRC subsidiaries, the Group’s VIEs and their shareholders, the Group is effectively subject to 6%, 9% or 13% VAT and related surcharges on revenues generated by the Group’s subsidiaries based on the Group’s contractual arrangements entered into with the Group’s VIEs.
Research and development expenses	(y) 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, 2017, 2018 and 2019, respectively.
Sales and marketing expenses	(z) Sales and marketing expenses Sales and marketing expenses primarily consist of (i) advertising and market promotion expenses, (ii) amortization of intangible assets from business acquisitions, and (iii) salary and welfare for sales and marketing personnel. The advertising and market promotion expenses amounted to approximately RMB621,771, RMB1,065,866 and RMB2,981,328 during the years ended December 31, 2017, 2018 and 2019, respectively.
General and administrative expenses	(aa)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 charge, and (iv) professional service fees.
Employee social security and welfare benefits	(bb)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 RMB214,848, RMB286,139 and RMB509,375 for the years ended December 31, 2017, 2018 and 2019, respectively.
Share based compensation	(cc) 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 option, 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) (cc) Share-based compensation (continued) Awards granted to employees, officers, and directors 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. The Group also granted share options, restricted shares and restricted share units to non-employees, which are also initially accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date and periodically remeasured thereafter until the earlier of the performance commitment date or the date the service is completed and recognized over the period the service is provided. Awards are remeasured at each reporting date using the fair value as at each period end until the measurement date, generally when the services are completed and share-based awards are vested. Changes in fair value between the interim reporting dates are recorded in consistent with the method used in recognizing the original compensation costs. 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. ASU 2017-09, Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting, provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the followings are met: - - - The current disclosure requirements in Topic 718 apply regardless of whether an entity is required to apply modification accounting under the amendments in this ASU 2017-09. The Group adopted these amendments to Subtopic 718-10 and there was no impact on the consolidated financial statements for the years presented. ​ 2. Principal accounting policies (continued) (cc) Share-based compensation (continued) The Group’s share-based awards mainly include share-based awards of JOYY as well as share-based awards of Huya, details of which are disclosed in Note 25. 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 YY in the Nasdaq Global Select Market The fair value of restricted share units of Huya is determined with reference to stock price of Huya in the NYSE. (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 YY 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. The Group uses the similar meth in determining the fair value of share options granted by Huya. (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 YY in the Nasdaq Global Select Market. (4) Huya’s ordinary shares Prior to the IPO, in determining the fair value of the ordinary shares of Huya granted, a combination of discounted cash flow method (“DCF”) under income approach and guideline companies method (“GCM”) under market approach is applied, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. DCF method of the income approach involves applying appropriate weighted average cost of capital, or WACC, to discount the future cash flows forecast, based on the Group’s best estimates as of the valuation date, to present value. The WACC was determined based on a consideration of the factors including risk-free rate, comparative industry risk, equity risk premium, company size and non-systematic risk factors. GCM was also adopted under the market approach to arrive at an equity valuation for Huya. GCM employs trading multiples method of selected public comparable companies including trailing and leading Enterprise Value/Revenue multiples. Based on the Huya’s current stage of development and the conceptual strength of the income approach, 50% weight was assigned to each of the income approach and the market approach for the valuation date. Upon the completion of Huya’s initial public offering, the fair value of Huya’s ordinary shares is determined with reference to stock price of Huya in the NYSE.
Other income	(dd) Other income Other income primarily consists of government grants which represent cash subsidies received from the PRC government by the Group entities. Government grants are originally recorded as deferred revenue when received upfront. After all of the conditions specified in the grants have been met, the grants are recognized as operating income.
Leases	(ee) Leases The Group leases facilities in the PRC 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 main impact of the adoption of the standard is that assets and liabilities amounting to RMB145.2 million and RMB141.2 million, respectively, are recognized beginning January 1, 2019 for leased office space with terms of more than 12 months. 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 2.79 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 4.98% was adopted at commencement date in determining the present value of lease payments. For the year ended December 31, 2019, operating lease cost and short-term lease cost were RMB117,066 and RMB56,557, respectively. There were no other lease cost other than operating lease cost and short-term lease cost for the year ended December 31, 2019. For the year ended December 31, 2019, cash paid for operating leases included in operating cash flows was RMB114,889. For the year ended December 31, 2019, lease liabilities arising from obtaining right-of-use assets was RMB112,917. 2. Principal accounting policies (continued) (ee) Leases (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 ​ RMB ​ ​ ​ 2020 122,996 2021 95,307 2022 56,544 2023 and after 25,274 Total undiscounted cash flows 300,121 Less: imputed interest (21,778) Present value of lease liabilities 278,343 ​
Income taxes	(ff) 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, 2017, 2018 and 2019. As of December 31, 2018 and 2019, the Group did not have any significant unrecognized uncertain tax positions. Adoption of ASU 2016-16 In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). This standard will require entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of transfer. This standard requires a modified retrospective approach to adoption. The Group adopted ASU 2016-16 from January 1, 2018 using a modified retrospective transition method. There was no material impact to the Company’s consolidated financial statements.
Statutory reserves	(gg) Statutory reserves The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain non-distributable reserve funds. 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, 2017, 2018 and 2019, appropriations to general reserve fund and statutory surplus fund amounted to RMB3,861, RMB39,007, and RMB48,236, respectively.
Related parties	(hh) 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	(ii) Dividends Dividends are recognized when declared. No dividends on common shares were declared for the years ended December 31, 2017, 2018 and 2019, respectively. The Group does not have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.
Income per share	(jj) 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	(kk) 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, 2018 and 2019, accumulated other comprehensive income/loss of the Group is the foreign currency translation adjustments.
Segment reporting	(ll) 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.
Recently issued accounting pronouncements	(mm) Recently issued accounting pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13: Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company does not expect ASU 2016-13 to have a material impact to the Company’s consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04: Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect ASU 2017-04 to have a material impact to the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this standard will remove, modify and add certain disclosures under ASC Topic 820, Fair Value Measurement, with the objective of improving disclosure effectiveness. ASU 2018-13 will be effective for the Group’s fiscal year beginning January 1, 2020, with early adoption permitted. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company does not expect ASU 2018-13 to have a material impact to the Company’s consolidated financial statements.

Organization and principal ac_2

Organization and principal activities (Tables)	12 Months Ended
	Dec. 31, 2019
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Engage Capital Partners I, L.P. (“Engage L.P.”) Cayman Islands ​ March 23, 2015 93.5 % Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ HUYA Inc. (“Huya”) Cayman Islands ​ March 30, 2017 38.7 % Investment holding ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou Huya Technology Co., Ltd. (“Huya Technology”) PRC ​ June 16, 2017 38.7 % Software development ​ ​ ​ ​ ​ ​ ​ ​ ​ Hago Singapore Pte. Ltd. (“Hago Singapore”) Singapore ​ May 7, 2018 100 % Internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Bigo ​ 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 100 % Holder of internet content provider licenses and internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou Huya Information Technology Co., Ltd. ("Guangzhou Huya") PRC ​ August 10, 2016 38.7 % Holder of internet content provider licenses and internet value added services ​ ​ ​ ​ ​ ​ ​ ​ ​ Guangzhou BaiGuoYuan Network Technology Co., Ltd. ("Guangzhou BaiGuoYuan") PRC ​ March 4, 2019 100 % Holder of internet content provider licenses and internet value added services

Principal accounting policies_2

Principal accounting policies (Tables)	12 Months Ended
	Dec. 31, 2019
Principal accounting policies
Schedule of property and equipment estimated useful lives and residual rate	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 40 years ​ 0 % Servers, computers and equipment 3-5 years ​ 0%-5 % Leasehold improvements Shorter of lease term or 5 years ​ 0 % Decoration of buildings 10 years ​ 0 % Motor vehicles 4 years ​ 0%-5 % Furniture, fixture and office equipment 3-5 years ​ 0%-5 %
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, user bases, non-compete agreement, operating rights, software, domain names, technology, license 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 ​ 10 years User bases ​ 3 years License 15 years Non-compete agreement ​ 1 year Operating rights Shorter of the economic life or contract terms Software 1 Domain names 15 years Technology 5 years Others Shorter of the economic life or contract terms
Schedule of undiscounted cash flows to the operating lease liabilities recognized	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 ​ RMB ​ ​ ​ 2020 122,996 2021 95,307 2022 56,544 2023 and after 25,274 Total undiscounted cash flows 300,121 Less: imputed interest (21,778) Present value of lease liabilities 278,343

Certain risks and concentrati_2

Certain risks and concentration (Tables)	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
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, ​ ​ 2018 ​ 2019 ​ RMB RMB Assets Current assets Cash and cash equivalents 4,665,938 2,097,191 Restricted cash and cash equivalents ​ — ​ 4,892 Short-term deposits 2,100,000 4,100,003 Restricted short-term deposits — 650,000 Short-term investments 979,052 4,581,725 Accounts receivable, net 192,932 189,889 Amounts due from related parties 172,258 15,397 Financing receivables, net 725,336 74,247 Prepayments and other current assets 663,437 556,610 Total current assets 9,498,953 12,269,954 ​ ​ ​ ​ ​ Non-current assets Long-term deposits 1,000,000 — Deferred tax assets 70,834 117,214 Investments 862,272 1,875,685 Property and equipment, net 655,402 911,427 Land use rights, net 1,784,639 1,736,544 Intangible assets, net 57,050 622,968 Right of use asset, net — 65,840 Other non-current assets 143,240 281,989 Total non-current assets 4,573,437 5,611,667 ​ ​ ​ ​ ​ Total assets 14,072,390 17,881,621 ​ ​ ​ ​ ​ Liabilities Current liabilities Accounts payable 112,167 90,764 Deferred revenue 950,816 1,225,819 Advances from customers 101,690 150,091 Income taxes payable 162,118 319,888 Accrued liabilities and other current liabilities 2,207,138 2,657,811 Amounts due to related parties 28,336 208,833 Lease liabilities due within one year ​ — ​ 34,292 Short-term loans ​ — ​ 270,565 Total current liabilities 3,562,265 4,958,063 ​ ​ ​ ​ ​ Non-current liabilities Lease liabilities ​ — ​ 31,105 Deferred revenue 86,977 228,111 Deferred tax liabilities — 85,479 Other non-current liabilities ​ — ​ 11,495 Total non-current liabilities 86,977 356,190 ​ ​ ​ ​ ​ Total liabilities 3,649,242 5,314,253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ ​ Net revenues 11,577,104 15,740,097 21,205,945 Net income 2,766,279 3,475,109 4,797,984 ​ ​ 3. Certain risks and concentration (continued) (a) PRC regulations (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities 3,974,085 4,672,879 ​ 6,267,972 Net cash used in investing activities (3,571,668) (1,212,622) (4,985,027) Net cash provided by financing activities 66,875 — 271,333 ​ 469,292 3,460,257 1,554,278

Business combination and disp_2

Business combination and disposal of subsidiaries and businesses (Tables)	12 Months Ended
	Dec. 31, 2019
Business combination and disposal of subsidiaries and businesses
Summary of components of the purchase consideration transferred	​ ​ ​ ​ ​ As of acquisition date ​ RMB ​ ​ ​ Cash 2,300,196 Fair value of common shares issued 7,704,420 Fair value of previously held equity interest in Bigo 5,697,154 Elimination of preexisting amounts due from Bigo 323,002 Total consideration 16,024,772
Summary of fair value of the assets acquired and liabilities assumed allocated on the acquisition date	​ ​ ​ ​ ​ ​ ​ As of acquisition date Amortization period ​ RMB ​ ​ ​ ​ ​ ​ ​ Net tangible assets acquired: ​ ​ ​ ​ -Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits 643,433 ​ ​ -Accounts receivables 386,517 -Other current assets 52,432 -Property and equipment, net 294,030 -Other non-current assets 174,837 Identifiable intangible assets acquired: -Trademark 2,400,354 10 years -User Base 1,027,191 3 years -Non-compete agreement 81,129 1 year -Others 6,195 Accrued liabilities and other liabilities (1,156,854) Deferred tax liabilities (316,859) Goodwill 12,432,367 Total 16,024,772
Summary of pro forma information	​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2018 2019 ​ RMB RMB ​ ​ ​ ​ ​ Pro forma net revenues 18,786,008 26,237,534 Pro forma net (loss) income (153,302) 805,905

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2019
Cash and cash equivalents
Schedule of cash and cash equivalents balance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ December 31, 2019 ​ ​ RMB ​ ​ ​ RMB ​ ​ Amount equivalent Amount equivalent ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 4,707,868 4,707,868 2,154,711 2,154,711 US$ 188,869 1,296,284 229,198 1,598,931 Others N/A 79 N/A 139,896 Total 6,004,231 3,893,538

Short-term and Long-term depo_2

Short-term and Long-term deposits (Tables)	12 Months Ended
	Dec. 31, 2019
Short-term and Long-term deposits
Schedule of Deposit Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ December 31, 2019 ​ ​ RMB ​ RMB ​ ​ Amount ​ equivalent ​ Amount ​ equivalent ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 2,100,000 2,100,000 4,500,003 4,500,003 US$ 761,573 5,226,996 1,758,964 12,270,882 Total 7,326,996 16,770,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB 1,000,000 1,000,000 — —

Accounts receivable, net (Table

Accounts receivable, net (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Schedule of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Accounts receivable, gross 206,772 763,004 Less: allowance for doubtful receivables (8,344) (986) ​ ​ ​ ​ ​ Accounts receivable, net 198,428 762,018
Summary of allowance for doubtful accounts	The following table summarizes the details of the Group’s allowance for doubtful accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year (55,220) (7,356) (8,344) Additions charged to general and administrative expenses, net (3,049) (1,198) (117) Write-off during the year 50,913 210 7,475 ​ ​ ​ ​ ​ ​ ​ Balance at the end of the year (7,356) (8,344) (986)

Financing receivables, net (Tab

Financing receivables, net (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Schedule of Gross Financing Receivables	Financing receivables consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Financing receivables, gross ​ Micro-credit personal loans 734,108 ​ 194,517 Corporate loans 274,857 ​ 226,977 Total 1,008,965 ​ 421,494 ​ ​ ​ ​ ​ Less: allowance for financing receivables (15,829) ​ (186,770) ​ ​ ​ ​ ​ Financing receivables, net 993,136 ​ 234,724 ​ ​ ​ ​ ​ Current portion 768,343 ​ 105,344 Non-current portion 224,793 ​ 129,380
Past Due Financing Receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1-90 days ​ 91-180 days ​ 181-360 days ​ over 1 year ​ Total ​ ​ ​ Total financing ​ past due past due past due past due past due Current receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Micro-credit personal loans 13,074 6,590 1,411 ​ — ​ 21,075 713,033 734,108 Corporate loans — — — ​ — ​ — 274,857 274,857 ​ 13,074 6,590 1,411 ​ — ​ 21,075 987,890 1,008,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Micro-credit personal loans 29,109 26,192 36,999 ​ 20,183 ​ 112,483 82,034 194,517 Corporate loans — — 195,143 ​ — ​ 195,143 31,834 226,977 ​ 29,109 26,192 232,142 ​ 20,183 ​ 307,626 113,868 421,494
Allowance for Credit Losses on Financing Receivables	Movement of allowance for financing receivables is as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year — ​ (15,829) Charge for the year (15,829) ​ (170,941) ​ ​ ​ ​ ​ Balance at the end of the year (15,829) ​ (186,770)

Prepayments and other current_2

Prepayments and other current assets (Tables)	12 Months Ended
	Dec. 31, 2019
Prepayments and other current assets
Schedule of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Interests receivable 218,553 324,019 Prepayments and deposits to vendors and content providers 183,293 235,134 Loans to third parties 180,964 93,253 Value added taxes to be deducted 69,563 84,783 Receivables from payment platforms 112,061 74,770 Rental and other deposits 22,457 38,489 Employee advances 11,536 27,683 Receivables from disposal of subsidiaries and investments 59,255 19,882 Amounts receivables from issuance of a subsidiary’s preferred shares 102,951 — Others 58,386 72,794 ​ ​ ​ ​ ​ Total 1,019,019 970,807

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments
Schedule of investments	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Equity investments accounted for using the equity method (i) 378,378 754,144 Equity investments with readily determinable fair values (ii) 238,915 115,926 Equity investments without readily determinable fair values (iii) 3,974,231 1,492,837 ​ ​ ​ ​ ​ Total 4,591,524 2,362,907 (i) In 2018 and 2019, the Group acquired minority stake of a number of privately-held entities with total consideration of RMB 14,277 and RMB 332,401 , respectively. Investments have been accounted for under the equity method where the Group has significant influence on these investees and the investments are considered as in-substance common shares. (ii) In 2018, the Group made an investment in an investment fund with total consideration of RMB 204,499, which primarily invests in public stock market. The Group does not have the ability to exercise significant influence over the investment. Therefore, it has been precluded from applying the equity method of accounting. In 2019, the Group disposed of an investment with readily determinable fair values, for a cash consideration of RMB141,875. In 2018 and 2019, fair value loss of RMB113,677 and fair value gain of RMB21,942 related to investments with readily determinable fair values were recognized in the consolidated statements of comprehensive income (Note 28), respectively. (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.

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2019
Property and equipment, net [Abstract]
Schedule of property and equipment	Property and equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Gross carrying amount Servers, computers and equipment 679,735 1,865,395 Buildings 857,020 867,518 Construction in progress 211,657 333,550 Decoration of buildings 103,305 103,305 Leasehold improvements 22,913 76,560 Motor vehicles 38,407 48,638 Furniture, fixture and office equipment 26,439 35,253 Total 1,939,476 3,330,219 Less: accumulated depreciation (643,157) (1,068,559) ​ ​ ​ ​ ​ Less: impairment loss ​ — ​ (5,300) ​ ​ ​ ​ ​ Property and equipment, net 1,296,319 2,256,360

Land use rights, net (Tables)

Land use rights, net (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule Of Land Use Right	Land use rights consist of the following: ​ ​ ​ ​ ​ December 31, 2019 ​ ​ RMB ​ ​ ​ Gross carrying amount 1,924,563 Less: accumulated amortization (188,019) ​ ​ ​ Land use rights, net 1,736,544
User bases
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	13. Land use rights, net (continued) The estimated amortization expenses for each of the following five years are as follows: ​ ​ ​ ​ ​ Amortization expense ​ ​ of land use rights ​ ​ RMB ​ ​ ​ 2020 48,096 2021 48,096 2022 48,096 2023 48,096 2024 48,096

Intangible assets, net (Tables)

Intangible assets, net (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Group's intangible assets	The following table summarizes the Group’s intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Gross carrying amount Trademark ​ — ​ 2,497,480 User bases ​ — ​ 1,069,668 License ​ 32,000 ​ 142,318 Non-compete agreement ​ — ​ 84,412 Operating rights 67,080 76,272 Software 39,535 60,309 Domain names 26,819 28,044 Technology ​ 18,094 ​ 18,237 Others — 2,158 ​ ​ ​ ​ ​ Total of gross carrying amount 183,528 3,978,898 ​ ​ ​ ​ ​ Less: accumulated amortization ​ ​ ​ ​ ​ Trademark ​ — ​ (208,128) User bases ​ — ​ (366,139) License ​ (1,422) ​ (4,435) Non-compete agreement ​ — ​ (70,348) Operating rights (48,451) (63,147) Software (28,406) (50,151) Domain names (11,213) (13,327) Technology (11,856) (11,916) Others — (91) ​ ​ ​ ​ ​ Total accumulated amortization (101,348) (787,682) ​ ​ ​ ​ ​ Less: accumulated impairment (7,495) (11,353) ​ ​ ​ ​ ​ Intangible assets, net 74,685 3,179,863
Schedule of weighted average amortization periods of intangible assets	The weighted average amortization periods of intangible assets as of December 31, 2018 and 2019 are as below: ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 ​ ​ ​ ​ ​ Trademark ​ Not applicable ​ 10 years User base ​ Not applicable ​ 3 years License ​ 15 years ​ 15 years Non-compete agreement ​ Not applicable ​ 1 year Operating rights 2 years 2 years Software 4 years 4 years Domain names 15 years 15 years Technology Not applicable Not applicable Others Not applicable 10 years
Others
Schedule of estimated amortization expenses	14. Intangible assets, net (continued) The estimated amortization expenses for each of the following five years are as follows: ​ ​ ​ ​ ​ Amortization expense ​ of intangible assets ​ ​ RMB ​ ​ ​ 2020 728,771 2021 391,154 2022 325,675 2023 325,548 2024 272,618

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Bigo ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2017 11,716 ​ — ​ 11,716 ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments 47 ​ — ​ 47 Balance as of December 31, 2018 11,763 ​ — ​ 11,763 ​ ​ ​ ​ ​ ​ ​ Increase in goodwill related to acquisition ​ — ​ 12,432,367 ​ 12,432,367 Foreign currency translation adjustments 16 ​ 503,046 ​ 503,062 Balance as of December 31, 2019 11,779 ​ 12,935,413 ​ 12,947,192 ​ The increase in goodwill in 2019 was related to the acquisition of Bigo. Please refer to Note 4(a) for the acquisition of Bigo. ​ 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.

Deferred revenue (Tables)

Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Revenue Disclosure [Abstract]
Classification of Deferred Revenue	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Deferred revenue, current Live streaming 842,040 1,220,722 Others 109,576 122,586 Total current deferred revenue 951,616 1,343,308 ​ ​ ​ ​ ​ Deferred revenue, non-current Live streaming 80,734 177,598 Others 10,976 62,943 Total non-current deferred revenue 91,710 240,541

Accrued liabilities and other_2

Accrued liabilities and other current liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of accrued liabilities and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Revenue sharing fees 1,318,561 1,820,663 Salaries and welfare 329,169 882,644 Marketing and promotion expenses 213,216 688,530 Bandwidth costs 131,252 417,213 Value added taxes and other taxes payable 109,040 410,357 Payables to merchants 75,471 106,814 Deposits from third parties 82,771 81,251 Other payable to content providers 30,313 76,162 Others 124,578 189,366 ​ ​ ​ ​ ​ Total 2,414,371 4,673,000

Short-term loans (Tables)

Short-term loans (Tables)	12 Months Ended
	Dec. 31, 2019
Convertible bonds
Schedule of Short-term Debt	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Short-term loans — 557,203

Convertible bonds (Tables)

Convertible bonds (Tables)	12 Months Ended
	Dec. 31, 2019
Convertible bonds
Schedule of convertible bonds	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Convertible bonds, current 2019 Convertible Senior Notes 6,863 — ​ ​ ​ ​ ​ Convertible bonds, non-current 2025 Convertible Senior Notes ​ — ​ 2,646,642 2026 Convertible Senior Notes ​ — ​ 2,361,929 Total — 5,008,571

Cost of revenues (Tables)

Cost of revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Cost of Revenue [Abstract]
Schedule of Cost of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Revenue sharing fees and content costs 5,727,081 8,272,696 12,861,431 Bandwidth costs 695,839 967,436 1,722,979 Payment handling costs 72,953 104,772 866,455 Salary and welfare 237,063 323,623 746,517 Technical service fee 18,232 42,686 327,403 Depreciation and amortization 128,639 117,293 282,162 Share-based compensation 42,759 74,339 81,254 Other taxes and surcharges 48,360 48,724 68,471 Other costs 55,476 65,565 191,678 ​ ​ ​ ​ ​ ​ ​ Total 7,026,402 10,017,134 17,148,350

Other income (Tables)

Other income (Tables)	12 Months Ended
	Dec. 31, 2019
Component of Operating Income [Abstract]
Schedule of other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Government grants 88,873 88,488 247,416 Others 24,314 29,372 74,687 ​ ​ ​ ​ ​ ​ ​ Total 113,187 117,860 322,103

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2019
Income tax
Schedule of the current and deferred portions of income tax expense included in the consolidated statements of comprehensive income	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, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses PRC entities 2,919,350 3,494,192 4,265,759 Non-PRC entities (28,172) (959,721) (57,648) Total 2,891,178 2,534,471 4,208,111 ​ ​ ​ ​ ​ ​ ​ Current income tax expenses PRC entities (402,012) (379,130) (684,086) Non-PRC entities (9,880) (48,931) (30,565) Total (411,892) (428,061) (714,651) ​ ​ ​ ​ ​ ​ ​ Deferred income tax benefit (expenses) PRC entities (3,919) (25,081) 63,582 Non-PRC entities — (24,565) 104,447 Total (3,919) (49,646) 168,029 ​ ​ ​ ​ ​ ​ ​ Income tax expenses PRC entities (405,931) (404,211) (620,504) Non-PRC entities (9,880) (73,496) 73,882 Total (415,811) (477,707) (546,622) ​
Schedule of the reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income	The reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2017 2018 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Statutory income tax rate (25.0) % (25.0) % (25.0) % Effect of tax holiday and preferential tax benefit 13.2 % 16.5 % 8.9 % Effect of different tax rates available to different jurisdictions (i) (0.3) % (10.1) % 10.9 % Permanent differences (ii) (1.8) % (3.5) % (1.3) % Change in valuation allowance (2.3) % (1.6) % (11.2) % Effect of Super Deduction available to the Group 1.8 % 4.9 % 4.7 % Effective income tax rate (14.4) % (18.8) % (13.0) % ​ ​ ​ ​ ​ ​ ​ ​ Per ADS effect of tax holiday (RMB) 4.71 5.35 6.59 ​ Per share effect of tax holiday (RMB) 0.24 0.27 0.33 ​ (i) The effect of different tax rates available to different jurisdictions was mainly due to the fair value loss on derivative liabilities incurred by Huya whose applicable tax rate is zero for the year ended December 31, 2018. The effect of different tax rates available to different jurisdictions was mainly due to the re-measurement gain of the previously held equity interest in Bigo on the acquisition date incurred by Duowan BVI whose applicable tax rate is zero for the year ended December 31, 2019. (ii) 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, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets: Tax loss carried forward 148,899 707,744 Allowance for doubtful receivable, accrued expense and others not currently deductible for tax purposes 84,249 173,512 Deferred revenue 36,007 90,959 Impairment of investment 17,180 19,280 Others 753 2,725 Valuation allowance (i) (175,793) (722,280) ​ ​ ​ ​ ​ Amounts offset by deferred tax liabilities (40,461) (144,305) ​ ​ ​ ​ ​ Total deferred tax assets, net 70,834 127,635 ​ ​ ​ ​ ​ Deferred tax liabilities: Related to the fair value changes of investments 61,658 70,517 Related to acquired intangible assets 1,531 323,466 Others 4,777 14,961 ​ ​ ​ ​ ​ Amounts offset by deferred tax assets (40,461) (144,305) ​ ​ ​ ​ ​ Total deferred tax liabilities, net 27,505 264,639 (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 provided for net operating loss carry forward 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	Movement of valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the year (80,712) (135,505) (175,793) Additions (78,978) (113,597) (585,557) Reversals 24,185 73,309 39,070 Balance at end of the year (135,505) (175,793) (722,280) ​

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based compensation [Line Items]
Summary of the restricted share units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Number of average ​ ​ restricted ​ grant-date ​ ​ shares ​ fair value (US$) ​ ​ ​ ​ ​ Outstanding, December 31, 2016 20,955,720 2.4320 ​ ​ ​ ​ ​ Granted 22,090,030 5.3001 Forfeited (4,007,728) 2.5561 Vested (8,163,878) 2.3227 ​ ​ ​ ​ ​ Outstanding, December 31, 2017 30,874,144 4.4969 ​ ​ ​ ​ ​ Granted 11,977,794 4.7052 Forfeited (5,115,304) 4.6843 Vested (12,507,000) 3.6776 ​ ​ ​ ​ ​ Outstanding, December 31, 2018 25,229,634 4.9639 ​ ​ ​ ​ ​ Granted 16,114,095 3.0005 Forfeited (6,381,786) 4.7840 Vested (7,848,811) 4.7427 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 27,113,132 3.9034 ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 25,703,976 3.8916
Summary of restricted shares activity	​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average ​ ​ restricted ​ grant-date fair ​ ​ shares ​ value (US$) ​ ​ ​ ​ ​ Outstanding, December 31, 2018 — — ​ ​ ​ ​ ​ Replacement due to acquisition of Bigo ​ 38,042,760 ​ 3.6100 Granted 16,041,327 3.4750 Forfeited (7,279,877) 3.6302 Vested (8,599,959) 3.6608 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 38,204,251 3.5267 ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 32,715,029 3.5533
Summary of stock option activity	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, 2018 — — — — Granted 10,934,300 4.7025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2018 10,934,300 4.7025 5.29 — Granted ​ 438,100 ​ 3.5350 ​ ​ ​ ​ Forfeited ​ (1,065,000) ​ 4.5225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 ​ 10,307,400 ​ 3.8069 ​ 5.45 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected to vest as of December 31, 2019 10,307,400 3.8069 5.45 — Exercisable as of December 31, 2019 2,134,100 4.7025 6.50 — ​
Schedule of stock option fair value assumptions	The Company has used binomial option-pricing model to determine the fair value of the share options as of the grant dates. Key assumptions are set as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2019 ​ Weighted average fair value per option granted ​ US$ 2.6425 ​ US$ 1.7582 ​ Weighted average exercise price US$ 4.7025 ​ US$ 3.5350 ​ Weighted average Risk-free interest rate (1) ​ 2.77 % ​ 1.82 % Expected term (in year) (2) ​ 5-6 ​ ​ 6 ​ Expected volatility (3) ​ 57 % ​ 56 % Dividend yield (4) ​ — ​ ​ — ​ (1) The risk-free interest rate of periods within the contractual life of the share option is based on US Treasury Bonds of similar tenor at the valuation dates. (2) The expected term is the contract life of the option. (3) Expected volatility is estimated based on the average of historical volatilities of the Company at the valuation dates. (4) The Company has no history or expectation of paying dividend on its common shares. The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected term of the option.
Huya [Member]
Share-based compensation [Line Items]
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate intrinsic ​ ​ Number of ​ exercise ​ contractual life ​ value ​ ​ options ​ price (US$) ​ (years) ​ (US$) ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2016 — — — — Granted 11,737,705 2.5500 Forfeited (18,000) 2.5500 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2017 11,719,705 2.5500 9.75 2,227 Granted 6,138,353 2.4672 Forfeited (75,000) 2.5500 Cancelled (262,503) 2.5500 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2018 17,520,555 2.5210 8.82 227,049 Granted — — Forfeited (257,750) 2.5500 Exercised (2,011,144) 2.3290 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 15,251,661 2.5458 7.84 234,939 Expected to vest as of December 31, 2019 9,790,460 2.5500 7.88 150,773 Exercisable as of December 31, 2019 5,410,546 2.5383 7.77 83,386
Schedule of stock option fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 2018 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average fair value per option granted US$ 1.3798 US$ 5.2130 ​ Weighted average exercise price US$ 2.55 US$ 2.47 ​ Risk-free interest rate (1) ​ 2.25 % ​ 2.83 % Expected term (in year) (2) ​ 10 ​ 10 ​ Expected volatility (3) ​ 55 % ​ 55 % Dividend yield (4) ​ — ​ — ​ (1) The risk-free interest rate of periods within the contractual life of the share option is based on the China Government Bond yield as at the valuation dates. (2) The expected term is the contract life of the option. (3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (4) Huya has no history or expectation of paying dividend on its ordinary shares. The expected dividend yield was estimated based on Huya’s expected dividend policy over the expected term of the option.
Schedule Of Restricted Stock Units	The following table summarizes the activity of restricted share units for the years ended December 31, 2017, 2018 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average ​ ​ restricted ​ grant-date ​ share units fair value (US$) ​ ​ ​ ​ ​ Outstanding, January 1, 2017 and December 31, 2017 — — Granted 4,193,685 9.0242 Forfeited (76,500) 7.1600 Vested (10,000) 19.5900 ​ ​ ​ ​ ​ Outstanding, December 31, 2018 4,107,185 9.0331 Granted 2,908,370 22.7642 Forfeited (270,707) 14.8129 Vested (465,000) 7.1600 ​ ​ ​ ​ ​ Outstanding, December 31, 2019 ​ 6,279,848 ​ 15.4350 Expected to vest at December 31, 2019 6,040,024 15.0623

Basic and diluted net income _2

Basic and diluted net income per share (Tables)	12 Months Ended
	Dec. 31, 2019
Basic and diluted net income per share
Schedule of calculation of basic and diluted net income per share	Basic and diluted net income per share for the years ended December 31, 2017, 2018 and 2019 are calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Numerator: Net income attributable to common shareholders of the Company 2,493,235 1,641,958 3,379,330 Interest expenses of convertible notes 20,820 149 — Incremental dilution from Huya (1) ​ — ​ — ​ (14,004) Numerator for diluted income per share 2,514,055 1,642,107 3,365,326 ​ ​ ​ ​ ​ ​ ​ Denominator: Denominator for basic calculation—weighted average number of Class A and Class B common shares outstanding 1,186,460,144 1,280,847,795 1,544,396,920 Dilutive effect of share options 376,918 94,254 — Dilutive effect of restricted shares — — 12,521,789 Dilutive effect of restricted share units ​ 11,598,378 ​ 12,966,689 ​ 8,162,196 Dilutive effect of convertible bonds (2) 18,202,301 180,668 — Denominator for diluted calculation 1,216,637,741 1,294,089,406 1,565,080,905 ​ ​ ​ ​ ​ ​ ​ Basic net income per Class A and Class B common share 2.10 1.28 2.19 Diluted net income per Class A and Class B common share 2.07 1.27 2.15 Basic net income per ADS* 42.03 25.64 43.76 Diluted net income per ADS* 41.33 25.38 43.01 * Each ADS represents 20 common shares. (1) In calculation of diluted net income per share, assuming a dilutive effect, all of Huya’s existing unvested restricted share units and unexercised share options are treated as vested and exercised by Huya under the treasury stock method, causing the decrease percentage of the weighted average number of shares held by the Company in Huya. As a result, Huya’s net income (loss) attributable to the Company on a diluted basis decreased accordingly, which is presented as “incremental dilution from Huya” in the table. (2) The 2025 Convertible Senior Notes and 2026 Convertible Senior Notes were excluded in the computation of diluted earnings per share in 2019 because the inclusion of such instruments would be anti-dilutive.

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related party transactions
Schedule of related parties and their relationships with the Group	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”) (Formerly known as Guangzhou Shanghang Information Technology Co., Ltd.) ​ Significant influence exercised by a principal shareholder of the Company Kingsoft Corporation Limited (“Kingsoft Group”) ​ Significant influence exercised by a principal shareholder of the Company Xiaomi Corporation(“Xiaomi Group”) ​ Controlled by a principal shareholder of the Company Bigo Inc (“Bigo”) * ​ Investment with significant influence Shanghai Chuangsi Enterprise Development Co., Ltd. (“Shanghai Chuangsi”) ​ Investment with significant influence Guangzhou Chenjun Equity Investment Limited Partnership(“Guangzhou Chenjun”) ​ Investment with significant influence
Schedule of significant related party transactions	During the years ended December 31, 2017, 2018 and 2019, significant related party transactions are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2017 ​ 2018 ​ 2019 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Loan to related parties 24,962 188,000 170,000 Bandwidth service provided by Guangzhou Sunhongs 92,068 103,439 116,033 Bandwidth service provided by Kingsoft Group 711 11,314 47,929 Promotion expense charged from related parties — — 26,462 Purchase of fixed assets from Kingsoft Group — — 16,776 Payments on behalf of related parties, net of repayments (23,116) (2,543) 3,866 Online games revenue shared from related parties 87,414 31,366 3,588 Repayment of loans from related parties ​ 35,462 ​ 20,000 ​ — Partial disposal of investments to Guangzhou Chenjun 35,160 — — Others 14,276 11,833 23,447
Schedule of the amounts due from/to related parties	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ RMB RMB ​ ​ ​ ​ ​ Amounts due from related parties, current Due from Bigo 191,800 — Others 1,759 17,262 ​ ​ ​ ​ ​ Total 193,559 17,262 ​ ​ ​ ​ ​ Amounts due to related parties Due to Shanghai Chuangsi* — 176,893 Due to Kingsoft Group 5,239 14,349 Due to Xiaomi Group — 11,513 Due to Guangzhou Sunhongs 11,062 11,383 Others 12,035 8,143 ​ ​ ​ ​ ​ Total 28,336 222,281 * Please refer to section “disposal of online game business” in Note 4 of the consolidated financial statements. ​

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair value measurements
Summary of liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2018 ​ Level 1 Level 2 Total ​ ​ ​ ​ ​ ​ ​ Assets Short-term investments (i) 78,605 900,448 979,053 Equity investment with readily determinable fair values (ii) 238,915 — 238,915 ​ 317,520 900,448 1,217,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ Level 1 Level 2 Total ​ ​ ​ ​ ​ ​ ​ Assets Short-term investments (i) 481,243 5,140,946 5,622,189 Equity investment with readily determinable fair values (ii) 115,926 — 115,926 Derivative - forward exchange contracts — 6,340 6,340 ​ ​ 597,169 ​ 5,147,286 ​ 5,744,455 Liabilities ​ ​ ​ Derivatives - forward exchange contracts — (11,495) (11,495) (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 whose fair value is provided by banks at the end of each period, 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.
Schedule of changes in level 3 instruments	The following table presents the changes in Level 3 liabilities for the year ended December 31, 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Conversion feature ​ Conversion feature ​ ​ ​ ​ embedded in Series A ​ embedded in Series B-2 ​ ​ ​ ​ Preferred Shares ​ Preferred Shares ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as of January 1, 2018 — — — Initial recognition upon the extinguishment of Huya’s Series A Preferred Shares and the issuance of Huya’s Series B-2 Preferred Shares as of March 8, 2018 572,237 320,097 892,334 Fair value loss on derivative liabilities 628,298 1,656,925 2,285,223 Foreign exchange 4,573 6,697 11,270 Derecognition of derivative liabilities upon the completion of Huya’s IPO (1,205,108) (1,983,719) (3,188,827) Balance as of December 31, 2018 — — —
Schedule of Certain Significant Estimates	​ ​ ​ ​ ​ ​ ​ Valuation Date March 8, 2018 May 10, 2018 ​ ​ ​ ​ ​ ​ Volatility 50 % 50 % Risk-free rate (3 months) 1.66 % 1.58 % Risk-free rate (4 years) 2.52 % 2.46 % Dividend yield 0 % 0 %

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and contingencies
Schedule of future minimum payments under non-cancellable operating leases	As of December 31, 2018, future minimum payments under non-cancellable operating leases commitments consist of the following: ​ ​ ​ ​ ​ ​ Office rental ​ RMB ​ ​ ​ 2019 84,689 2020 53,609 2021 35,871 2022 and after 47,726 ​ 221,895 ​ As of December 31, 2019, future minimum payments under non-cancellable operating leases commitments consist of the following: ​ ​ ​ ​ ​ Office rental ​ RMB ​ ​ ​ 2020 36,924 2021 11,680 2022 6,723 2023 and after 4,523 ​ 59,850

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting
Summary information by segment	For the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Bigo Elimination Total ​ RMB RMB RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Live streaming 11,490,325 7,976,214 4,561,760 — 24,028,299 Others 743,205 398,287 406,556 (143) 1,547,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenues 12,233,530 8,374,501 4,968,316 (143) 25,576,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues (1) (6,747,434) (6,892,579) (3,508,480) 143 (17,148,350) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit 5,486,096 1,481,922 1,459,836 — 8,427,854 Operating expenses (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development expenses (1,047,615) (508,714) (979,153) — (2,535,482) Sales and marketing expenses (1,242,523) (438,396) (2,058,805) — (3,739,724) General and administrative expenses (805,210) (352,824) (331,461) — (1,489,495) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses (3,095,348) (1,299,934) (3,369,419) — (7,764,701) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on disposal of subsidiaries and business 82,699 — — ​ — ​ 82,699 Other income 233,132 79,390 9,581 — 322,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income 2,706,579 261,378 (1,900,002) — 1,067,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (265,513) — (31,956) 30,952 (266,517) Interest income and investment income 457,353 304,491 2,684 (30,952) 733,576 Foreign currency exchange (losses) gains, net (4,569) 1,157 13,208 — 9,796 Gain on fair value changes of investment 2,679,312 — — — 2,679,312 Fair value loss on derivative liabilities (16,011) — — — (16,011) Other non-operating expenses — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses 5,557,151 567,026 (1,916,066) — 4,208,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax (expenses) benefits (587,481) (96,078) 136,937 — (546,622) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 4,969,670 470,948 (1,779,129) — 3,661,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of income (loss) in equity method investments, net of income taxes 41,315 (2,775) — — 38,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) 5,010,985 468,173 (1,779,129) — 3,700,029 (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ 32. Segment Reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Bigo Total ​ RMB RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues 21,411 31,593 28,250 81,254 Research and development expenses 119,104 86,296 300,297 505,697 Sales and marketing expenses 2,543 5,919 4,256 12,718 General and administrative expense 158,081 157,936 32,462 348,479 ​ The following table presents summary information by segment: ​ For the year ended December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY Huya Elimination Total ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenues Live streaming 10,434,822 4,442,845 — 14,877,667 Others 667,350 220,595 (2,055) 885,890 ​ Total net revenues 11,102,172 4,663,440 (2,055) 15,763,557 ​ Cost of revenues (1) (6,083,487) (3,933,647) — (10,017,134) ​ Gross profit 5,018,685 729,793 (2,055) 5,746,423 ​ Operating expenses (1) Research and development expenses (926,900) (265,152) — (1,192,052) Sales and marketing expenses (962,164) (189,207) 2,055 (1,149,316) General and administrative expenses (595,515) (287,710) — (883,225) ​ Total operating expenses (2,484,579) (742,069) 2,055 (3,224,593) ​ Other income 78,922 38,938 — 117,860 ​ Operating income 2,613,028 26,662 — 2,639,690 ​ Interest expense (8,616) — — (8,616) Interest income and investment income 329,003 156,549 — 485,552 Foreign currency exchange (losses) gains, net (565) 51 — (514) Gain on deemed disposal and disposal of investments 16,178 — — 16,178 Gain on fair value changes of investment 1,487,405 — 201,999 1,689,404 Fair value loss on derivative liabilities — (2,285,223) — (2,285,223) Other non-operating expenses (2,000) — — (2,000) ​ Income (loss) before income tax expenses 4,434,433 (2,101,961) 201,999 2,534,471 ​ Income tax (expenses) benefits (501,683) 50,943 (26,967) (477,707) ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 3,932,750 (2,051,018) 175,032 2,056,764 ​ Share of income (loss) in equity method investments, net of income taxes 120,636 113,329 (175,032) 58,933 ​ Net income (loss) 4,053,386 (1,937,689) — 2,115,697 (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ 32. Segment Reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Cost of revenues 63,867 10,472 74,339 Research and development expenses 194,530 30,643 225,173 Sales and marketing expenses 3,891 1,832 5,723 General and administrative expenses 159,042 183,748 342,790 ​ The following table presents summary information by segment: For the year ended December 31, 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Net revenues Live streaming 8,601,418 2,069,536 10,670,954 Others 808,558 115,280 923,838 ​ ​ ​ ​ ​ ​ ​ Total net revenues 9,409,976 2,184,816 11,594,792 ​ ​ ​ ​ ​ ​ ​ Cost of revenues (1) (5,096,538) (1,929,864) (7,026,402) ​ ​ ​ ​ ​ ​ ​ Gross profit 4,313,438 254,952 4,568,390 ​ ​ ​ ​ ​ ​ ​ Operating expenses (1) Research and development expenses (611,726) (170,160) (781,886) Sales and marketing expenses (603,989) (87,292) (691,281) General and administrative expenses (442,646) (101,995) (544,641) Goodwill impairment (2,527) — (2,527) ​ ​ ​ ​ ​ ​ ​ Total operating expenses (1,660,888) (359,447) (2,020,335) ​ ​ ​ ​ ​ ​ ​ Gain on disposal of subsidiaries 37,989 — 37,989 Other income 103,558 9,629 113,187 ​ ​ ​ ​ ​ ​ ​ Operating income (loss) 2,794,097 (94,866) 2,699,231 ​ ​ ​ ​ ​ ​ ​ Interest expense (32,122) — (32,122) Interest income and investment income 166,335 14,049 180,384 Foreign currency exchange losses, net (2,176) — (2,176) Gain on deemed disposal and disposal of investments 45,861 — 45,861 ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax expenses 2,971,995 (80,817) 2,891,178 ​ ​ ​ ​ ​ ​ ​ Income tax expenses (415,811) — (415,811) ​ ​ ​ ​ ​ ​ ​ Income (loss) before share of income (loss) in equity method investments, net of income taxes 2,556,184 (80,817) 2,475,367 ​ ​ ​ ​ ​ ​ ​ Share of income (loss) in equity method investments, net of income taxes 33,175 (151) 33,024 ​ ​ ​ ​ ​ ​ ​ N et income (loss) 2,589,359 (80,968) 2,508,391 ​ ​ 32. Segment Reporting (continued) (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ YY ​ Huya ​ Total ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Cost of revenues 39,882 2,877 42,759 Research and development expenses 113,174 9,174 122,348 Sales and marketing expenses 3,626 791 4,417 General and administrative expenses 60,871 27,266 88,137
Summary of revenues and property and equipment for of the Company's geographic operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ 2017 2018 2019 Revenues: ​ ​ ​ ​ ​ ​ PRC 11,587,563 15,757,603 21,308,083 Non- PRC 7,229 5,954 4,268,121 ​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ 2018 2019 Property and equipment, net: ​ ​ ​ ​ PRC 1,295,171 1,498,423 Non- PRC 1,148 757,937

Organization and principal ac_3

Organization and principal activities - Principal Subsidiaries and VIEs to conduct its business operations (Details)	12 Months Ended
	Dec. 31, 2019	May 11, 2018
Duowan BVI [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Beijing Huanju Shidai [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou Huanju Shidai [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Engage L.P. [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	93.50%
Huya [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	38.70%	44.00%
Huya Technology [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	38.70%
Hago Singapore [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo Singapore [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Bigo HK [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
BaiGuoYuan Technology [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou Huaduo [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%
Guangzhou Huya [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	38.70%
Guangzhou BaiGuoYuan [Member]
Ownership of principal subsidiaries and principal VIEs
% of direct or indirect economic ownership	100.00%

Organization and principal ac_4

Organization and principal activities - Additional Information (Details) ¥ in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)shares	Dec. 31, 2019CNY (¥)
Organization and principal activities [Line Items]
Registered capital and PRC statutory reserves of the VIEs and VIE's subsidiaries | ¥		¥ 5,524,402
Bigo Inc
Organization and principal activities [Line Items]
Cash paid for acquisition | $	$ 343.1
Bigo Inc | Class A common shares
Organization and principal activities [Line Items]
Number of shares issued for acquisition	305,127,046
Bigo Inc | Class B common shares
Organization and principal activities [Line Items]
Number of shares issued for acquisition	38,326,579
Guangzhou Huya [Member] | Exclusive Business Cooperation Agreement [Member]
Organization and principal activities [Line Items]
Period of prior written notice required to terminate the agreement		30 days
Term of agreement		10 years
Term of agreement extension		10 years
Guangzhou Huya [Member] | Exclusive Option Agreement [Member]
Organization and principal activities [Line Items]
Period of prior written notice required to terminate the agreement		30 days
Term of agreement		10 years
Term of agreement extension		10 years
Guangzhou Huya [Member] | Power of Attorney [Member]
Organization and principal activities [Line Items]
Period of prior written notice required to terminate the agreement		30 days
Term of agreement		10 years
Term of agreement extension		1 year
Guangzhou Huaduo [Member] | Exclusive Technology Support and Technology Services Agreement [Member]
Organization and principal activities [Line Items]
Period of prior written notice required to terminate the agreement		30 days
Guangzhou Huaduo [Member] | Exclusive Option Agreement [Member]
Organization and principal activities [Line Items]
Term of agreement		10 years
BaiGuoYuan Technology [Member] | Exclusive Option Agreement [Member]
Organization and principal activities [Line Items]
Term of agreement extension		10 years

Principal accounting policies_3

Principal accounting policies (Convenience Translation - Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Jan. 01, 2019CNY (¥)	Dec. 31, 2018USD ($)	Dec. 31, 2018CNY (¥)	Jan. 01, 2018CNY (¥)	Dec. 31, 2016CNY (¥)
Convenience translation
Rate of translations of amounts from RMB into US$				6.9618	6.9618
Cash and cash equivalents
cash, , cash equivalents, restricted cash and restricted short-term deposits			¥ 3,617,432	$ 653,777	¥ 4,551,464		$ 862,454	¥ 6,004,231		¥ 1,579,743
Cash and cash equivalents				559,272	3,893,538			6,004,231
Restricted cash				703	4,892			0
Restricted short-term deposits				93,802	653,034			0
Impairment of long-lived assets
Impairment charges of intangible assets	¥ 8,408		¥ 0
Operating Lease, Right-of-Use Asset				$ 39,588	275,607	¥ 145,200		0
Operating Lease, Liability					¥ 278,343	¥ 141,200
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets									¥ 87,800
Contract Balance [Member]
Impairment of long-lived assets
Revenue, Remaining Performance Obligation, Amount								1,583,849
Revenue Remaining Performance Obligation Expected to be Recognized								¥ 1,343,308

Principal accounting policies_4

Principal accounting policies (Schedule of Property and Equipment Estimated Useful Lives and Residual Rate) (Details)	12 Months Ended
	Dec. 31, 2019
Buildings [Member]
Property and equipment [Line Items]
Estimated useful lives	40 years
Residual rate (as a percent)	0.00%
Servers, computers and equipment [Member] | Minimum
Property and equipment [Line Items]
Estimated useful lives	3 years
Residual rate (as a percent)	0.00%
Servers, computers and equipment [Member] | Maximum
Property and equipment [Line Items]
Estimated useful lives	5 years
Residual rate (as a percent)	5.00%
Leasehold improvements [Member]
Property and equipment [Line Items]
Residual rate (as a percent)	0.00%
Estimated useful lives	Shorter of lease term or 5 years
Decoration of buildings [Member]
Property and equipment [Line Items]
Estimated useful lives	10 years
Residual rate (as a percent)	0.00%
Motor vehicles [Member]
Property and equipment [Line Items]
Estimated useful lives	4 years
Motor vehicles [Member] | Minimum
Property and equipment [Line Items]
Residual rate (as a percent)	0.00%
Motor vehicles [Member] | Maximum
Property and equipment [Line Items]
Residual rate (as a percent)	5.00%
Furniture, fixture and office equipment [Member] | Minimum
Property and equipment [Line Items]
Estimated useful lives	3 years
Residual rate (as a percent)	0.00%
Furniture, fixture and office equipment [Member] | Maximum
Property and equipment [Line Items]
Estimated useful lives	5 years
Residual rate (as a percent)	5.00%

Principal accounting policies_5

Principal accounting policies (Schedule of Amortization of Finite-lived Intangible Assets is Computed Using Straight-line Method Over Following Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2019
Trademark
Intangible assets, net [Line Items]
Estimated useful lives	10 years
User bases
Intangible assets, net [Line Items]
Estimated useful lives	3 years
License
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	5 years
Domain names | Maximum
Intangible assets, net [Line Items]
Estimated useful lives	15 years
Technology | Maximum
Intangible assets, net [Line Items]
Estimated useful lives	5 years
Others
Intangible assets, net [Line Items]
Estimated useful lives	Shorter of the economic life or contract terms
Land Use Rights [Member]
Intangible assets, net [Line Items]
Term Of Amortization	40 years

Principal accounting policies_6

Principal accounting policies (Revenue Recognition and Cost of Revenues - Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Jan. 01, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Tax rate on service income from provision of advertising services in the PRC (as a percent)		3.00%
First variation of VAT and related surcharges (as a percent)	6.00%
Second variation of VAT and related surcharges (as a percent)	9.00%
Third variation of VAT and related surcharges (as a percent)	13.00%
Surcharges on business taxes and VAT (as a percent)	12.00%	12.00%	12.00%
Accounts Receivable, Net, Current		¥ 198,428		$ 109,457	¥ 762,018	¥ 153,944
Additions charged to general and administrative expenses, net	¥ (117)	¥ (1,198)	¥ (3,049)
Advertising revenues [Member] | Maximum
Disaggregation of Revenue [Line Items]
Period over which payments are due		3 months
Others
Disaggregation of Revenue [Line Items]
Deferred revenue						133,149
Revenue recognized	109,576	¥ 120,698
Deferred revenue		120,552			185,529
Live streaming
Disaggregation of Revenue [Line Items]
Deferred revenue		922,774			¥ 1,398,320	¥ 682,613
Revenue recognized	¥ 842,040	¥ 637,346

Principal accounting policies_7

Principal accounting policies (Sales and Marketing Expenses, Share based Compensation, Statutory Reserves, Dividends and Segment Reporting - Narrative) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory reserves [Line Item]
Advertising and market promotion expenses	¥ 2,981,328	¥ 1,065,866	¥ 621,771
Employee social security and welfare benefits	¥ 509,375	286,139	214,848
Minimum percentage appropriation to statutory surplus fund required	10.00%
Surplus fund threshold for mandatory appropriation requirement (as a percent)	50.00%
Amount appropriated to statutory reserves	¥ 0	¥ 0	¥ 0
Dividends declared	¥ 0	¥ 0	¥ 0
Statutory reserves
Statutory reserves [Line Item]
Amount appropriated to statutory reserves	¥ 48,236	¥ 39,007	¥ 3,861
VIEs registered as PRC domestic companies
Statutory reserves [Line Item]
Minimum percentage appropriation to statutory surplus fund required	10.00%
Surplus fund threshold for mandatory appropriation requirement (as a percent)	50.00%

Principal accounting policies_8

Principal accounting policies (Leases - Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Jan. 01, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Principal accounting policies
Right of use assets		$ 39,588	¥ 275,607	¥ 145,200	¥ 0
Lease liability			¥ 278,343	141,200
Weighted average remaining lease terms of the right-of-use assets		2 years 9 months 14 days	2 years 9 months 14 days
Weighted average incremental borrowing rate		4.98%	4.98%
Operating lease cost	¥ 117,066
Short-term lease cost	56,557
Cash paid for operating leases included in operating cash flows	114,889
Lease liabilities arising from obtaining right-of-use assets	¥ 112,917
Undiscounted cash flows to the operating lease liabilities recognized
2020			¥ 122,996
2021			95,307
2022			56,544
2023 and after			25,274
Total undiscounted cash flows			300,121
Less: imputed interest			(21,778)
Present value of lease liabilities			¥ 278,343	¥ 141,200

Certain risks and concentrati_3

Certain risks and concentration (Narrative) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Certain risks and concentration [Line Items]
Maximum foreign ownership in internet information provider or other value-added telecommunication service provider's business allowed under PRC laws and regulations	50.00%
Minimum
Certain risks and concentration [Line Items]
Term of contractual agreements	10 years
Maximum
Certain risks and concentration [Line Items]
Term of contractual agreements	30 years
Guangzhou Huaduo [Member]
Certain risks and concentration [Line Items]
Equity interests ownership (as a percent)	100.00%
Guangzhou Huaduo [Member] | Guangzhou Huanju Shidai and Beijing Huanju Shidai [Member]
Certain risks and concentration [Line Items]
Service fees	¥ 1,843,097	¥ 744,339	¥ 279,828
Beijing Tuda and Guangzhou Huaduo [Member]
Certain risks and concentration [Line Items]
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%

Certain risks and concentrati_4

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) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2019CNY (¥)	Jan. 01, 2018CNY (¥)
Current assets
Cash and cash equivalents	$ 559,272		¥ 6,004,231		¥ 3,893,538
Restricted cash and cash equivalents	703		0		4,892
Short-term deposits	2,408,987		7,326,996		16,770,885
Restricted short-term deposits	93,802		0		653,034
Short-term investments	807,577		979,053		5,622,189
Accounts receivable, net	109,457		198,428		762,018	¥ 153,944
Amounts due from related parties	2,480		193,559		17,262
Financing receivables, net	15,132		768,343		105,344
Prepayments and other current assets	139,447		1,019,019		970,807
Total current assets	4,136,857		16,489,629		28,799,969
Non-current assets
Long-term deposits	0		1,000,000		0
Deferred tax assets	18,334		70,834		127,635
Investments	339,410		4,591,524		2,362,907
Property and equipment, net	324,106		1,296,319		2,256,360
Land use rights, net	249,439		1,784,639		1,736,544
Intangible assets, net	456,759		74,685		3,179,863
Other non-current assets	56,598		223,859		394,026
Total non-current assets	3,362,566		9,278,416		23,409,514
Total assets	7,499,423		25,768,045		52,209,483
Current liabilities
Accounts payable	17,891		114,589		124,551
Deferred revenue	192,954		951,616		1,343,308
Advances from customers	21,559		101,690		150,091
Income taxes payable	64,872		235,561		451,623
Accrued liabilities and other current liabilities	671,234		2,414,371		4,673,000
Amounts due to related parties	31,929		28,336		222,281
Lease liabilities due within one year	16,600		0		115,564
Short-term loans	80,037		0		557,203
Total current liabilities	1,097,076		3,853,026		7,637,621
Non-current liabilities
Lease liabilities	23,382		0		162,779
Deferred revenue	34,552		91,710		240,541
Deferred tax liabilities	38,013		27,505		264,639
Other non-current liabilities	1,651		0		11,495
Total non-current liabilities	817,034		119,215		5,688,025
Total liabilities	1,914,110		3,972,241		13,325,646
Net revenues	3,673,792	¥ 25,576,204	15,763,557	¥ 11,594,792
Net income	485,410	3,379,330	1,641,958	2,493,235
Net cash provided by operating activities	658,118	4,581,691	4,464,814	3,718,452
Net cash used in investing activities	$ (2,242,222)	(15,609,900)	(6,295,386)	(3,037,516)
Variable interest entity
Current assets
Cash and cash equivalents			4,665,938		2,097,191
Restricted cash and cash equivalents			0		4,892
Short-term deposits			2,100,000		4,100,003
Restricted short-term deposits			0		650,000
Short-term investments			979,052		4,581,725
Accounts receivable, net			192,932		189,889
Amounts due from related parties			172,258		15,397
Financing receivables, net			725,336		74,247
Prepayments and other current assets			663,437		556,610
Total current assets			9,498,953		12,269,954
Non-current assets
Long-term deposits			1,000,000		0
Deferred tax assets			70,834		117,214
Investments			862,272		1,875,685
Property and equipment, net			655,402		911,427
Land use rights, net			1,784,639		1,736,544
Intangible assets, net			57,050		622,968
Right of use asset, net			0		65,840
Other non-current assets			143,240		281,989
Total non-current assets			4,573,437		5,611,667
Total assets			14,072,390		17,881,621
Current liabilities
Accounts payable			112,167		90,764
Deferred revenue			950,816		1,225,819
Advances from customers			101,690		150,091
Income taxes payable			162,118		319,888
Accrued liabilities and other current liabilities			2,207,138		2,657,811
Amounts due to related parties			28,336		208,833
Lease liabilities due within one year			0		34,292
Short-term loans			0		270,565
Total current liabilities			3,562,265		4,958,063
Non-current liabilities
Lease liabilities			0		31,105
Deferred revenue			86,977		228,111
Deferred tax liabilities			0		85,479
Other non-current liabilities			0		11,495
Total non-current liabilities			86,977		356,190
Total liabilities			3,649,242		¥ 5,314,253
Net revenues		21,205,945	15,740,097	11,577,104
Net income		4,797,984	3,475,109	2,766,279
Net cash provided by operating activities		6,267,972	4,672,879	3,974,085
Net cash used in investing activities		(4,985,027)	(1,212,622)	(3,571,668)
Net cash provided by financing activities		271,333	0	66,875
Net (decrease) / increase in cash and cash equivalents		¥ 1,554,278	¥ 3,460,257	¥ 469,292

Business combination and disp_3

Business combination and disposal of subsidiaries and businesses - Acquisition of Bigo (Details) - Bigo Inc - CNY (¥) ¥ in Millions	1 Months Ended
	Feb. 28, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Ownership interest held		31.70%
Cash paid for acquisition	¥ 343.1
Class A common shares
Business Acquisition [Line Items]
Number of shares issued for acquisition	305,127,046
Class A common shares | Employees
Business Acquisition [Line Items]
Number of shares issued for acquisition	8,761,450
Class B common shares
Business Acquisition [Line Items]
Number of shares issued for acquisition	38,326,579

Business combination and disp_4

Business combination and disposal of subsidiaries and businesses - Summarizes the components of the purchase consideration (Details) - Bigo Inc ¥ in Thousands	Mar. 04, 2019CNY (¥)
Components of the purchase consideration transferred
Cash	¥ 2,300,196
Fair value of common shares issued	7,704,420
Fair value of previously held equity interest in Bigo	5,697,154
Elimination of preexisting amounts due from Bigo	323,002
Total consideration	¥ 16,024,772

Business combination and disp_5

Business combination and disposal of subsidiaries and businesses - Fair value of common shares (Details) ¥ in Thousands, $ in Thousands	Mar. 04, 2019CNY (¥)shares	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Business Acquisition [Line Items]
Gain on fair value changes of investments			¥ 18,644	¥ 1,446,536
Gain Loss On Fair Value Changes Of Investments		$ 384,859	¥ 2,679,312	¥ 1,689,404	¥ 0
Bigo Inc
Business Acquisition [Line Items]
Post-acquisition share-based compensation	¥ 590,346
Amounts due from Bigo	323,002
Gain Loss On Fair Value Changes Of Investments	2,669,334
Acquisition-related costs	¥ 27,162
Class A common shares | Bigo Inc
Business Acquisition [Line Items]
Number of shares issued for acquisition | shares	305,127,046
Number of shares for replacement awards to employees to replace their original share-based awards | shares	38,042,760

Business combination and disp_6

Business combination and disposal of subsidiaries and businesses - Fair value of the assets acquired and liabilities (Details) ¥ in Thousands, $ in Thousands	Mar. 04, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Net tangible assets acquired:
Goodwill		$ 1,859,748	¥ 12,947,192	¥ 11,763	¥ 11,716
Bigo Inc
Net tangible assets acquired:
-Cash and cash equivalents, restricted cash and cash equivalents and restricted short-term deposits	¥ 643,433
-Accounts receivables	386,517
-Other current assets	52,432
-Property and equipment, net	294,030
-Other non-current assets	174,837
Accrued liabilities and other liabilities	(1,156,854)
Deferred tax liabilities	(316,859)
Goodwill	12,432,367
Total	16,024,772
Trademark | Bigo Inc
Net tangible assets acquired:
Identifiable intangible assets acquired	¥ 2,400,354
Amortization period	10 years
User bases | Bigo Inc
Net tangible assets acquired:
Identifiable intangible assets acquired	¥ 1,027,191
Amortization period	3 years
Non-compete agreement | Bigo Inc
Net tangible assets acquired:
Identifiable intangible assets acquired	¥ 81,129
Amortization period	1 year
Others | Bigo Inc
Net tangible assets acquired:
Identifiable intangible assets acquired	¥ 6,195

Business combination and disp_7

Business combination and disposal of subsidiaries and businesses - Pro forma information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pro forma information of the acquisition
Pro forma net revenues	¥ 26,237,534	¥ 18,786,008
Pro forma net (loss) income	¥ 805,905	¥ (153,302)

Business combination and disp_8

Business combination and disposal of subsidiaries and businesses - Disposal of Beijing Yunke Online Technology Development Co., Ltd. (Details) - Beijing Yunke Online Technology Developments Co., Ltd. [Member] ¥ in Thousands	1 Months Ended
	Jan. 31, 2017CNY (¥)
Business combination [Line Items]
Gain (Loss) on Disposition of Stock in Subsidiary	¥ 37,989
Disposal Of Equity Interest, Percentage Of Ownership Transferred	46.00%
Sale of Stock, Percentage of Ownership after Transaction	34.00%

Business combination and disp_9

Business combination and disposal of subsidiaries and businesses - Disposal of online game business (Details) - Third party company - Discontinued by exchange - Online games business ¥ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest acquired	30.00%
Fair value of the investment upon initial recognition	¥ 347,000
ContractWithCustomerLiability	103,600
Gain on disposal	82,699
Carrying amount of the assets and liabilities being de-consolidated	¥ 264,301
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-31
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated period for recognizing revenue	5 years

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018USD ($)	Dec. 31, 2018CNY (¥)
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 559,272	¥ 3,893,538		¥ 6,004,231
Others
Cash and cash equivalents [Line Items]
Cash and cash equivalents		139,896		79
RMB [Member]
Cash and cash equivalents [Line Items]
Cash and cash equivalents		2,154,711		4,707,868
US$ [Member]
Cash and cash equivalents [Line Items]
Cash and cash equivalents	$ 229,198	¥ 1,598,931	$ 188,869	¥ 1,296,284

Short-term and Long-term depo_3

Short-term and Long-term deposits (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018USD ($)	Dec. 31, 2018CNY (¥)
Short Term And Long Term Deposits [Line Items]
Short-term deposits	$ 2,408,987	¥ 16,770,885		¥ 7,326,996
RMB [Member]
Short Term And Long Term Deposits [Line Items]
Short-term deposits		4,500,003		2,100,000
Long-term deposits		0		1,000,000
US$ [Member]
Short Term And Long Term Deposits [Line Items]
Short-term deposits	$ 1,758,964	¥ 12,270,882	$ 761,573	¥ 5,226,996

Restricted short-term deposits

Restricted short-term deposits (Narrative) (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Millions, $ in Millions	USD ($)	CNY (¥)	HKD ($)
Restricted Cash And Investments [Line Items]
Restricted Of Short Term Deposit		¥ 653,034
Loans Payable
Restricted Cash And Investments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40		$ 320

Accounts receivable, net (Detai

Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Jan. 01, 2018CNY (¥)
Accounts receivable, net
Accounts receivable, gross					¥ 763,004	¥ 206,772
Less: allowance for doubtful receivables	¥ (986)	¥ (7,356)	¥ (7,356)		(986)	(8,344)
Accounts receivable, net				$ 109,457	¥ 762,018	¥ 198,428	¥ 153,944
Summary of allowance for doubtful accounts
Balance at the beginning of the year	(8,344)	(7,356)	(55,220)
Additions charged to general and administrative expenses, net	(117)	(1,198)	(3,049)
Write-off during the year	7,475	210	50,913
Balance at the end of the year	¥ (986)	¥ (8,344)	¥ (7,356)

Financing receivables, net (Sch

Financing receivables, net (Schedule Of Accounts Financing Receivables) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Financing receivables, gross		¥ 421,494	¥ 1,008,965
Less: allowance for financing receivables		(186,770)	(15,829)
Financing receivables, net		234,724	993,136
Current portion	$ 15,132	105,344	768,343
Non-current portion	$ 18,584	129,380	224,793
Micro Credit personal Loans [Member]
Financing receivables, gross		194,517	734,108
Corporate Loans [Member]
Financing receivables, gross		¥ 226,977	¥ 274,857

Financing receivables, net (S_2

Financing receivables, net (Schedule of Aging of Financing Receivables) (Details 1) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivables, Past Due	¥ 307,626	¥ 21,075
Financing Receivables, Current	113,868	987,890
Total financing receivables	421,494	1,008,965
Financing Receivables 1 To 90 Days Past Due [Member]
Financing Receivables, Past Due	29,109	13,074
Financing Receivables 91 To 180 Days Past Due [Member]
Financing Receivables, Past Due	26,192	6,590
Financing Receivables 181 To 360 Days Past Due [Member]
Financing Receivables, Past Due	232,142	1,411
Financing Receivables Over 1 Year Past Due [Member]
Financing Receivables, Past Due	20,183
Micro Credit personal Loans [Member]
Financing Receivables, Past Due	112,483	21,075
Financing Receivables, Current	82,034	713,033
Total financing receivables	194,517	734,108
Micro Credit personal Loans [Member] | Financing Receivables 1 To 90 Days Past Due [Member]
Financing Receivables, Past Due	29,109	13,074
Micro Credit personal Loans [Member] | Financing Receivables 91 To 180 Days Past Due [Member]
Financing Receivables, Past Due	26,192	6,590
Micro Credit personal Loans [Member] | Financing Receivables 181 To 360 Days Past Due [Member]
Financing Receivables, Past Due	36,999	1,411
Micro Credit personal Loans [Member] | Financing Receivables Over 1 Year Past Due [Member]
Financing Receivables, Past Due	20,183
Micro Credit personal Loans [Member] | Guaranteed by a Third Party Corporation [Member]
Total financing receivables		371,031
Corporate Loans [Member]
Financing Receivables, Past Due	195,143
Financing Receivables, Current	31,834	274,857
Total financing receivables	226,977	¥ 274,857
Corporate Loans [Member] | Financing Receivables 181 To 360 Days Past Due [Member]
Financing Receivables, Past Due	¥ 195,143

Financing receivables, net (All

Financing receivables, net (Allowance For Financing Receivables) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, net
Balance at the beginning of the year	¥ (15,829)
Charge for the year	(170,941)	¥ (15,829)
Balance at the end of the year	¥ (186,770)	¥ (15,829)

Financing receivables, net - (N

Financing receivables, net - (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Impairment of investments	$ 8,954	¥ 62,334	¥ 35,348	¥ 43,205
Loans past due		307,626	21,075
Micro Credit personal Loans [Member]
Impairment Charges in General and Administrative Epenses		104,000
Loans past due		112,483	21,075
Corporate Loans [Member]
Loans past due		195,143
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivables, Non-accrual Status		¥ 83,374	¥ 8,001

Prepayments and other current_3

Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Prepayments and other current assets
Interests receivable		¥ 324,019	¥ 218,553
Prepayments and deposits to vendors and content providers		235,134	183,293
Loans to third parties		93,253	180,964
Receivable from payment platforms		74,770	112,061
Value added taxes to be deducted		84,783	69,563
Amounts receivables from issuance of a subsidiary's preferred shares			102,951
Receivables from disposal of subsidiaries and investments		19,882	59,255
Rental and other deposits		38,489	22,457
Employee advances		27,683	11,536
Others		72,794	58,386
Total	$ 139,447	¥ 970,807	¥ 1,019,019

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Investments
Equity investments accounted for using the equity method (i)		¥ 754,144	¥ 378,378
Equity investments with readily determinable fair values (ii)		115,926	238,915
Equity investments without readily determinable fair values (iii)		1,492,837	3,974,231
Total	$ 339,410	¥ 2,362,907	¥ 4,591,524

Investments (Narrative) (Detail

Investments (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Consideration to acquire minority stake		¥ 723,024	¥ 2,118,648
Ownership interest acquired		68.30%
Cash consideration for disposal of investment without readily determinable fair values		¥ 141,875
Impairment of investments	$ 8,954	¥ 62,334	35,348	¥ 43,205
Investments disposed or partially disposed		23,761
Equity securities with readily determinable fair value cost			204,499
Equity Securities, FV-NI, Realized Gain		¥ 2,676,014	356,545
Equity Securities, FV-NI, Gain or loss		2,657,370	1,803,081
Unrealized Gain (Loss) on Investments		¥ 18,644	¥ 1,446,536
Investees [Member]
Ownership interest held			20.00%
Ownership interest acquired			20.00%
Bigo Inc
Ownership interest held		31.70%
Ownership interest acquired		31.70%
Equity Method Investments [Member]
Equity Method Investments Original Cost		¥ 332,401	¥ 14,277
Equity Securities, FV-NI, Gain or loss		¥ 21,942	¥ (113,677)

Property and equipment, net (Sc

Property and equipment, net (Schedule of Property and Equipment) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Property and equipment, net [Line Items]
Gross carrying amount		¥ 3,330,219	¥ 1,939,476
Less: accumulated depreciation		(1,068,559)	(643,157)
Impairment of property and equipment		(5,300)
Property and equipment, net	$ 324,106	2,256,360	1,296,319
Buildings [Member]
Property and equipment, net [Line Items]
Gross carrying amount		867,518	857,020
Servers, computers and equipment [Member]
Property and equipment, net [Line Items]
Gross carrying amount		1,865,395	679,735
Leasehold improvements [Member]
Property and equipment, net [Line Items]
Gross carrying amount		76,560	22,913
Decoration of buildings [Member]
Property and equipment, net [Line Items]
Gross carrying amount		103,305	103,305
Furniture, fixture and office equipment [Member]
Property and equipment, net [Line Items]
Gross carrying amount		35,253	26,439
Motor vehicles [Member]
Property and equipment, net [Line Items]
Gross carrying amount		48,638	38,407
Construction in progress [Member]
Property and equipment, net [Line Items]
Gross carrying amount		¥ 333,550	¥ 211,657

Property and equipment, net (Na

Property and equipment, net (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Property and equipment, net [Abstract]
Depreciation expense	$ 52,069	¥ 362,495	¥ 150,991	¥ 176,715

Land use rights, net (Schedule

Land use rights, net (Schedule Of Land Use Right) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Gross carrying amount		¥ 3,978,898	¥ 183,528
Less: accumulated amortization		(787,682)	(101,348)
Land use right, net	$ 456,759	3,179,863	¥ 74,685
Land Use Rights [Member]
Gross carrying amount		1,924,563
Less: accumulated amortization		(188,019)
Land use right, net		¥ 1,736,544

Land use rights, net (Schedul_2

Land use rights, net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - Land Use Rights [Member] ¥ in Thousands	Dec. 31, 2019CNY (¥)
2020	¥ 48,096
2021	48,096
2022	48,096
2023	48,096
2024	¥ 48,096

Land use rights, net (Narrative

Land use rights, net (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Amortization of acquired intangible assets and land use right	$ 103,099	¥ 717,753	¥ 69,095	¥ 62,419
Land Use Rights [Member]
Amortization of acquired intangible assets and land use right		¥ 48,096	¥ 48,100	¥ 47,909

Intangible assets, net (Summary

Intangible assets, net (Summary of Group's Intangible Assets) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Intangible assets, net [Line Items]
Gross carrying amount		¥ 3,978,898	¥ 183,528
Less: accumulated amortization		(787,682)	(101,348)
Less: accumulated impairment		(11,353)	(7,495)
Intangible assets, net	$ 456,759	3,179,863	74,685
Operating rights
Intangible assets, net [Line Items]
Gross carrying amount		76,272	67,080
Less: accumulated amortization		(63,147)	(48,451)
Trademark
Intangible assets, net [Line Items]
Gross carrying amount		2,497,480
Less: accumulated amortization		(208,128)
User bases
Intangible assets, net [Line Items]
Gross carrying amount		1,069,668
Less: accumulated amortization		(366,139)
Non-compete agreement
Intangible assets, net [Line Items]
Gross carrying amount		84,412
Less: accumulated amortization		(70,348)
Software
Intangible assets, net [Line Items]
Gross carrying amount		60,309	39,535
Less: accumulated amortization		(50,151)	(28,406)
Domain names
Intangible assets, net [Line Items]
Gross carrying amount		28,044	26,819
Less: accumulated amortization		(13,327)	(11,213)
Technology
Intangible assets, net [Line Items]
Gross carrying amount		18,237	18,094
Less: accumulated amortization		(11,916)	(11,856)
License
Intangible assets, net [Line Items]
Gross carrying amount		142,318	32,000
Less: accumulated amortization		(4,435)	¥ (1,422)
Others
Intangible assets, net [Line Items]
Gross carrying amount		2,158
Less: accumulated amortization		¥ (91)

Intangible assets, net (Schedul

Intangible assets, net (Schedule of Estimated Amortization Expenses) (Details) - Indefinite-lived Intangible Assets [Member] ¥ in Thousands	Dec. 31, 2019CNY (¥)
Amortization expense of intangible assets
2020	¥ 728,771
2021	391,154
2022	325,675
2023	325,548
2024	¥ 272,618

Intangible assets, net (Sched_2

Intangible assets, net (Schedule of Weighted Average Amortization Periods of Intangible Assets) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
User bases
Weighted average amortization periods of intangible assets
Weighted average amortization period	15 years
Software
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	4 years	4 years
License
Weighted average amortization periods of intangible assets
Weighted average amortization period	1 year
Trademark
Weighted average amortization periods of intangible assets
Weighted average amortization period	3 years
Non-compete agreement
Weighted average amortization periods of intangible assets
Weighted average amortization period	2 years

Intangible assets, net (Narrati

Intangible assets, net (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Amortization of acquired intangible assets and land use right	$ 103,099	¥ 717,753	¥ 69,095	¥ 62,419
Finite-Lived Intangible Assets [Member]
Amortization of acquired intangible assets and land use right		¥ 669,657	¥ 20,995	¥ 14,510

Goodwill (Details)

Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Goodwill
Balance at beginning of the year		¥ 11,763	¥ 11,716
Foreign currency translation adjustment		503,062	47
Increase in goodwill related to acquisition		12,432,367
Balance at end of the year	$ 1,859,748	12,947,192	11,763
YY Live
Goodwill
Balance at beginning of the year		11,763	11,716
Foreign currency translation adjustment		16	47
Balance at end of the year		11,779	¥ 11,763
Bigo [Member]
Goodwill
Foreign currency translation adjustment		503,046
Increase in goodwill related to acquisition		12,432,367
Balance at end of the year		¥ 12,935,413

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of reporting unit	1.00%

Deferred revenue (Details)

Deferred revenue (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Contract with Customer, Liability [Line Items]
Deferred revenue, current	$ 192,954	¥ 1,343,308	¥ 951,616
Deferred revenue, non-current	$ 34,552	240,541	91,710
Live streaming
Contract with Customer, Liability [Line Items]
Deferred revenue, current		1,220,722	842,040
Deferred revenue, non-current		177,598	80,734
Others
Contract with Customer, Liability [Line Items]
Deferred revenue, current		122,586	109,576
Deferred revenue, non-current		¥ 62,943	¥ 10,976

Accrued liabilities and other_3

Accrued liabilities and other current liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Payables and Accruals [Abstract]
Revenue sharing fees		¥ 1,820,663	¥ 1,318,561
Salaries and welfare		882,644	329,169
Marketing and promotion expenses		688,530	213,216
Bandwidth costs		417,213	131,252
Value added taxes and other taxes payable		410,357	109,040
Payables to merchants		106,814	75,471
Deposits from third parties		81,251	82,771
Other payable to content providers		76,162	30,313
Others		189,366	124,578
Total	$ 671,234	¥ 4,673,000	¥ 2,414,371

Short-term loans (Details)

Short-term loans (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Convertible bonds
Short-term Debt	$ 80,037	¥ 557,203	¥ 0

Short-term loans (Narrative) (D

Short-term loans (Narrative) (Details) ¥ in Thousands, $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2019CNY (¥)	Dec. 31, 2019HKD ($)	Dec. 31, 2018CNY (¥)
Number of loans borrowed | loan	3
Short-term deposits	$ 93,802	¥ 653,034		¥ 0
Loans Payable
Debt Instrument, Face Amount	39,000	557,000	$ 320
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000		$ 320
Short-term deposits | ¥		¥ 650,000
Debt Instrument, Maturity Date, Description	These loans were all with a maturity of less than one year
Loans Payable | Minimum
Debt Instrument, Interest Rate, Stated Percentage	2.38%	2.38%	2.38%
Loans Payable | Maximum
Debt Instrument, Interest Rate, Stated Percentage	3.77%	3.77%	3.77%

Convertible bonds (Details)

Convertible bonds (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Convertible bonds, non-current
Convertible bonds	$ 719,436	¥ 5,008,600	¥ 0
Notes due 2025
Convertible bonds, non-current
Convertible bonds		2,646,642	0
Notes due 2026
Convertible bonds, non-current
Convertible bonds		2,361,929	0
Short-term Debt [Member]
Convertible bonds, current
Convertible bonds, current		0	6,863
Long-term Debt [Member]
Convertible bonds, non-current
Convertible bonds		¥ 5,008,571	¥ 0

Convertible bonds (Narrative) (

Convertible bonds (Narrative) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2019CNY (¥)	Jun. 19, 2019USD ($)$ / shares
Convertible bonds
Proceeds from Convertible Debt	$ 891,952	¥ 6,209,590	¥ 0	¥ 0
Interest expense	38,283	¥ 266,517	8,616	¥ 32,122
Convertible bonds, non-current	719,436		0		¥ 5,008,600
Purchased call option	$ 77,000
Initial conversion price | $ / shares	$ 127.9
ADS [Member]
Convertible bonds
Number of shares agreed to sell | shares	10.4	10.4
Convertible bonds, current
Convertible bonds
Interest expense | ¥		¥ 38	149
Notes due 2025
Convertible bonds
Aggregate principle amount						$ 500,000
Interest rate (as a percent)						0.75%
Proceeds from Convertible Debt	$ 491,000
Convertible bonds, non-current | ¥			0		2,646,642
Cash conversion version features	364,000
Debt issuance costs	9,000
Amortization of debt issuance costs	7,000
Amount allocated as deduction to the equity component	2,000
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, non-current | ¥			¥ 0		¥ 2,361,929
Cash conversion version features	324,000
Debt issuance costs	9,000
Amortization of debt issuance costs	6,000
Amount allocated as deduction to the equity component	$ 3,000
Notes due 2025 and 2026
Convertible bonds
Interest expense | ¥		¥ 246,434
Initial conversion rate | $ / shares						$ 0.0104271
Initial conversion price | $ / shares						$ 95.9

Cost of revenues (Details)

Cost of revenues (Details) - Cost of revenues - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue sharing fees and content costs	¥ 12,861,431	¥ 8,272,696	¥ 5,727,081
Bandwidth costs	1,722,979	967,436	695,839
Payment handling costs	866,455	104,772	72,953
Salary and welfare	746,517	323,623	237,063
Technical service fee	327,403	42,686	18,232
Depreciation and amortization	282,162	117,293	128,639
Share-based compensation	81,254	74,339	42,759
Other taxes and surcharges	68,471	48,724	48,360
Other costs	191,678	65,565	55,476
Total	¥ 17,148,350	¥ 10,017,134	¥ 7,026,402

Other income (Details)

Other income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Component of Operating Income [Abstract]
Government grants		¥ 247,416	¥ 88,488	¥ 88,873
Others		74,687	29,372	24,314
Total	$ 46,267	¥ 322,103	¥ 117,860	¥ 113,187

Income tax (Schedule of Current

Income tax (Schedule of Current and Deferred Portions of Income Tax Expense Included in Consolidated Statements of Comprehensive Income) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Current and deferred portions of income tax expense
Income (loss) before income tax expenses	$ 604,457	¥ 4,208,111	¥ 2,534,471	¥ 2,891,178
Current income tax expenses		(714,651)	(428,061)	(411,892)
Deferred income tax benefit (expenses)	24,136	168,029	(49,646)	(3,919)
Income tax expenses	$ (78,517)	(546,622)	(477,707)	(415,811)
PRC Entities [Member]
Current and deferred portions of income tax expense
Income (loss) before income tax expenses		4,265,759	3,494,192	2,919,350
Current income tax expenses		(684,086)	(379,130)	(402,012)
Deferred income tax benefit (expenses)		63,582	(25,081)	(3,919)
Income tax expenses		(620,504)	(404,211)	(405,931)
Non PRC Entities [Member]
Current and deferred portions of income tax expense
Income (loss) before income tax expenses		(57,648)	(959,721)	(28,172)
Current income tax expenses		(30,565)	(48,931)	(9,880)
Deferred income tax benefit (expenses)		104,447	(24,565)	0
Income tax expenses		¥ 73,882	¥ (73,496)	¥ (9,880)

Income tax (Schedule of Reconci

Income tax (Schedule of Reconciliation of Total Tax Expense Computed by Applying Respective Statutory Income Tax Rate to Pre-tax Income) (Details) - ¥ / shares		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
PRC Statutory income tax rate (as a percent)		(25.00%)	(25.00%)	(25.00%)
Effect of tax holiday and preferential tax rate benefit (as a percent)		8.90%	16.50%	13.20%
Effect of different tax rates available to different jurisdictions (as a percent)	[1]	10.90%	(10.10%)	(0.30%)
Permanent differences (as a percent)	[2]	(1.30%)	(3.50%)	(1.80%)
Change in valuation allowance (as a percent)		(11.20%)	(1.60%)	(2.30%)
Effect of Super Deduction available to the Group (as a percent)		4.70%	4.90%	1.80%
Effective income tax rate (as a percent)		(13.00%)	(18.80%)	(14.40%)
Per share effect of tax holiday (RMB)		¥ 0.33	¥ 0.27	¥ 0.24
ADS [Member]
Per share effect of tax holiday (RMB)		¥ 6.59	¥ 5.35	¥ 4.71
[1]	The effect of different tax rates available to different jurisdictions was mainly due to the fair value loss on derivative liabilities incurred by Huya whose applicable tax rate is zero for the year ended December 31, 2018. The effect of different tax rates available to different jurisdictions was mainly due to the re-measurement gain of the previously held equity interest in Bigo on the acquisition date incurred by Duowan BVI whose applicable tax rate is zero for the year ended December 31, 2019.
[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.

Income tax (Schedule of Tax Eff

Income tax (Schedule of Tax Effects of Temporary Differences that Give Rise to Deferred Tax Asset Balances) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)		Dec. 31, 2018CNY (¥)		Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Deferred tax assets:
Tax loss carried forward		¥ 707,744		¥ 148,899
Allowance for doubtful receivable, accrued expense and others not currently deductible for tax purposes		173,512		84,249
Deferred revenue		90,959		36,007
Impairment of investment		19,280		17,180
Others		2,725		753
Valuation allowance		(722,280)	[1]	(175,793)	[1]	¥ (135,505)	¥ (80,712)
Amounts offset by deferred tax liabilities		(144,305)		(40,461)
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent, Total	$ 18,334	127,635		70,834
Deferred tax liabilities:
Related to the fair value changes of investments		70,517		61,658
Related to acquired intangible assets		323,466		1,531
Others		14,961		4,777
Amounts offset by deferred tax assets		(144,305)		(40,461)
Total deferred tax liabilities, net		¥ 264,639		¥ 27,505
[1]	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 provided for net operating loss carry forward 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.

Income tax (Schedule of Movemen

Income tax (Schedule of Movement of valuation allowance) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Income tax
Balance at beginning of the year	¥ (175,793)	[1]	¥ (135,505)		¥ (80,712)
Additions	(585,557)		(113,597)		(78,978)
Reversals	39,070		73,309		24,185
Balance at end of the year	¥ (722,280)	[1]	¥ (175,793)	[1]	¥ (135,505)
[1]	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 provided for net operating loss carry forward 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.

Income tax (Narrative) (Details

Income tax (Narrative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended			120 Months Ended
	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017
Income tax [Line Items]
Income tax rate (as a percent)	25.00%	25.00%	25.00%
Aggregate undistributed earnings of subsidiaries available for distribution	¥ 16,010,167	¥ 11,519,699
Deferred tax liabilities accrued for undistributed earnings	¥ 0	¥ 0
Effective Income Tax Rate Reconciliation, Deduction, Percent	4.70%	4.90%	1.80%
Cayman Islands Tax Information Authority [Member]
Income tax [Line Items]
Withholding taxes	¥ 0
Inland Revenue Department British Virgin Islands [Member]
Income tax [Line Items]
Withholding taxes	¥ 0
Maximum | Inland Revenue, Hong Kong [Member]
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%	15.00%
Term of preferential income tax rate		3 years
China | KNSE
Income tax [Line Items]
Preferential tax rate (as a percent)		10.00%
Term of preferential income tax rate		3 years
Tax reduction available as a percentage of the applicable rate		50.00%
China | State Administration of Taxation, China [Member]
Income tax [Line Items]
Amount of tax deduction to tax assessable profits as a percentage of qualified research and development		75.00%		50.00%
Operating Loss Carryforwards	¥ 1,495,129
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member]
Income tax [Line Items]
Income tax rate (as a percent)	16.50%
Operating Loss Carryforwards	¥ 15,573
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member]
Income tax [Line Items]
Income tax rate (as a percent)	17.00%
Beneficial tax rate		5.00%
Operating Loss Carryforwards	¥ 3,096,692
Other countries
Income tax [Line Items]
Operating Loss Carryforwards	¥ 351,108
Guangzhou Huaduo [Member] | China | HNTE
Income tax [Line Items]
Beneficial tax rate	15.00%
Guangzhou Huanju Shidai [Member]
Income tax [Line Items]
Dividends | $			$ 15,000
Payments Related To Withholding Tax For Dividends | $			$ 1,500
Guangzhou Huanju Shidai [Member] | China | KNSE
Income tax [Line Items]
Income tax rate (as a percent)	10.00%
Preferential tax rate (as a percent)		10.00%
Guangzhou Juhui Information Technology Co., Ltd. [Member] | China | Software Enterprise
Income tax [Line Items]
Preferential tax rate (as a percent)		12.50%	0.00%
Other PRC Subsidiaries [Member]
Income tax [Line Items]
Income tax rate (as a percent)	25.00%
Guangzhou Huya [Member] | China | HNTE
Income tax [Line Items]
Preferential tax rate (as a percent)		15.00%
Term of preferential income tax rate		3 years
Huya Technology [Member]
Income tax [Line Items]
Income tax rate (as a percent)		0.00%
Huya Technology [Member] | China | Software Enterprise
Income tax [Line Items]
Preferential tax rate (as a percent)	10.00%	0.00%	0.00%
Guangzhou BaiGuoYuan [Member]
Income tax [Line Items]
Preferential tax rate (as a percent)		0.00%
BaiGuoYuan Technology [Member] | HNTE
Income tax [Line Items]
Preferential tax rate (as a percent)		15.00%
Duowan BVI [Member]
Income tax [Line Items]
Income tax rate (as a percent)	0.00%

Mezzanine equity (Narrative) (D

Mezzanine equity (Narrative) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Mar. 08, 2018USD ($)shares	Mar. 08, 2018CNY (¥)shares	Jul. 10, 2017USD ($)$ / sharesshares	Jul. 10, 2017CNY (¥)shares	May 11, 2018CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018USD ($)shares	Dec. 31, 2018CNY (¥)shares	Dec. 31, 2017CNY (¥)
Derivative, Gain (Loss) on Derivative, Net						$ (2,300)	¥ (16,011)		¥ (2,285,223)	¥ 0
Huya [Member]
Redeemable NonControlling Interest Equity Stock Issued During Period Shares New Issues | shares			22,058,823	22,058,823
Redeemable NonControlling Interest Equity Stock Issued During Period Value New Issues			$ 75,000	¥ 509,730
Temporary Equity, Accretion to Redemption Value									71,628	¥ 19,842
Derivative Liability									892,000
Derivative, Gain (Loss) on Derivative, Net									(2,285,223)
Proceeds from Issuance Initial Public Offering					¥ 795,073
Interest Ownership Percentage By Parent					44.00%	38.70%	38.70%
Additional Paid in Capital					¥ 4,804,947
Other Preferred Stock Dividends and Adjustments									¥ 489,284
Convertible Preferred Stock, Nonredeemable or Redeemable, Issuer Option, Value					¥ 4,009,874
Huya [Member] | Series A Preferred Stock [Member]
Shares Issued, Price Per Share | $ / shares			$ 3.4
Huya [Member] | Series B2 Preferred Shares [Member]
Redeemable NonControlling Interest Equity Stock Issued During Period Shares New Issues | shares	64,488,235	64,488,235
Redeemable NonControlling Interest Equity Stock Issued During Period Value New Issues	$ 461,600	¥ 2,919,112
Other Subsidiary
Redeemable NonControlling Interest Equity Stock Issued During Period Shares New Issues | shares								500,000,000	500,000,000
Redeemable NonControlling Interest Equity Stock Issued During Period Value New Issues								$ 50,000	¥ 345,420
Temporary Equity, Accretion to Redemption Value							¥ 34,448		¥ 5,758

Common shares and treasury sh_2

Common shares and treasury shares (Narrative) (Details) $ / shares in Units, ¥ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2020CNY (¥)	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Common shares [Line Items]
Number of shares repurchased			434,145
Average price per ADS | $ / shares			$ 54.6194
Aggregate consideration | $			$ 23.7
Purchase of a capped call option | $			$ 11.7
Initial investment returned	¥ 84.8	$ 12.2
Class A common shares
Common shares [Line Items]
Common shares, shares authorized			10,000,000,000	10,000,000,000	10,000,000,000
Common shares, shares issued			1,301,845,404	981,740,848	945,245,908
Common shares, shares outstanding			1,293,162,504	981,740,848	945,245,908
Number of shares repurchased			8,682,900
Average price per share | $ / shares			$ 2.7310
Class A common shares | Bigo Inc
Common shares [Line Items]
Issuance of common stock for acquisition (in shares)			305,127,046
Class B common shares
Common shares [Line Items]
Common shares, shares authorized			1,000,000,000	1,000,000,000	1,000,000,000
Common shares, shares issued			326,509,555	288,182,976	317,982,976
Common shares, shares outstanding			326,509,555	288,182,976	317,982,976
Class B common shares | Bigo Inc
Common shares [Line Items]
Issuance of common stock for acquisition (in shares)			38,326,579
Restricted shares | Class A common shares
Common shares [Line Items]
Issuance of common share (in shares)			6,216,060	6,694,940	21,305,880
common Stock | Class A common shares
Common shares [Line Items]
Issuance of common share (in shares)					132,250,000
Common shares, shares outstanding			1,293,162,504	981,740,848	945,245,908	750,115,028
Issuance of common stock for acquisition (in shares)			305,127,046
common Stock | Class B common shares
Common shares [Line Items]
Conversion of Stock, Shares Converted				29,800,000	41,575,000
Common shares, shares outstanding			326,509,555	288,182,976	317,982,976	359,557,976
Issuance of common stock for acquisition (in shares)			38,326,579

Share-based compensation (Share

Share-based compensation (Share Options - Narrative) (Details) ¥ in Thousands, $ in Thousands	Jul. 10, 2017shares	Oct. 31, 2017shares	Dec. 31, 2009shares	Dec. 31, 2008shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2019USD ($)installmentshares	Dec. 31, 2019CNY (¥)installmentshares	Dec. 31, 2018CNY (¥)shares	Dec. 31, 2017CNY (¥)shares	Mar. 31, 2018shares	Sep. 16, 2011shares
Share-based compensation [Line Items]
Shares authorized for issuance											43,000,000
Share-based Compensation						$ 136,193	¥ 948,148	¥ 648,025	¥ 257,661
General and administrative expenses
Share-based compensation [Line Items]
Share-based Compensation						$ 50,056	348,479	342,790	88,137
common Stock
Share-based compensation [Line Items]
Allocated Share-based Compensation Expense | ¥							¥ 9,060	¥ 5,227	¥ 28,226
Stock Transferred During Period Shares Issued For Services		1,551,495						367,870
Employees [Member] | Huya Member [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						2,908,370	2,908,370	4,183,685	0
Employees [Member] | Vested in four equal installments over the following 48 months
Share-based compensation [Line Items]
Number of vesting installments | installment						2	2
Non-employee [Member] | Huya Member [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						0	0	10,000
Pre-2009 Scheme Options [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number									154,535
Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Awards granted (in shares)						0	0	6,138,353
Allocated Share-based Compensation Expense | ¥							¥ 102,970	¥ 151,242	¥ 19,473
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | ¥							¥ 1,869
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period						257,750	257,750	75,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ¥					¥ 74,614		¥ 74,614
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						10 months 28 days	10 months 28 days
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Huya 2017 Share Incentive Plan [Member] | Maximum
Share-based compensation [Line Items]
Shares authorized for issuance	17,647,058									28,394,117
Huya 2017 Share Incentive Plan [Member] | General and administrative expenses
Share-based compensation [Line Items]
Allocated Share-based Compensation Expense | ¥							¥ 6,746	¥ 20,980	¥ 0
Share Incentive Scheme [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number					438,100		438,100
2011 Incentive Scheme [Member]
Share-based compensation [Line Items]
Awards granted (in shares)						438,100	438,100	10,934,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period						1,065,000	1,065,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number					2,134,100		2,134,100
2011 Incentive Scheme [Member] | Employees [Member]
Share-based compensation [Line Items]
Vesting percentage remaining						50.00%	50.00%
2011 Incentive Scheme [Member] | Employees [Member] | Vested after 24 months of the grant date and two equal installments over the following 24 months
Share-based compensation [Line Items]
Number of vesting installments | installment						3	3
Vesting period						36 months	36 months
2011 Incentive Scheme [Member] | Employees [Member] | Vested in four equal installments over the following 48 months
Share-based compensation [Line Items]
Vesting percentage						50.00%	50.00%
Vesting period						24 months	24 months
Secondary vesting period						24 months	24 months
2011 Incentive Scheme [Member] | Employees [Member] | Vested in three equal installments over the following 36 months
Share-based compensation [Line Items]
Number of vesting installments | installment						1	1
Vesting percentage remaining						50.00%	50.00%
Vesting percentage						50.00%	50.00%
Vesting period						24 months	24 months
Secondary vesting period						12 months	12 months
Share options [Member] | Pre-2009 Scheme Options [Member] | Employees [Member]
Share-based compensation [Line Items]
Awards granted (in shares)			8,499,050	12,705,700
Share options [Member] | Pre-2009 Scheme Options [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Awards granted (in shares)				3,832,290
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Vested after 24 months of the grant date and two equal installments over the following 24 months
Share-based compensation [Line Items]
Number of vesting installments | installment						2	2
Vesting percentage remaining						50.00%	50.00%
Vesting percentage						50.00%	50.00%
Vesting period						24 months	24 months
Secondary vesting period						24 months	24 months
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Vested in four equal installments over the following 48 months
Share-based compensation [Line Items]
Number of vesting installments | installment						4	4
Vesting period						48 months	48 months
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Vested in three equal installments over the following 36 months
Share-based compensation [Line Items]
Number of vesting installments | installment						4	4
Vesting period						24 months	24 months
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Employees [Member]
Share-based compensation [Line Items]
Awards granted (in shares)						0	0	5,918,353	11,737,705
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Awards granted (in shares)						0	0	220,000
Share options [Member] | 2011 Incentive Scheme [Member]
Share-based compensation [Line Items]
Allocated Share-based Compensation Expense | ¥							¥ 88,330
Restricted shares | Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ¥					¥ 412,186		¥ 412,186
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						1 year 1 month 28 days	1 year 1 month 28 days
Share-based Compensation | ¥							¥ 176,778	¥ 69,620	¥ 0
Restricted Stock Expense Of Non Employees | ¥							¥ 0	¥ 1,076	¥ 0
Restricted shares | Huya 2017 Share Incentive Plan [Member] | Vested after 24 months of the grant date and two equal installments over the following 24 months
Share-based compensation [Line Items]
Number of vesting installments | installment						2	2
Vesting percentage remaining						50.00%	50.00%
Vesting percentage						50.00%	50.00%
Vesting period						24 months	24 months
Secondary vesting period						24 months	24 months
Restricted shares | Huya 2017 Share Incentive Plan [Member] | Vested in four equal installments over the following 48 months
Share-based compensation [Line Items]
Number of vesting installments | installment						4	4
Vesting period						48 months	48 months
Restricted shares | Huya 2017 Share Incentive Plan [Member] | Vested after 6 months of the grant date in three equal installments over the following 36 months
Share-based compensation [Line Items]
Number of vesting installments | installment						3	3
Vesting percentage remaining						75.00%	75.00%
Vesting percentage						25.00%	25.00%
Vesting period						6 months	6 months
Restricted shares | Huya 2017 Share Incentive Plan [Member] | Vested in three equal installments over the following 36 months
Share-based compensation [Line Items]
Secondary vesting period						36 months	36 months
Restricted shares | 2011 Incentive Scheme [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					16,041,327
Restricted shares | 2011 Incentive Scheme [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						0	0

Share-based compensation (Restr

Share-based compensation (Restricted Share Units - Narrative) (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2012	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 16, 2011
Share-based compensation [Line Items]
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
2011 Incentive Scheme [Member] | Restricted share units [Member]
Share-based compensation [Line Items]
Granted (in shares)		16,114,095	11,977,794	22,090,030
Post-acquisition share-based compensation		¥ 207,185	¥ 372,281	¥ 211,189
Total unrecognized compensation expense		¥ 375,846
Weighted average period over which unrecognized compensation expense is expected to be recognized		1 year 1 month 2 days
2011 Incentive Scheme [Member] | Restricted share units [Member] | Employees [Member]
Share-based compensation [Line Items]
Granted (in shares)		16,114,095	11,977,794	22,090,030
2011 Incentive Scheme [Member] | Restricted share units [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Granted (in shares)			0	150,000
Huya Member [Member] | Employees [Member]
Share-based compensation [Line Items]
Granted (in shares)		2,908,370	4,183,685	0
Huya Member [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Granted (in shares)		0	10,000

Share-based compensation (Summa

Share-based compensation (Summary of Restricted Share Units Activity) (Details) - Restricted share units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2011 Incentive Scheme [Member]
Number of restricted shares
Outstanding at the beginning of the period (in shares)	25,229,634	30,874,144	20,955,720
Granted (in shares)	16,114,095	11,977,794	22,090,030
Forfeited (in shares)	(6,381,786)	(5,115,304)	(4,007,728)
Vested (in shares)	(7,848,811)	(12,507,000)	(8,163,878)
Outstanding at the end of the period (in shares)	27,113,132	25,229,634	30,874,144
Expected to vest at the end of the period (in shares)	25,703,976
Weighted average grant-date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 4.9639	$ 4.4969	$ 2.4320
Granted (in dollars per share)	3.0005	4.7052	5.3001
Forfeited (in dollars per share)	4.7840	4.6843	2.5561
Vested (in dollars per share)	4.7427	3.6776	2.3227
Outstanding at the end of the period (in dollars per share)	3.9034	$ 4.9639	$ 4.4969
Expected to vest at the end of the period (in dollars per share)	$ 3.8916
Huya 2017 Share Incentive Plan [Member]
Number of restricted shares
Outstanding at the beginning of the period (in shares)	4,107,185	0
Granted (in shares)	2,908,370	4,193,685
Forfeited (in shares)	(270,707)	(76,500)
Vested (in shares)	(465,000)	(10,000)
Outstanding at the end of the period (in shares)	6,279,848	4,107,185	0
Expected to vest at the end of the period (in shares)	6,040,024
Weighted average grant-date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 9.0331	$ 0
Granted (in dollars per share)	22.7642	9.0242
Forfeited (in dollars per share)	14.8129	7.1600
Vested (in dollars per share)	7.1600	19.5900
Outstanding at the end of the period (in dollars per share)	15.4350	$ 9.0331	$ 0
Expected to vest at the end of the period (in dollars per share)	$ 15.0623

Share-based compensation (Res_2

Share-based compensation (Restricted Shares - Narrative) (Details) - CNY (¥) ¥ in Thousands	Mar. 04, 2019	Mar. 31, 2019	Dec. 31, 2019
Bigo Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-acquisition share-based compensation	¥ 590,346
Bigo's Share Incentive Scheme [Member] | Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-acquisition share-based compensation			¥ 364,907
Total unrecognized compensation expense			¥ 438,455
Weighted average period over which unrecognized compensation expense is expected to be recognized			1 year 6 months 29 days
Bigo's Share Incentive Scheme [Member] | Restricted shares | Bigo Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		38,042,760
Bigo's Share Incentive Scheme [Member] | Restricted shares | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			16,041,327
Bigo's Share Incentive Scheme [Member] | Restricted shares | Vested after 24 months of the grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Vesting period		24 months
Bigo's Share Incentive Scheme [Member] | Restricted shares | Vested in two equal installments over the following 24 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Vesting period		24 months
Bigo's Share Incentive Scheme [Member] | Restricted shares | Vested in four equal installments over the following 48 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		48 months
Bigo's Share Incentive Scheme [Member] | Restricted shares | Vested in three equal installments over the following 36 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		36 months

Share-based compensation (Sum_2

Share-based compensation (Summary of Restricted Shares Activity) (Details) - 2011 Incentive Scheme [Member] - Restricted shares	3 Months Ended	12 Months Ended
	Dec. 31, 2019$ / sharesshares	Dec. 31, 2019$ / sharesshares
Number of restricted shares
Outstanding at the beginning of the period (in shares) | shares		0
Replacement due to acquisition of Bigo | shares	38,042,760
Granted (in shares) | shares	16,041,327
Forfeited (in shares) | shares	(7,279,877)
Vested (in shares) | shares	(8,599,959)
Outstanding at the end of the period (in shares) | shares	38,204,251	38,204,251
Expected to vest at the end | shares	32,715,029	32,715,029
Weighted average grant-date fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares		$ 0
Replacement due to acquisition of Bigo | $ / shares	$ 3.6100
Granted (in dollars per share) | $ / shares	3.4750
Forfeited (in dollars per share) | $ / shares	3.6302
Vested (in dollars per share) | $ / shares	3.6608
Outstanding at the end of the period (in dollars per share) | $ / shares	3.5267	3.5267
Expected to vest at the end (in dollars per share) | $ / shares	$ 3.5533	$ 3.5533

Share-based compensation (Huya'

Share-based compensation (Huya's share-based awards - Narrative) (Details)	12 Months Ended
	Dec. 31, 2019installmentshares	Dec. 31, 2018shares	Dec. 31, 2017shares
Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	0	6,138,353
Vested in four equal installments over the following 48 months | Employees [Member]
Share-based compensation [Line Items]
Number of vesting installments	2
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Employees [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	0	5,918,353	11,737,705
Share options [Member] | Huya 2017 Share Incentive Plan [Member] | Non-employee [Member]
Share-based compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	0	220,000
Share options [Member] | Vested after 24 months of the grant date and two equal installments over the following 24 months | Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Number of vesting installments	2
Vesting percentage	50.00%
Vesting percentage remaining	50.00%
Vesting period	24 months
Secondary vesting period	24 months
Share options [Member] | Vested in four equal installments over the following 48 months | Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Number of vesting installments	4
Vesting period	48 months
Restricted shares | Vested after 24 months of the grant date and two equal installments over the following 24 months | Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Number of vesting installments	2
Vesting percentage	50.00%
Vesting percentage remaining	50.00%
Vesting period	24 months
Secondary vesting period	24 months
Restricted shares | Vested in four equal installments over the following 48 months | Huya 2017 Share Incentive Plan [Member]
Share-based compensation [Line Items]
Number of vesting installments	4
Vesting period	48 months

Share-based compensation (Numbe

Share-based compensation (Number of share options granted to Huya's employees) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average exercise price
Granted (in dollars per share)	$ 3.5350	$ 4.7025
Huya 2017 Share Incentive Plan [Member]
Number of options
Balance ,options	17,520,555	11,719,705
Granted (in shares)	0	6,138,353
Forfeited (in shares)	(257,750)	(75,000)
Cancelled		(262,503)
Exercised	(2,011,144)
Balance ,options	15,251,661	17,520,555	11,719,705
Expected to vest (in shares)	9,790,460
Exercisable as of December 31, 2019	5,410,546
Weighted average exercise price
Balance	$ 2.5210	$ 2.5500
Granted (in dollars per share)		2.4672	$ 2.55
Forfeited (in dollars per share)	2.5500	2.5500
Cancelled		2.5500
Exercised	2.3290
Balance ,weighted average exercise price	2.5458	$ 2.5210	$ 2.5500
Expected to vest (in dollars per share)	2.5500
Exercisable as of December 31, 2019	$ 2.5383
Weighted average remaining contractual life (years)
Balance	7 years 10 months 2 days	8 years 9 months 25 days	9 years 9 months
Expected to vest	7 years 10 months 17 days
Exercisable	7 years 9 months 7 days
Aggregate intrinsic value [Abstract]
Balance	$ 234,939	$ 227,049	$ 2,227
Expected to vest	150,773
Exerisable	$ 83,386

Share-based compensation (Binom

Share-based compensation (Binomial option-pricing) (Details) - $ / shares		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average fair value per option granted		$ 1.7582	$ 2.6425
Weighted average exercise price		$ 3.5350	$ 4.7025
Risk-free interest rate		1.82%	2.77%
Expected volatility		56.00%	57.00%
Dividend yield		0.00%	0.00%
Minimum
Expected term (in year)			5 years
Huya 2017 Share Incentive Plan [Member]
Weighted average fair value per option granted			$ 5.2130	$ 1.3798
Weighted average exercise price			$ 2.4672	$ 2.55
Risk-free interest rate	[1]		2.83%	2.25%
Expected term (in year)	[2]		10 years	10 years
Expected volatility	[3]		55.00%	55.00%
Dividend yield	[4]		0.00%	0.00%
[1]	The risk-free interest rate of periods within the contractual life of the share option is based on the China Government Bond yield as at the valuation dates.
[2]	The expected term is the contract life of the option.
[3]	Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.
[4]	Huya has no history or expectation of paying dividend on its ordinary shares. The expected dividend yield was estimated based on Huya’s expected dividend policy over the expected term of the option.

Share-based compensation (Sha_2

Share-based compensation (Share-based compensation-Share options-2011 Share Incentive Scheme) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Granted ,weighted average exercise price	$ 1.7582	$ 2.6425
2011 Incentive Scheme [Member]
Balance ,options	10,934,300	0
Granted ,options	438,100	10,934,300
Forfeited ,Options	(1,065,000)
Balance ,options	10,307,400	10,934,300	0
Expected to vest at December 31, 2019 ,options	10,307,400
Exercisable at December 31, 2019 ,options	2,134,100
Granted ,weighted average exercise price	$ 3.5350	$ 4.7025
Forfeited ,weighted average exercise price	4.5225
Balance ,weighted average exercise price	3.8069	$ 4.7025	$ 0
Expected to vest at December 31, 2019 ,weighted average exercise price	3.8069
Exercisable at December 31, 2019 ,weighted average exercise price	$ 4.7025
Balance ,contractual life	5 years 5 months 12 days	5 years 3 months 14 days	0 years
Expected to vest at December 31, 2019 ,contractual life	5 years 5 months 12 days
Exercisable at December 31, 2019 ,contractual life	6 years 6 months
Balance, December 31, 2019 ,aggregate intrinsic value	$ 0	$ 0	$ 0
Expected to vest at December 31, 2019 ,aggregate intrinsic value	0
Exercisable at December 31, 2019 ,aggregate intrinsic value	$ 0

Share-based compensation (Sha_3

Share-based compensation (Share based awards granted to an employee of a subsidiary and Other share based compensation - Narrative) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsidiaries of Variable Interest Entity [Member]
Allocated Share-based Compensation Expense	¥ (1,082)	¥ 7,916	¥ (1,227)

Basic and diluted net income _3

Basic and diluted net income per share (Schedule of Calculation of Basic and Diluted Net Income Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $MN in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)$ / sharesshares		Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2019CUP ($MN)shares	Dec. 31, 2018CNY (¥)¥ / sharesshares		Dec. 31, 2017CNY (¥)¥ / sharesshares
Numerator:
Net income attributable to common shareholders of the Company		$ 485,410		¥ 3,379,330		¥ 1,641,958		¥ 2,493,235
Interest expenses of convertible notes | ¥						149		20,820
Incremental dilution from Huya | $MN	[1]				$MN (14,004)
Numerator for diluted income per share | ¥				¥ 3,365,326		¥ 1,642,107		¥ 2,514,055
Denominator:
Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding	[2]	1,544,396,920		1,544,396,920	1,544,396,920	1,280,847,795		1,186,460,144
Dilutive effect of share options						94,254		376,918
Dilutive effect of restricted share units		8,162,196		8,162,196	8,162,196	12,966,689		11,598,378
Dilutive effect of convertible bonds						180,668		18,202,301
Denominator for diluted calculation (in shares)	[2]	1,565,080,905		1,565,080,905	1,565,080,905	1,294,089,406		1,216,637,741
Basic net income per share (in CNY/dollars per share) | (per share)	[2]	$ 0.31		¥ 2.19		¥ 1.28		¥ 2.10
Diluted net income per share (in CNY/dollars per share) | (per share)		$ 0.31	[2]	¥ 2.15		¥ 1.27	[2]	¥ 2.07	[2]
Restricted shares
Denominator:
Dilutive effect of restricted share units		12,521,789		12,521,789	12,521,789
American Depositary Shares
Denominator:
Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding	[2]	77,219,846		77,219,846	77,219,846	64,042,390		59,323,007
Denominator for diluted calculation (in shares)	[2]	78,254,045		78,254,045	78,254,045	64,704,470		60,831,887
Basic net income per share (in CNY/dollars per share) | (per share)	[2]	$ 6.29		¥ 43.76		¥ 25.64		¥ 42.03
Diluted net income per share (in CNY/dollars per share) | (per share)		$ 6.18	[2]	¥ 43.01		¥ 25.38	[2]	¥ 41.33	[2]
[1]	In calculation of diluted net income per share, assuming a dilutive effect, all of Huya’s existing unvested restricted share units and unexercised share options are treated as vested and exercised by Huya under the treasury stock method, causing the decrease percentage of the weighted average number of shares held by the Company in Huya. As a result, Huya’s net income (loss) attributable to the Company on a diluted basis decreased accordingly, which is presented as “incremental dilution from Huya” in the table.
[2]	Each ADS represents 20 common shares.

Related party transactions - Sc

Related party transactions - Schedule of Significant Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related party transactions [Line Items]
Loan to related parties	¥ 170,000	¥ 188,000	¥ 24,962
Promotion expense charged from Related parties	26,462	0	0
Payment on behalf of related parties, net of repayments	3,866	(2,543)	(23,116)
Repayment of loans from related parties	0	20,000	35,462
Online games revenue [Member]
Related party transactions [Line Items]
Revenue shared from related parties	3,588	31,366	87,414
Guangzhou Chenjun
Related party transactions [Line Items]
Partial disposal of investments to Guangzhou Chenjun	0	0	35,160
Guangzhou Sunhongs | Bandwidth service [Member]
Related party transactions [Line Items]
Expense with related party	116,033	103,439	92,068
Other Related Party [Member]
Related party transactions [Line Items]
Other transaction with related parties	23,447	11,833	14,276
Kingsoft Group
Related party transactions [Line Items]
Purchase of fixed assets from Kingsoft Group	16,776	0	0
Kingsoft Group | Bandwidth service [Member]
Related party transactions [Line Items]
Expense with related party	¥ 47,929	¥ 11,314	¥ 711

Related party transactions - _2

Related party transactions - Schedule of Amounts Due from/to Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Related party transactions [Line Items]
Amounts due from related parties, current	$ 2,480	¥ 17,262	¥ 193,559
Amounts due to related parties	$ 31,929	222,281	28,336
Bigo [Member]
Related party transactions [Line Items]
Amounts due from related parties, current		0	191,800
Other Related Party [Member]
Related party transactions [Line Items]
Amounts due from related parties, current		17,262	1,759
Amounts due to related parties		8,143	12,035
Shanghai Chuangsi [Member]
Related party transactions [Line Items]
Amounts due to related parties		176,893	0
Kingsoft Group [Member]
Related party transactions [Line Items]
Amounts due to related parties		14,349	5,239
Xiaomi Group [Member]
Related party transactions [Line Items]
Amounts due to related parties		11,513	0
Guangzhou Sunhongs [Member]
Related party transactions [Line Items]
Amounts due to related parties		¥ 11,383	¥ 11,062

Fair value measurements - Summa

Fair value measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Assets
Short-term investments	$ 807,577	¥ 5,622,189	¥ 979,053
Recurring [Member]
Assets
Short-term investments		5,622,189	979,053
Equity investment with readily determinable fair values		115,926	238,915
Derivative - forward exchange contracts		6,340
Total		5,744,455	1,217,968
Liabilities
Derivative liabilities		(11,495)
Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Short-term investments		481,243	78,605
Equity investment with readily determinable fair values		115,926	238,915
Derivative - forward exchange contracts		0
Total		597,169	317,520
Liabilities
Derivative liabilities		0
Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Short-term investments		5,140,946	900,448
Equity investment with readily determinable fair values		0
Derivative - forward exchange contracts		6,340
Total		5,147,286	¥ 900,448
Liabilities
Derivative liabilities		¥ (11,495)

Fair value measurements - Sched

Fair value measurements - Schedule of Changes in Level 3 Instruments (Details) - Level 3 [Member] ¥ in Thousands	12 Months Ended
	Dec. 31, 2018CNY (¥)
Liabilities measured at fair value [Line Items]
Balance as of January 1, 2018	¥ 0
Initial recognition upon the extinguishment of Huya's Series A Preferred Shares and the issuance of Huya's Series B-2 Preferred Shares as of March 8, 2018	892,334
Fair value loss on derivative liabilities	2,285,223
Foreign exchange	11,270
Derecognition of derivative liabilities upon the completion of Huya's IPO	(3,188,827)
Balance as of December 31, 2018	0
Conversion Feature Embedded In Series A Preferred Shares [Member]
Liabilities measured at fair value [Line Items]
Balance as of January 1, 2018	0
Initial recognition upon the extinguishment of Huya's Series A Preferred Shares and the issuance of Huya's Series B-2 Preferred Shares as of March 8, 2018	572,237
Fair value loss on derivative liabilities	628,298
Foreign exchange	4,573
Derecognition of derivative liabilities upon the completion of Huya's IPO	(1,205,108)
Balance as of December 31, 2018	0
Conversion Feature Embedded In Series B Preferred Shares [Member]
Liabilities measured at fair value [Line Items]
Balance as of January 1, 2018	0
Initial recognition upon the extinguishment of Huya's Series A Preferred Shares and the issuance of Huya's Series B-2 Preferred Shares as of March 8, 2018	320,097
Fair value loss on derivative liabilities	1,656,925
Foreign exchange	6,697
Derecognition of derivative liabilities upon the completion of Huya's IPO	(1,983,719)
Balance as of December 31, 2018	¥ 0

Fair value measurements - Sch_2

Fair value measurements - Schedule of Certain Significant Estimates (Details)	May 10, 2018	Mar. 08, 2018	Dec. 31, 2019	Dec. 31, 2018
Volatility			56.00%	57.00%
Risk-free rate			1.82%	2.77%
Dividend yield			0.00%	0.00%
Huya's Pre IPO Preferred Shares
Volatility	50.00%	50.00%
Dividend yield	0.00%	0.00%
Risk-free rate (3 months) [Member] | Huya's Pre IPO Preferred Shares
Risk-free rate	1.58%	1.66%
Risk-free rate (4 years) [Member] | Huya's Pre IPO Preferred Shares
Risk-free rate	2.46%	2.52%

Fair value measurements - Narra

Fair value measurements - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Fair value measurements
Equity Securities, FV-NI, Gain		¥ 2,657,370	¥ 1,803,081
Impairment of investments	$ 8,954	¥ 62,334	¥ 35,348	¥ 43,205

Commitments and contingencies_2

Commitments and contingencies (Schedule of Future Minimum Payments Under Non-cancellable Operating Leases) (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Future minimum payments under non-cancellable operating leases
2019	¥ 36,924	¥ 84,689
2020	11,680	53,609
2021	6,723	35,871
2022 and after	4,523	47,726
Total	¥ 59,850	¥ 221,895

Commitments and contingencies_3

Commitments and contingencies (Narrative) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Litigation [Line Items]
Outstanding capital commitments	¥ 915,780
Infringement Claim Intellectual Property [Member]
Litigation [Line Items]
Loss Contingency, Damages Sought, Value		¥ 20,000
Unfair Competition Broadcasters Recruitment [Member]
Litigation [Line Items]
Loss Contingency, Damages Sought, Value	¥ 120,000

Subsequent events (Narrative) (

Subsequent events (Narrative) (Details) - Scenario, Forecast [Member] - Linen Investment Limited - Huya [Member] $ in Millions	Apr. 03, 2020USD ($)shares
Subsequent events [Line Items]
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%
Class A common shares
Subsequent events [Line Items]
Discontinued Operation Equity Method Investment Sold	16,523,819
Disposal Group, Including Discontinued Operation, Consideration | $	$ 262.6
Class B common shares
Subsequent events [Line Items]
Discontinued Operation Equit yMethod Investment Retained After Disposal Share Afte rDisposal	68,374,463

Restricted net assets (Details)

Restricted net assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted net assets
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%
Restricted net assets	¥ 6,111,088	¥ 5,057,086

Segment Reporting (Details)

Segment Reporting (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)		Dec. 31, 2017CNY (¥)
Net revenues
Others		$ 222,343	¥ 1,547,905	¥ 885,890		¥ 923,838
Total net revenues		3,673,792	25,576,204	15,763,557		11,594,792
Cost of revenues	[1]	(2,463,206)	(17,148,350)	(10,017,134)		(7,026,402)
Gross profit (loss)		1,210,586	8,427,854	5,746,423		4,568,390
Operating expenses
Research and development expenses	[1]	(364,199)	(2,535,482)	(1,192,052)		(781,886)
Sales and marketing expenses	[1]	(537,178)	(3,739,724)	(1,149,316)		(691,281)
General and administrative expenses	[1]	(213,953)	(1,489,495)	(883,225)		(544,641)
Goodwill impairment		0	0	0	[1]	(2,527)	[1]
Total operating expenses		(1,115,330)	(7,764,701)	(3,224,593)		(2,020,335)
Gain on disposal of subsidiaries and business		11,879	82,699			37,989
Other income		46,267	322,103	117,860		113,187
Operating income		153,402	1,067,955	2,639,690		2,699,231
Interest expense		(38,283)	(266,517)	(8,616)		(32,122)
Interest income and investment income		105,372	733,576	485,552		180,384
Foreign currency exchange (losses) gains, net		1,407	9,796	(514)		(2,176)
Gain on deemed disposal and disposal of investments		0	0	16,178		45,861
Gain on fair value changes of investment		384,859	2,679,312	1,689,404		0
Fair value loss on derivative liabilities		(2,300)	(16,011)	(2,285,223)		0
Other non-operating expenses		0	0	(2,000)		0
Income (loss) before income tax expenses		604,457	4,208,111	2,534,471		2,891,178
Income tax (expenses) benefits		(78,517)	(546,622)	(477,707)		(415,811)
Income (loss) before share of income (loss) in equity method investments, net of income taxes		525,940	3,661,489	2,056,764		2,475,367
Share of income (loss) in equity method investments, net of income taxes		5,536	38,540	58,933		33,024
Net income (loss)		531,476	3,700,029	2,115,697		2,508,391
Share-based compensation		136,193	948,148	648,025		257,661
Cost of revenues
Operating expenses
Share-based compensation		11,671	81,254	74,339		42,759
Research and development expenses
Operating expenses
Total operating expenses			(2,535,482)
Share-based compensation		72,639	505,697	225,173		122,348
Sales and marketing expenses
Operating expenses
Total operating expenses			(3,739,724)
Share-based compensation		1,827	12,718	5,723		4,417
General and administrative expenses
Operating expenses
Total operating expenses			(1,489,495)
Share-based compensation		50,056	348,479	342,790		88,137
Live streaming
Net revenues
Total net revenues		$ 3,451,449	24,028,299	14,877,667		10,670,954
Huya
Net revenues
Others			398,287	220,595		115,280
Total net revenues			8,374,501	4,663,440		2,184,816
Cost of revenues			(6,892,579)	(3,933,647)		(1,929,864)
Gross profit (loss)			1,481,922	729,793		254,952
Operating expenses
Research and development expenses				(265,152)		(170,160)
Sales and marketing expenses				(189,207)		(87,292)
General and administrative expenses				(287,710)		(101,995)
Total operating expenses			(1,299,934)	(742,069)		(359,447)
Other income			79,390	38,938		9,629
Operating income			261,378	26,662		(94,866)
Interest expense				0
Interest income and investment income			304,491	156,549		14,049
Foreign currency exchange (losses) gains, net			1,157	51
Gain on deemed disposal and disposal of investments				0
Gain on fair value changes of investment				0
Fair value loss on derivative liabilities				(2,285,223)
Other non-operating expenses				0
Income (loss) before income tax expenses			567,026	(2,101,961)		(80,817)
Income tax (expenses) benefits			(96,078)	50,943
Income (loss) before share of income (loss) in equity method investments, net of income taxes			470,948	(2,051,018)		(80,817)
Share of income (loss) in equity method investments, net of income taxes			(2,775)	113,329		(151)
Net income (loss)			468,173	(1,937,689)		(80,968)
Huya | Cost of revenues
Operating expenses
Share-based compensation			31,593	10,472		2,877
Huya | Research and development expenses
Operating expenses
Total operating expenses			(508,714)
Share-based compensation			86,296	30,643		9,174
Huya | Sales and marketing expenses
Operating expenses
Total operating expenses			(438,396)
Share-based compensation			5,919	1,832		791
Huya | General and administrative expenses
Operating expenses
Total operating expenses			(352,824)
Share-based compensation			157,936	183,748		27,266
Huya | Live streaming
Net revenues
Total net revenues			7,976,214	4,442,845		2,069,536
YY Live
Net revenues
Others			743,205	667,350		808,558
Total net revenues			12,233,530	11,102,172		9,409,976
Cost of revenues			(6,747,434)	(6,083,487)		(5,096,538)
Gross profit (loss)			5,486,096	5,018,685		4,313,438
Operating expenses
Research and development expenses				(926,900)		(611,726)
Sales and marketing expenses				(962,164)		(603,989)
General and administrative expenses				(595,515)		(442,646)
Goodwill impairment						(2,527)
Total operating expenses			(3,095,348)	(2,484,579)		(1,660,888)
Gain on disposal of subsidiaries and business			82,699			37,989
Other income			233,132	78,922		103,558
Operating income			2,706,579	2,613,028		2,794,097
Interest expense			(265,513)	(8,616)		(32,122)
Interest income and investment income			457,353	329,003		166,335
Foreign currency exchange (losses) gains, net			(4,569)	(565)		(2,176)
Gain on deemed disposal and disposal of investments				16,178		45,861
Gain on fair value changes of investment			2,679,312	1,487,405
Fair value loss on derivative liabilities			(16,011)	0
Other non-operating expenses				(2,000)
Income (loss) before income tax expenses			5,557,151	4,434,433		2,971,995
Income tax (expenses) benefits			(587,481)	(501,683)		(415,811)
Income (loss) before share of income (loss) in equity method investments, net of income taxes			4,969,670	3,932,750		2,556,184
Share of income (loss) in equity method investments, net of income taxes			41,315	120,636		33,175
Net income (loss)			5,010,985	4,053,386		2,589,359
YY Live | Cost of revenues
Operating expenses
Share-based compensation			21,411	63,867		39,882
YY Live | Research and development expenses
Operating expenses
Total operating expenses			(1,047,615)
Share-based compensation			119,104	194,530		113,174
YY Live | Sales and marketing expenses
Operating expenses
Total operating expenses			(1,242,523)
Share-based compensation			2,543	3,891		3,626
YY Live | General and administrative expenses
Operating expenses
Total operating expenses			(805,210)
Share-based compensation			158,081	159,042		60,871
YY Live | Live streaming
Net revenues
Total net revenues			11,490,325	10,434,822		¥ 8,601,418
Elimination
Net revenues
Others			(143)	(2,055)
Total net revenues			(143)	(2,055)
Cost of revenues			143	0
Gross profit (loss)				(2,055)
Operating expenses
Research and development expenses				0
Sales and marketing expenses				2,055
General and administrative expenses				0
Total operating expenses				2,055
Other income				0
Operating income				0
Interest expense			30,952	0
Interest income and investment income			(30,952)	0
Foreign currency exchange (losses) gains, net				0
Gain on deemed disposal and disposal of investments				0
Gain on fair value changes of investment				201,999
Fair value loss on derivative liabilities				0
Other non-operating expenses				0
Income (loss) before income tax expenses				201,999
Income tax (expenses) benefits				(26,967)
Income (loss) before share of income (loss) in equity method investments, net of income taxes				175,032
Share of income (loss) in equity method investments, net of income taxes				(175,032)
Net income (loss)				0
Elimination | Live streaming
Net revenues
Total net revenues				¥ 0
Bigo [Member]
Net revenues
Others			406,556
Total net revenues			4,968,316
Cost of revenues			(3,508,480)
Gross profit (loss)			1,459,836
Operating expenses
Total operating expenses			(3,369,419)
Other income			9,581
Operating income			(1,900,002)
Interest expense			(31,956)
Interest income and investment income			2,684
Foreign currency exchange (losses) gains, net			13,208
Income (loss) before income tax expenses			(1,916,066)
Income tax (expenses) benefits			136,937
Income (loss) before share of income (loss) in equity method investments, net of income taxes			(1,779,129)
Net income (loss)			(1,779,129)
Bigo [Member] | Cost of revenues
Operating expenses
Share-based compensation			28,250
Bigo [Member] | Research and development expenses
Operating expenses
Total operating expenses			(979,153)
Share-based compensation			300,297
Bigo [Member] | Sales and marketing expenses
Operating expenses
Total operating expenses			(2,058,805)
Share-based compensation			4,256
Bigo [Member] | General and administrative expenses
Operating expenses
Total operating expenses			(331,461)
Share-based compensation			32,462
Bigo [Member] | Live streaming
Net revenues
Total net revenues			¥ 4,561,760
[1]	Share-based compensation was allocated in cost of revenues and operating expenses as follows

Segment Reporting - Property an

Segment Reporting - Property and equipment for the companys geographic operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,673,792	¥ 25,576,204	¥ 15,763,557	¥ 11,594,792
PRC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		21,308,083	15,757,603	11,587,563
Property and equipment, net		1,498,423	1,295,171
Non-PRC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		4,268,121	5,954	¥ 7,229
Property and equipment, net		¥ 757,937	¥ 1,148