Sea Limited (SE) 20-F 22 Apr 22 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38237
Entity Registrant Name	Sea Limited
Entity Central Index Key	0001703399
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	1 Fusionopolis Place, #17-10
Entity Address, City or Town	Galaxis
Entity Address, Country	SG
Entity Address, Postal Zip Code	138522
Title of 12(b) Security	American Depositary Shares, each representing one Class A ordinary share
Trading Symbol	SE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1247
Auditor Name	Ernst & Young LLP
Auditor Location	Singapore
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Yanjun Wang, Esq.
Entity Address, Address Line One	1 Fusionopolis Place, #17-10
Entity Address, City or Town	Galaxis
Entity Address, Country	SG
Entity Address, Postal Zip Code	138522
City Area Code	65
Local Phone Number	6270-8100
Contact Personnel Email Address	secnotice@sea.com
Class A Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	409,762,257
Class B Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	147,975,703

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 9,247,762	$ 6,166,880
Restricted cash	1,551,635	859,192
Accounts receivable, net of allowance for credit losses of $7,978 and $5,772, as of December 31, 2020 and December 31, 2021 respectively	388,308	362,999
Prepaid expenses and other assets	1,401,863	1,054,229
Loans receivable, net of allowance for credit losses of $20,872 and $91,504, as of December 31, 2020 and December 31, 2021 respectively	1,500,954	285,937
Inventories, net	117,499	64,219
Short-term investments	911,281	126,099
Amounts due from related parties	16,095	19,449
Total current assets	15,135,397	8,939,004
Non-current assets
Property and equipment, net	1,029,963	386,401
Operating lease right-of-use assets, net	649,680	234,555
Intangible assets, net	52,517	39,773
Long-term investments	1,052,861	190,482
Prepaid expenses and other assets	124,521	204,804
Loans receivable, net of allowance for credit losses of $19,612 and $6,172, as of December 31, 2020 and December 31, 2021 respectively	28,964	117,149
Restricted cash	38,743	27,321
Deferred tax assets	103,755	99,904
Goodwill	539,624	216,278
Total non-current assets	3,620,628	1,516,667
Total assets	18,756,025	10,455,671
Current liabilities
Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $19,290 and $17,632 as of December 31, 2020 and 2021, respectively)	213,580	121,637
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $107,512 and $132,687 as of December 31, 2020 and 2021, respectively)	3,531,187	2,033,461
Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $11,014 and $18,591 as of December 31, 2020 and 2021, respectively)	244,574	161,379
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of $2,347 and $435 as of December 31, 2020 and 2021, respectively)	74,738	42,613
Bank borrowings (including bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2020 and 2021, respectively)	100,000	0
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $10,122 and $8,051 as of December 31, 2020 and 2021, respectively)	186,494	74,506
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $212,377 and $203,382 as of December 31, 2020 and 2021, respectively)	2,644,463	2,150,165
Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $566 and $537 as of December 31, 2020 and 2021, respectively)	181,400	52,306
Total current liabilities	7,176,436	4,636,067
Non-current liabilities
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $1,907 and $4,038 as of December 31, 2020 and 2021, respectively)	76,234	36,159
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $16,916 and $12,527 as of December 31, 2020 and 2021, respectively)	491,313	177,870
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $55,200 and $36,189 as of December 31, 2020 and 2021, respectively)	104,826	343,297
Convertible notes (including convertible notes of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2020 and 2021, respectively)	3,475,708	1,840,406
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2020 and 2021, respectively)	6,992	1,526
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of $107 and $107 as of December 31, 2020 and 2021, respectively)	107	107
Total non-current liabilities	4,155,180	2,399,365
Total liabilities	11,331,616	7,035,432
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	14,622,292	8,526,571
Accumulated other comprehensive income (loss)	(28,519)	4,681
Statutory reserves	6,144	2,363
Accumulated deficit	(7,201,498)	(5,150,958)
Total Sea Limited shareholders' equity	7,398,697	3,382,912
Non-controlling interests	25,712	37,327
Total shareholders' equity	7,424,409	3,420,239
Total liabilities and shareholders' equity	18,756,025	10,455,671
Class A Ordinary Shares [Member]
Shareholders' equity
Ordinary shares	204	179
Class B Ordinary Shares [Member]
Shareholders' equity
Ordinary shares	$ 74	$ 76

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Accounts receivable, allowance for credit losses	$ 5,772	$ 7,978
Loans receivable, allowance for credit losses	91,504	20,872
Non-current assets
Loans receivable, allowance for credit losses	6,172	19,612
Current liabilities
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	213,580	121,637
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	3,531,187	2,033,461
Advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	244,574	161,379
Amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	74,738	42,613
Bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	100,000	0
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	186,494	74,506
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	2,644,463	2,150,165
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	181,400	52,306
Non-current liabilities
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	76,234	36,159
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	491,313	177,870
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	104,826	343,297
Convertible notes of the Consolidated VIEs without recourse to the primary beneficiaries	3,475,708	1,840,406
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	6,992	1,526
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	107	107
VIEs [Member]
Current liabilities
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	104,186	91,186
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	203,382	212,377
Non-current liabilities
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	36,189	55,200
VIEs [Member] | Nonrecourse [Member]
Current liabilities
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	17,632	19,290
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	132,687	107,512
Advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	18,591	11,014
Amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	435	2,347
Bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	8,051	10,122
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	203,382	212,377
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	537	566
Non-current liabilities
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	4,038	1,907
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	12,527	16,916
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	36,189	55,200
Convertible notes of the Consolidated VIEs without recourse to the primary beneficiaries
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	$ 107	$ 107
Class A Ordinary Shares [Member]
Shareholders' equity
Ordinary shares, par value (in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, authorized (in shares)	14,800,000,000	14,800,000,000
Ordinary shares, Issued (in shares)	409,762,257	359,755,767
Ordinary shares, Outstanding (in shares)	409,762,257	359,755,767
Class B Ordinary Shares [Member]
Shareholders' equity
Ordinary shares, par value (in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, authorized (in shares)	200,000,000	200,000,000
Ordinary shares, Issued (in shares)	147,975,703	152,175,703
Ordinary shares, Outstanding (in shares)	147,975,703	152,175,703

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Revenue	$ 9,955,190	$ 4,375,664	$ 2,175,378
Cost of revenue
Cost of revenue	(6,059,455)	(3,026,759)	(1,570,458)
Gross profit	3,895,735	1,348,905	604,920
Operating income (expenses)
Other operating income	287,946	189,645	15,890
Sales and marketing expenses	(3,829,743)	(1,830,875)	(969,543)
General and administrative expenses	(1,105,295)	(657,215)	(385,865)
Research and development expenses	(831,703)	(353,785)	(156,634)
Total operating expenses	(5,478,795)	(2,652,230)	(1,496,152)
Operating loss	(1,583,060)	(1,303,325)	(891,232)
Interest income	36,082	24,804	33,935
Interest expense	(138,945)	(148,243)	(48,208)
Net investment gain (loss)	(43,502)	(17,820)	11,794
Changes in fair value of convertible notes	0	(87)	(472,877)
Foreign exchange (loss) gain	14,241	(38,567)	(2,031)
Loss before income tax and share of results of equity investees	(1,715,184)	(1,483,238)	(1,368,619)
Income tax expense	(332,865)	(141,640)	(85,864)
Share of results of equity investees	5,019	721	(3,239)
Net loss	(2,043,030)	(1,624,157)	(1,457,722)
Net (profit) loss attributable to non-controlling interests	(3,729)	6,101	(5,077)
Net loss attributable to Sea Limited's ordinary shareholders	$ (2,046,759)	$ (1,618,056)	$ (1,462,799)
Loss per share:
Basic (in dollars per share)	$ (3.84)	$ (3.39)	$ (3.35)
Diluted (in dollars per share)	$ (3.84)	$ (3.39)	$ (3.35)
Weighted average shares used in loss per share computation:
Basic (in shares)	532,705,796	477,264,888	436,601,801
Diluted (in shares)	532,705,796	477,264,888	436,601,801
Digital Entertainment [Member]
Revenue
Revenue	$ 4,320,013	$ 2,015,972	$ 1,136,017
Cost of revenue
Cost of revenue	(1,230,082)	(702,329)	(435,905)
E-Commerce and Other Services [Member]
Revenue
Revenue	4,564,617	1,777,330	822,659
Cost of revenue
Cost of revenue	(3,825,826)	(1,743,773)	(907,518)
Sales of Goods [Member]
Revenue
Revenue	1,070,560	582,362	216,702
Cost of revenue
Cost of revenue	$ (1,003,547)	$ (580,657)	$ (227,035)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ (2,043,030)	$ (1,624,157)	$ (1,457,722)
Foreign currency translation adjustments:
Translation gain (loss)	(32,972)	2,532	3,230
Net change	(32,972)	2,532	3,230
Available-for-sale investments:
Change in unrealized loss	(1,386)	(4,393)	(12,869)
Reclassification adjustment to net loss	236	0	0
Net change	(1,150)	(4,393)	(12,869)
Total other comprehensive loss, net of tax	(34,122)	(1,861)	(9,639)
Total comprehensive (income) loss attributable to non-controlling interests	(3,148)	7,146	(5,188)
Total comprehensive loss attributable to Sea Limited's ordinary shareholders	$ (2,080,300)	$ (1,618,872)	$ (1,472,549)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (2,043,030)	$ (1,624,157)	$ (1,457,722)
Adjustments to reconcile net loss to net cash generated from operating activities:
Allowance for credit losses	117,427	57,509	3,581
Amortization of discount on convertible notes	100,141	88,198	33,334
Amortization of intangible assets	18,350	11,694	4,849
Changes in fair value of convertible notes	0	87	472,877
Deferred income tax	(975)	(27,451)	(4,333)
Depreciation of property and equipment	260,682	169,067	116,783
Gain on disposal of subsidiaries	(1,598)	(62,115)	0
Gain on re-measurement of equity interests	0	(3,003)	(4,500)
Impairment loss on intangible assets	0	5,713	0
Impairment loss on inventories	6,203	4,714	2,184
Impairment loss on investments	0	61,238	1,155
Net (gain) loss on disposal of investments	12,212	(84)	(129)
Net foreign exchange differences	(45,214)	11,298	(292)
Net loss on debt extinguishment	2,069	24,400	0
Net unrealized loss on equity securities	30,449	24,150	0
Share-based compensation	470,324	290,246	117,069
Share of results of equity investees	(5,019)	(721)	3,239
Others	10,408	(1,080)	(293)
Operating cash flows before changes in working capital	(1,067,571)	(970,297)	(712,198)
Inventories	(62,735)	(38,528)	11,762
Accounts receivable	(37,066)	(174,767)	(86,546)
Prepaid expenses and other assets	(395,803)	(527,139)	(214,926)
Amounts due from related parties	2,185	(10,897)	538
Operating lease right-of-use assets	(418,846)	(45,203)	(62,140)
Accounts payable	99,639	50,860	31,381
Accrued expenses and other payables	1,106,376	943,586	354,151
Advances from customers	93,572	92,851	34,263
Operating lease liabilities	429,366	46,352	70,901
Deferred revenue	314,048	1,162,399	637,214
Income tax payable	105,927	25,505	17,207
Amount due to related parties	39,557	1,146	(11,742)
Net cash generated from operating activities	208,649	555,868	69,865
Cash flows from investing activities
Purchase of property and equipment	(772,177)	(336,274)	(239,844)
Purchase of intangible assets and capitalized software costs	(34,999)	(20,780)	(7,254)
Purchase of investments	(2,505,358)	(219,548)	(118,462)
Proceeds from disposal of property and equipment	620	1,732	1,236
Proceeds from sale and maturity of investments	798,178	19,541	640
Distributions from investments	1,632	1,294	465
Acquisition of businesses, net of cash acquired	(22,763)	(92,190)	0
Disposal of subsidiaries, net of cash disposed	(11,775)	15,008	0
Change in loans receivable	(1,220,631)	(255,695)	0
Net cash used in investing activities	(3,767,273)	(886,912)	(363,219)
Cash flows from financing activities
Repayment of borrowings and finance lease obligations	(1,247)	(31,833)	(2,871)
Proceeds from borrowings	115,282	1,224	868
Proceeds from issuance of convertible notes, net	2,846,250	1,141,362	1,138,500
Transaction with non-controlling interests	0	(20,736)	0
Purchase of capped call	0	(135,700)	(97,060)
Contribution by non-controlling interest	339	4,631	1,356
Payments for exchange and conversion of convertible notes	(1,935)	(50,009)	0
Proceeds from issuance of ordinary shares, net	4,050,055	2,970,248	1,538,802
Change in deposits payable	392,845	(146,055)	0
Net cash generated from financing activities	7,401,589	3,733,132	2,579,595
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(58,218)	80,727	25,025
Net increase in cash, cash equivalents and restricted cash	3,784,747	3,482,815	2,311,266
Cash, cash equivalents and restricted cash at beginning of the year	7,053,393	3,570,578	1,259,312
Cash, cash equivalents and restricted cash at end of the year	10,838,140	7,053,393	3,570,578
Supplement disclosures of cash flow information:
Income taxes paid	(207,381)	(144,874)	(74,349)
Interest paid	(44,981)	(42,003)	(13,501)
Supplement disclosures of non-cash activities:
Purchase of property and equipment included in accrued expenses and other payables	38,742	1,834	(9,804)
Purchase of property and equipment included in prepayments	58,249	(83,782)	3,851
Purchase of property and equipment by exercise of exchangeable loan	(20,722)	0	0
Purchase of intangible assets included in accrued expenses and other payables	183	484	(422)
Purchase of intangible assets included in prepayments	(3,875)	(6,638)	51
Conversion and exchange of convertible notes into ordinary shares	(826,124)	(464,930)	(1,080,112)
Acquisition of subsidiaries by conversion of convertible notes or issuance of shares	270,733	72,000	0
Proceeds from disposal of a subsidiary included in prepaid expenses and other assets	0	12,870	0
Transfers of loans receivable to prepaid expenses and other assets	$ 186	$ 8,830	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Statutory Reserves [Member]	Accumulated Deficit [Member]	Total Sea Limited Shareholders' Equity (Deficit) [Member]	Non-controlling Interests [Member]	Total
Beginning balance at Dec. 31, 2018	$ 170	$ 1,809,232	$ 15,199	$ 46	$ (2,067,786)	$ (243,139)	$ 3,684	$ (239,455)
Beginning balance (in shares) at Dec. 31, 2018	342,598,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss for the year	$ 0	0	0	0	(1,462,799)	(1,462,799)	5,077	(1,457,722)
Other comprehensive (loss) income	0	0	(9,750)	0	0	(9,750)	111	(9,639)
Equity component of convertible notes	0	240,582	0	0	0	240,582	0	240,582
Purchase of capped calls related to issuance of convertible notes	0	(97,060)	0	0	0	(97,060)	0	(97,060)
Issuance of Class A ordinary shares, net of issuance costs	$ 35	1,517,923	0	0	0	1,517,958	0	1,517,958
Issuance of Class A ordinary shares, net of issuance costs (in shares)	69,000,000
Conversion of convertible notes into Class A ordinary shares	$ 23	1,080,089	0	0	0	1,080,112	0	1,080,112
Conversion of convertible notes into Class A ordinary shares (in shares)	45,645,884
Capital contributed by non-controlling interest	$ 0	0	0	0	0	0	1,356	1,356
Shares issued to depositary bank	$ 0	0	0	0	0	0	0	0
Shares issued to depositary bank (in shares)	6,000,000
Exercise of share options	$ 2	20,843	0	0	0	20,845	0	20,845
Exercise of share options (in shares)	3,736,976
Restricted share awards and restricted share units issued	$ 0	0	0	0	0	0	0	0
Restricted share awards and restricted share units issued (in shares)	1,983,639
Share-based compensation	$ 0	115,675	0	0	0	115,675	0	115,675
Settlement of share incentives with shares held by depositary bank	$ 0	0	0	0	0	0	0	0
Settlement of share incentives with shares held by depositary bank (in shares)	(5,720,615)
Ending balance at Dec. 31, 2019	$ 230	4,687,284	5,449	46	(3,530,585)	1,162,424	10,228	1,172,652
Ending balance (in shares) at Dec. 31, 2019	463,244,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss for the year	$ 0	0	0	0	(1,618,056)	(1,618,056)	(6,101)	(1,624,157)
Other comprehensive (loss) income	0	0	(816)	0	0	(816)	(1,045)	(1,861)
Acquisition of subsidiaries	0	0	0	0	0	0	39,594	39,594
Appropriation of statutory reserves	0	0	0	2,317	(2,317)	0	0	0
Equity component of convertible notes	0	284,727	0	0	0	284,727	0	284,727
Purchase of capped calls related to issuance of convertible notes	0	(135,700)	0	0	0	(135,700)	0	(135,700)
Issuance of Class A ordinary shares, net of issuance costs	$ 8	2,908,291	0	0	0	2,908,299	0	2,908,299
Issuance of Class A ordinary shares, net of issuance costs (in shares)	15,180,000
Conversion of convertible notes into Class A ordinary shares	$ 14	464,916	0	0	0	464,930	0	464,930
Conversion of convertible notes into Class A ordinary shares (in shares)	27,406,818
Capital contributed by non-controlling interest	$ 0	0	0	0	0	0	4,631	4,631
Transactions with non-controlling interests	0	(20,294)	48	0	0	(20,246)	(490)	(20,736)
Disposal of interest in a subsidiary	0	0	0	0	0	0	(11,971)	(11,971)
Shares issued to depositary bank	$ 0	0	0	0	0	0	0	0
Shares issued to depositary bank (in shares)	6,000,000
Exercise of share options	$ 1	61,948	0	0	0	61,949	0	61,949
Exercise of share options (in shares)	2,861,169
Restricted share awards and restricted share units issued	$ 2	(2)	0	0	0	0	0	0
Restricted share awards and restricted share units issued (in shares)	3,247,992
Share-based compensation	$ 0	275,401	0	0	0	275,401	2,481	277,882
Settlement of share incentives with shares held by depositary bank	$ 0	0	0	0	0	0	0	0
Settlement of share incentives with shares held by depositary bank (in shares)	(6,009,161)
Ending balance at Dec. 31, 2020	$ 255	8,526,571	4,681	2,363	(5,150,958)	3,382,912	37,327	3,420,239
Ending balance (in shares) at Dec. 31, 2020	511,931,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss for the year	$ 0	0	0	0	(2,046,759)	(2,046,759)	3,729	(2,043,030)
Other comprehensive (loss) income	0	0	(33,541)	0	0	(33,541)	(581)	(34,122)
Acquisition of subsidiaries	$ 1	270,732	0	0	0	270,733	0	270,733
Acquisition of subsidiaries (in shares)	1,051,731
Appropriation of statutory reserves	$ 0	0	0	3,781	(3,781)	0	0	0
Equity component of convertible notes	0	486,758	0	0	0	486,758	0	486,758
Issuance of Class A ordinary shares, net of issuance costs	$ 6	3,972,410	0	0	0	3,972,416	0	3,972,416
Issuance of Class A ordinary shares, net of issuance costs (in shares)	12,650,000
Conversion of convertible notes into Class A ordinary shares	$ 10	826,114	0	0	0	826,124	0	826,124
Conversion of convertible notes into Class A ordinary shares (in shares)	20,039,849
Capital contributed by non-controlling interest	$ 0	0	0	0	0	0	339	339
Transactions with non-controlling interests	0	6,761	341	0	0	7,102	(15,102)	(8,000)
Shares issued to depositary bank	$ 0	0	0	0	0	0	0	0
Shares issued to depositary bank (in shares)	12,000,000
Exercise of share options	$ 4	77,635	0	0	0	77,639	0	77,639
Exercise of share options (in shares)	8,027,170
Restricted share awards and restricted share units issued	$ 2	(2)	0	0	0	0	0	0
Restricted share awards and restricted share units issued (in shares)	4,125,722
Share-based compensation	$ 0	455,313	0	0	0	455,313	0	455,313
Settlement of share incentives with shares held by depositary bank	$ 0	0	0	0	0	0	0	0
Settlement of share incentives with shares held by depositary bank (in shares)	(12,087,982)
Ending balance at Dec. 31, 2021	$ 278	$ 14,622,292	$ (28,519)	$ 6,144	$ (7,201,498)	$ 7,398,697	$ 25,712	$ 7,424,409
Ending balance (in shares) at Dec. 31, 2021	557,737,960

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2021
ORGANIZATION [Abstract]
ORGANIZATION	1. ORGANIZATION Sea Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on May 8, 2009 and conducts its business primarily through its subsidiaries and variable interest entities (“VIEs”) in markets including Southeast Asia, Taiwan and Latin America. The Company is principally engaged in the digital entertainment, e-commerce and digital financial service businesses. (a) As of December 31, 2021, significant subsidiaries of the Company include the following entities: Entity Date of Incorporation/ Acquisition Place of incorporation Percentage of direct ownership by the Company Principal activities 2020 2021 Garena Online Private Limited ( “ ” May 8, 2009 Singapore 100 100 Game operations and software development Shopee Limited January 16, 2015 Cayman Islands 100 100 Investment holding company Shopee Singapore Private Limited February 5, 2015 Singapore 100 100 Online platform PT Shopee International Indonesia August 5, 2015 Indonesia 100 100 Online platform (b) VIE structure The Company operates in various markets that have certain restrictions on foreign ownership of local companies. To comply with these foreign ownership restrictions, the Company conducts certain businesses through VIEs using contractual agreements (the “VIE Agreements”). The following is a summary of the key terms of the VIE Agreements that were signed amongst the primary beneficiary and the respective shareholders of the VIEs (collectively the “VIE Shareholders”): Loan Agreements In order to ensure that the VIE Shareholders are able to provide capital to each of these VIEs in order to develop its business, the primary beneficiary has entered into loan agreements with each VIE Shareholder. Pursuant to the loan agreements, the primary beneficiary has granted loans to the VIE Shareholders that may only be used for the purpose of acquiring equity interests in or contributing to the registered capital of these VIEs. The loans may be repaid only by transferring all of the VIE Shareholders’ equity interests in the VIE to the primary beneficiary or their respective designee upon exercise of the option under the exclusive option agreement. The loan agreements also prohibit the VIE Shareholders from assigning or transferring to any third party, or from creating or causing any security interest to be created on, any part of their equity interests in these entities. In the event that the respective VIE Shareholders sell their equity interests to the primary beneficiary or their respective designee at a price which is equal to or lower than the principal amount of the loan, the loan will be interest-free. If the price is higher than the principal amount of the loans, the excess amount will be deemed to be interest on the loans payable by the VIE Shareholders to the primary beneficiary. Exclusive Option Agreements In order to ensure that the Company is able to acquire all of the equity interests in the VIEs at its discretion, the primary beneficiary has entered into exclusive option agreements with the respective VIE Shareholders. Each option is exercisable by the primary beneficiary at any time, provided that doing so is not prohibited by law. The exercise price under each option is the minimum amount required by law and any proceeds obtained by the respective VIE Shareholders through the transfer of their equity interests in these VIEs shall be used for the repayment of the loan provided in accordance with the loan agreements. During the terms of the exclusive option agreements, the VIE Shareholders will not grant a similar right or transfer any of the equity interests in these VIEs to any party other than the primary beneficiary or their respective designee, nor will it pledge, create or permit any security interest or similar encumbrance to be created on any of the equity interests. The VIEs cannot declare any profit distributions or grant loans in any form without the prior consent of the primary beneficiary. The VIE Shareholders must remit in full any funds received from the VIEs to the primary beneficiary or their respective designee in the event any distributions are made by the VIEs. The exclusive option agreements will remain in effect until the respective VIE Shareholder has transferred such shareholder’s equity interests in the VIEs to the primary beneficiary or their respective designee. Powers of Attorney In order to ensure that the Company is able to make all of the decisions concerning the VIEs, the primary beneficiary has entered into powers of attorney with the shareholders of these VIEs. Pursuant to the powers of attorney, each VIE Shareholder has irrevocably appointed the primary beneficiary as their attorney-in-fact to act for all matters pertaining to such shareholding in these VIEs and to exercise all of their rights as shareholders, including but not limited to attending shareholders’ meetings and designating and appointing directors, supervisors, the chief executive officer and other senior management members of these entities, and selling, transferring, pledging or disposing the shares of these entities. The primary beneficiary may authorize or assign its rights to any other person or entity at its sole discretion without prior notice to or prior consent from the VIE Shareholders of these VIEs. Each power of attorney remains in effect until the VIE Shareholder ceases to hold any equity interest in the respective VIE. Equity Interest Pledge Agreements In order to secure the performance of the VIEs and the VIE Shareholders under the contractual arrangements, each of the VIE Shareholders of the VIEs has pledged all of their shares to the primary beneficiary. These pledges secure the contractual obligations and indebtedness of the VIE Shareholders, including all penalties, damages and expenses incurred by the primary beneficiary in connection with the contractual arrangements, and all other payments due and payable to the p by the respective VIEs under the exclusive business cooperation agreements and by the VIE Shareholders under the loan agreements, exclusive option agreements, and powers of attorney. Should the VIEs or their respective VIE Shareholders breach or default under any of the contractual arrangements, the primary beneficiary has the right to require the transfer of the respective VIE Shareholders’ pledged equity interests in the VIEs to the primary beneficiary or their respective designee, to the extent permitted by laws, or require a sale of the pledged equity interests and has priority in any proceeds from the auction or sale of such pledged interests. Moreover, the primary beneficiary has the right to collect any and all dividends in respect of the pledged equity interests during the term of the pledge. Unless the respective VIEs have fully performed all of their obligations in accordance with the exclusive business cooperation agreements and the pledged equity interests have been fully transferred to the primary beneficiary or their respective designee in accordance with the exclusive option agreements and the loan agreements, the equity interest pledge agreements will continue to remain in effect. Spousal Consent Letters Under the spousal consent letters, each spouse of the married VIE Shareholders of the VIEs unconditionally and irrevocably agreed that the equity interest in the respective VIE held by and registered in the name of their spouse will be disposed of pursuant to the contractual arrangements. Each spouse agreed not to assert any rights over the equity interest in these VIEs held by their spouse. In addition, in the event that the spouses obtain any equity interest in these VIEs held by their spouse for any reason, they agreed to be bound by the contractual arrangements. Exclusive Business Cooperation Agreements In order to ensure that the Company receives the economic benefits of the VIEs, has entered into exclusive business cooperation agreements with these VIEs under which has the exclusive right to provide or to designate any third party to provide, among other things, technical support, consulting services, intellectual property licenses and other services to these VIEs, and these VIEs agree to accept all services provided by or their respective designee. Without ’s prior written consent, the VIEs are prohibited from directly or indirectly engaging any third party to provide the same or any similar services under these agreements or establishing similar cooperative relationships with any third party regarding the matters contemplated by these agreements. In addition, shall have exclusive and proprietary ownership, rights and interests in any and all intellectual properties arising out of or created during the performance of the exclusive business cooperation agreements. The VIEs agree to pay a monthly fee to at an amount determined at ’s sole discretion after taking into account factors including the complexity and difficulty of the services provided, the level of and time consumed by its employees or third-party service providers designated by providing the services, the content and value of services and licenses provided and the market price of the similar type of services or licenses. The exclusive business cooperation agreements will remain effective unless terminated in accordance with their provisions or terminated in writing by . Unless otherwise required by applicable laws, these VIEs do not have any right to terminate the exclusive business cooperation agreements in any event. Financial Support Confirmation Letters In order to ensure that the VIEs have sufficient cash flow to fund their daily operations and/or to set off any losses incurred in such operations, the primary beneficiary the primary beneficiary the primary beneficiary the primary beneficiary Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the primary beneficiary and their respective VIEs, through the irrevocable power of attorney agreements, whereby the VIE Shareholders effectively assigned all of the voting rights underlying their equity interest in the respective VIEs to the primary beneficiary. Furthermore, pursuant to the loan agreements, exclusive option agreements and equity interest pledge agreements, the primary beneficiary obtained effective control over the respective VIEs, through the ability to exercise all the rights of the VIE Shareholders and therefore the power to govern the activities that most significantly impact the economic performance of the VIEs. The primary beneficiary demonstrates its ability and intention to continue to absorb substantially all the expected losses through the financial support confirmation letters. The primary beneficiary also demonstrates its ability to receive substantially all of the economic benefits of the VIEs through the exclusive business cooperation agreements. Thus, the Company consolidates these VIEs and their subsidiaries under SEC Regulation SX-3A-02 and ASC 810-10, Consolidation: Overall. In the opinion of the Company’s management and external legal counsels, the ownership structure of our VIEs are generally in compliance with the local laws or regulations that are currently in effect, and each of the agreements among the primary beneficiary, the VIEs and/or the VIE Shareholders is valid, binding and enforceable, and do not and will not result in any violation of such laws or regulations that are currently in effect. However, there are substantial uncertainties regarding the interpretation and application of current and future local laws and regulations. Accordingly, the Company cannot be assured that the local regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and its contractual arrangements with the VIEs are found to be in violation of any existing or future local laws and regulations, the Company may be required to restructure its ownership structure and operations in certain countries to comply with the changing and new local laws and regulations. To the extent that changes and new local laws and regulations prohibit the Company’s VIE arrangements from complying with the principles of consolidation, the Company would have to deconsolidate the financial position and results of operations of its VIEs. In the opinion of management, the likelihood of loss in respect of the Company’s current ownership structure or the contractual arrangements with the VIEs is remote based on current facts and circumstances. (c) VIE disclosures There were no pledges or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the primary beneficiaries of the VIEs, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The following tables represent the financial information of the VIEs whom the Company does not have majority voting interest as of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group: As of December 31, 2020 2021 $ $ ASSETS: Current assets: Cash and cash equivalents 94,502 141,985 Amounts due from intercompanies (1) 44,928 159,349 Others 79,484 69,746 Total current assets 218,914 371,080 Non-current assets: Property and equipment, net 35,453 40,246 Long-term investments 16,080 14,141 Deferred tax assets 47,948 43,961 Others 37,662 23,611 Total non-current assets 137,143 121,959 Total assets 356,057 493,039 LIABILITIES: Current liabilities: Accrued expenses and other payables 91,186 104,186 Deferred revenue 212,377 203,382 Amounts due to intercompanies (1) 70,019 157,251 Others 31,104 20,076 Total current liabilities 404,686 484,895 Non-current liabilities: Deferred revenue 55,200 36,189 Amounts due to intercompanies (1) 15,710 27,596 Others 18,418 7,910 Total non-current liabilities 89,328 71,695 Total liabilities 494,014 556,590 (1) Amounts due from or to intercompanies consist of intercompany receivables or payables to the other companies within the group arising from intercompany transactions, and funds advanced for working capital purpose. Year ended December 31, 2019 2020 2021 $ $ $ Revenue - Third party customers 443,401 562,347 690,383 - Intercompanies 118,833 145,848 195,639 Net (loss) profit (2,108 ) (30,435 ) 22,390 Year ended December 31, 2019 2020 2021 $ $ $ Net cash (used in) generated from operating activities (77,708 ) 134,060 61,875 Net cash used in investing activities (69,181 ) (27,399 ) (14,847 ) Net cash generated from (used in) financing activities 199,406 (13,023 ) 15,030

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company or a subsidiary of the Company is the primary beneficiary. All significant intercompany transactions and balances between the Company, its subsidiaries and the VIEs are eliminated upon consolidation. (c) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, revenue recognition, estimating the useful lives and impairment assessment of long-lived assets and goodwill, accounting for and impairment assessment of investments, impairment assessment of accounts receivable and loans receivable, accounting for deferred income taxes, accounting for share-based compensation arrangements and accounting for the Company’s financial instruments where the Company is the issuer. Changes in facts and circumstances may result in revised estimates. Given the global economic climate and unforeseen effects from COVID-19 pandemic, the process of estimation has become more challenging. (d) Foreign currency The functional currency of the Company is the United States dollar (“$” or “USD”), whereas the functional currency of the Company’s subsidiaries and its VIEs are the respective local currencies as determined based on the criteria of ASC 830, Foreign Currency Matters Assets and liabilities of the Company’s subsidiaries and its VIEs that has functional currencies other than USD are translated into USD at fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded in other comprehensive income, a component of shareholders’ equity. Exchange differences arising on monetary items that form part of the Company’s net investment in foreign operations are recognized initially in other comprehensive income and accumulated under accumulated other comprehensive income (loss) in equity. The other comprehensive gain or loss arising from exchange differences is reclassified from equity to profit or loss of the Company on disposal of the foreign operation. (e) Cash and cash equivalents The Company considers cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposits and funds placed with banks and other financial institutions which are unrestricted as to withdrawal and use. (f) Restricted cash Restricted cash mainly comprise monies received held in escrow in connection with the Company’s e-commerce business and advances received from customers in connection with the Company’s digital financial services business that are restricted and not available for the Company’s use. (g) Accounts receivable, loans receivable and allowance for credit losses Accounts receivable and loans receivable are carried at net realizable value. Loans principal and interest receivables are placed on non-accrual status when payments are 90 days past due contractually. When a loan principal and interest receivable is placed on non-accrual status, interest accrual ceases. If the loan is non-accrual, the cost recovery method is used and cash collected is applied to first reduce the carrying value of the loan. Otherwise, interest income may be recognized to the extent cash is received. Loans principal and interest receivables may be returned to accrual status when all of the borrower’s delinquent balances of loans principal and interest have been settled and the borrower continue to perform in accordance with the loan terms. The Company has established a provision matrix that based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivable and economic environment. It reflects the probability-weighted outcome, time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The allowances for credit losses are calculated on an aggregate basis for various customer segments that are considered to have similar credit characteristics and risk of loss. The above-mentioned provision matrix has also been used to determine allowances for credit losses for off-balance sheet loan commitments. An account receivable and loan receivable is written off in the period the receivable is deemed uncollectible. The Company has also elected the practical expedients, which amongst other things, allowed the use of fair value of collateral at the reporting date when recording the net carrying amount of the receivables and determining the allowance for credit losses for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date (collateral-dependent financial asset). (h) Inventories Inventories which comprise mainly of merchandise products sold through the Company’s e-commerce business platform are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted at purchase cost on first-in-first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. (i) Property and equipment Property and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: - Computers 3 to 5 years - Office equipment, furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Transportation assets 4 to 10 years - Warehouse equipment 3 to years - Land use right 15 to 30 years - Building 15 to 20 years Freehold land has unlimited useful life and therefore is not depreciated. The useful lives and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Property and equipment that are purchased or constructed which require a period of time before the property and equipment are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these property and equipment are ready for their intended use. (j) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company's acquisitions of interests in its subsidiary and consolidated VIEs. During the measurement period, which does not exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Upon conclusion of the measurement period, any adjustments are recorded in the consolidated statements of operations. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In testing goodwill for impairment, the Company evaluates whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. No impairment of goodwill was recorded in the years ended December 31, 2020 and 2021. (k) Intangible assets Intangible assets acquired through business combinations are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets arising from business combinations are measured at fair value upon acquisition. Other intangible assets are carried at cost less accumulated amortization and any recorded impairment. Costs incurred in connection with the planning and implementation phases of the development of software for internal use are expensed. Costs incurred in the development phase are capitalized. Capitalization ceases and the costs are amortized over the software’s estimated useful life when the software is ready for its intended use. Costs incurred internally in researching and developing a software product are charged to expense as research and development costs prior to technological feasibility being established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for general release to customers. Technological feasibility is established upon completion of all the activities that are necessary to substantiate that the software product can be produced in accordance with its design specifications, including functions, features, and technical performance requirements. None of such costs were capitalized for any of the periods presented. Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: - Licensing fee Over the shorter of licensing period or the estimated useful lives of the intangible assets - IP right 1 to 6 years - Trademarks 7 to 10 years - Technology 6 years - Software 3 to 6 years - Customer relationships 3 to 8 years The useful lives and methods of amortization of intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate. (l) Investments The Company’s investments consist of available-for-sale investments, held-to-maturity investments, equity security investments, investments carried at fair value and equity method investments. In accordance with ASC 320, Investments - Debt Securities Credit losses related to available-for-sale investments to be recorded through an allowance for credit losses. The Company compares the present value of cash flows expected to be collected from the investment with the amortized cost basis of the security to determine if a credit loss exists. If the present value of cash flows expected to be collected is less than the amortized cost basis of the investment, a credit loss exists and an allowance for credit losses are recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. An available-for-sale investment is written off in the period the investment is deemed uncollectible. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases. An impairment loss of $1,087, $51,000 and nil In accordance with ASC 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities In accordance with ASC 321, Investments Equity Securities Fair Value Measurements nil nil Investments in equity investees represent investments in (a) entities in which the Company can exercise significant influence but does not own a majority equity interest or control and (b) limited partnership in which the Company holds a five percent or greater interest. Such investments are accounted for using the equity method of accounting in accordance with ASC 323-10, Investments Equity Method and Joint Ventures: Overall nil The Company discontinues applying equity method if an investment (and additional financial supports to the investee, if any) has been reduced to zero. When the Company has other investments in the investee that have liquidation preferences more senior than the ordinary shares and the equity-method investment in the ordinary shares is reduced to zero, the Company continues to report its share of equity losses in the consolidated statement of operations, to the extent of and as an adjustment to the adjusted basis of the other investments in the investee. The order in which the equity losses are applied to the other investments follows the seniority of the other investments in the same investee. (m) Impairment of long-lived assets The Company evaluates its long-lived assets or asset groups, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a company of long-lived assets may not be recoverable. When these events occur, the Company evaluates for impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the forecasted undiscounted cash flows is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available for the long-lived assets. (n) Fair value of financial instruments Available-for-sale investments are initially recognized at acquisition cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in accumulated other comprehensive income (loss). Marketable equity securities, investments carried at fair value, certain other assets and share appreciation rights are measured at fair value with corresponding changes in the assets and liabilities’ fair values reflected in consolidated statements of operations. Convertible notes consist of 2023 Convertible Notes, 2024 Convertible Notes, 2025 Convertible Notes and 2026 Convertible Notes (collectively referred to as “Convertible Notes”) as defined in Note 14 of the consolidated financial statements. For the Convertible Notes, the liability component of the convertible notes was initially measured at fair value and subsequently amortized to its redemption amount using the effective interest rate method. (o) Revenue recognition Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to for those goods or services. Revenue is measured based on the amount of consideration that the Company expects to receive reduced by discounts, incentives and rebates. Revenue also excludes any amounts collected on behalf of third parties, including sales taxes and indirect taxes. The Company evaluates revenue from services and sales of goods to determine if it controls such services and goods to be the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). The key indicators that the Company evaluates in determining gross versus net treatment include, but are not limited to, (i) which party is primarily responsible for fulfilling the promise to provide the specified good or service; (ii) which party bears inventory risks before the specified good or service has been transferred to a customer; and (iii) which party has discretion in establishing the price for the specified good or service. (i) Digital entertainment revenue The Company distributes online games, including self-developed games and licensed games from game developers, through its PC and mobile based applications and certain app stores. The Company offers many ways for users to purchase virtual goods (consisting of virtual currencies and virtual items), including the ShopeePay and Shopee platform, other online payment gateways, bank transfers, credit cards, mobile phone billing and prepaid cards, including its own prepaid cards, which are sold through agents. As the Company controls the service of providing games to the users, and it has a direct contractual arrangement with the paying users and has the right to determine the price to be paid by such users, the gross proceeds collected from these channels represent revenue to be recognized by the Company and the amounts retained by these channels based on a predetermined percentage represent cost of revenue to be recognized by the Compan y. Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual goods within the games operated by the Company and such purchases are no longer refundable. Deferred revenue recognized as revenue during the respective years ended December 31, 2020 and December 31, 2021 was $998,956 and $2,296,486. For the licensed games, the Company records revenue inclusive of the royalties payable to game developers, which are based on revenue-sharing ratios, as it controls the service of providing the games to the users, and is primarily responsible to the customers and has latitude in establishing the pricing of the virtual goods. Revenue is recognized over the performance obligation period. For purposes of determining the performance obligation period, the Company has determined that an implied obligation exists to the paying users to continue providing hosting services and access to the purchased virtual goods within the online games over an estimated service period. Such service period is determined in accordance with the estimated average lifespan of the virtual items sold or the estimated average lifespan of the paying users of the said games or similar games. (a) Item-based revenue model Virtual items have different lifespan patterns: time-based, consumable and durable. Time-based virtual items are items with a stated expiration time, for which revenue is recognized ratably over the period based on the time unit of the virtual items. Consumable virtual items are items that can be consumed by a specific user action, and have limitations on repeated use. Revenue attributable to consumable virtual items is recognized upon consumption. Durable virtual items are items that provide the user with continuing benefits over an extended period of time. Revenue attributable to durable virtual items is recognized ratably over their average lifespan, which are estimated based on the users’ historical usage pattern and playing behaviors for the virtual items. The Company assesses the estimated average lifespan of the durable virtual items on a quarterly basis. (b) User-based revenue model The Company tracks paying users’ activeness within each game where the user-based revenue model is used to estimate paying users’ average lifespan. Paying users are defined as inactive when they have reached a period of inactivity for which it is reasonable to believe that these users will not return to a specific game. The Company determines the inactive rate of these paying users and revises the estimated paying users’ average lifespan on a quarterly basis. The Company believes the current revenue recognition provides reasonable depiction of the service transferred patterns to the customers and represents the best estimation of the time period the customers are likely to play the respective games. Determining the estimated service period is subjective and requires management's judgment. Future users’ usage patterns and playing behavior may change and differ from the historical usage patterns and playing behavior, and therefore the estimated service period may change accordingly in the future. (ii) E-commerce The Company’s e-commerce business (“Shopee”) charges its sellers on its marketplace a fixed rate commission fee based on gross merchandise value in selected markets. Fees are charged when the transactions are completed and settled. Such commission fees charged are recognized on a net basis. The Company also provides logistic services to end customers. Revenue from logistic services are recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Shopee operates a customer loyalty program, where end users who purchase merchandises and participate in activities through Shopee’s platform are given Shopee coins which entitle them to offset future purchases, participate in activities and redeem vouchers through Shopee’s platform. A portion of the revenue attributable to Shopee coins is deferred until they are redeemed, used or expired. The Company charges its sellers advertising fees through its paid ads service on Shopee platform. The paid ads service allows the sellers to bid for keywords that match their product or service listing appearing in search or browser results on Shopee marketplace. Their product or service listing will show higher in search rankings when users search for their bid keywords. Sellers prepay for paid ads services and the advertising income is recognized based on the number of clicks on the product or service listings during the service period. (iii) Digital financial services The Company earns interest and fees from loans granted to customers. Interest and fees earned are recognized over the period of the loan based on the effective interest method. The Company also earns commission from merchants when transactions are completed and settled through its digital financial services platform. Such commission are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commission is recognized in the consolidated statements of operations at the time when the underlying transaction is completed. (iv) Rendering of services The Company also recognizes revenue from other services when the services are rendered. (v) Sales of goods The Company recognizes revenue from sales of goods at the point in time that the customer obtains control of the goods, which generally occurs upon delivery to the customer. (p) Cost of revenue Cost of revenue consists primarily of purchase price of inventories, depreciation expenses, amortization expenses, channel costs, royalty expenses, hosting charges, payroll related costs, bank transaction fees, cost of logistics and the other overhead expenses. (q) Advertising expenditure Advertising expenditures are expensed as incurred and are included in sales and marketing expenses. As part of the advertising expenditure, sales incentives given to end users as a result of a concurrent sale are recognized as reductions of the corresponding consideration that the Company expects to receive. To the extent the sales incentives exceed the corresponding consideration that the Company expects to receive, the excess will be recorded in sales and marketing expenses. (r) Research and development expenses Research and development expenses consist primarily of payroll and related personnel costs related to product development. Research and development expenses are expensed as incurred, except for qualifying costs relating to the development of software for internal use as described in Note 2(k). (s) Leases Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date. Finance lease assets are included in property and equipment, net, and finance lease liabilities are included in accrued expenses and other payables, current and non-current. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, reduced by lease incentives and accrued rent. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components. The Company has elected to account for lease and non-lease components as a single lease component for data center leases only. In addition, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain rent holidays and escalating rent are considered when determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives. (t) Income taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies ASC 740, Accounting for Income Taxes The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax” in the consolidated statements of operations. (u) Share-based compensation All share-based compensation, including share options, restricted share awards, restricted share units and share appreciation rights under share incentive plan are accounted for under ASC 718, Compensation - Stock Compensation Forfeitures are accounted for as they occur. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of the share options using the Black-Scholes pricing model (Note 15). (v) Loss per share In accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the convertible notes using the if-converted method and outstanding share based awards, using the treasury stock method, when the impact is dilutive. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. (w) Segment reporting The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Company has three operating and reportable segments: digital entertainment, e-commerce and digital financial services. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting (x) Employee benefits (i) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of the jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (ii) Employee leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period. (y) Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity's Own Equity Accounting For Convertible Instruments and Contracts in an Entity's Own Equity The Company will adopt ASU 2020-06 on January 1, 2022 using the modified retrospective method. Upon the adoption, it is expected to reduce the additional paid-in capital and accumulated deficit, and increases the Convertible Notes balances. The adoption of the ASU 2020-06 will also result in the reduction of interest expense in the subsequent years until the Convertible Notes have been settled.

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	12 Months Ended
	Dec. 31, 2021
CONCENTRATION OF RISKS [Abstract]
CONCENTRATION OF RISKS	3. CONCENTRATION OF RISKS (a) Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables, loans receivable, held to maturity investments, available-for-sale investments, and amounts due from related parties. As of December 31, 2020 and 2021, substantially all of the Company’s cash and cash equivalents were held at major financial institutions in their respective locations. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. (b) Business, supplier, customer and economic risk The Company participates in a relatively dynamic and competitive industries that are heavily reliant on operational excellence. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, result of operations or cash flows: (i) Business risk - The Company derives a significant portion of its net revenues from its digital entertainment and e-commerce operations. If competitors introduce new online games or new marketplace (ii) Supplier risk - The Company’s digital entertainment business license certain games from third-party game developers. The term of the game license agreements with the game developers ranges from two (iii) Customer risk - No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2019, 2020 and 2021. The Company relied on several distribution channels to publish our mobile games. Revenue generated through one of the distribution channel accounted for approximately 21%, 22% and 19% of the Company’s net revenues for the years ended December 31, 2019, 2020, and 2021 respectively. (iv) Political, economic, social, legal and regulatory uncertainties - The Company’s businesses could be adversely affected by the varying political, economic, social, legal and regulatory uncertainties in the diverse markets that it operates in. In addition, the Company may be unsuccessful in adapting its business practices, culture and operations. (v) Regulatory restrictions - Certain laws, rules and regulations currently prohibit foreign ownership of companies in some of the markets where the Company operates. As a result, this may hinder the Company’s expansions in new markets. (c) Currency convertibility risk A significant portion of the Company’s revenue and expenses are denominated in currencies subject to exchange control. If revenue denominated in such currencies increase or expenses denominated in such currencies decrease in the future, the Company may need to convert a portion of our revenue into other currencies to meet our foreign currency obligations. Currently, in Taiwan, a single remittance by a company for an amount over $1 million or its equivalent in foreign currency shall be reported and documents supporting the accuracy of such report shall be provided to the bank handling such remittance before the remittance is conducted. In addition, remittances by a company in annual aggregate amount exceeding $50 million or its equivalent in foreign currency may not be processed without the approval of the Central Bank of the Republic of China (Taiwan). In Vietnam, exchanging Vietnamese dong into foreign currency must be conducted at a licensed credit institution such as a licensed commercial bank. Conversion of Thai baht to another currency is subject to regulations promulgated by the Ministry of Finance and Bank of Thailand. In Malaysia, the foreign exchange policy requires the approval of the Central Bank of Malaysia (“BNM”) for cross border remittances which are either set out in the foreign exchange notices or applied for on an ad hoc basis. BNM has the discretion whether to grant its approval, and to impose any condition on such approval so there is no assurance that its approval will be granted. The Company may be unable to convert such local currencies into U.S. dollars or other foreign currencies to pay dividends or for other purposes on a timely basis or at all. (d) Foreign currency risk The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia, Taiwan and Brazil, among other currencies, while some of its costs and expenses are paid in other foreign currencies. The Company generally pays license fees to game developers in USD and incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results.

GOODWILL AND ACQUISITIONS

GOODWILL AND ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND ACQUISITIONS [Abstract]
GOODWILL AND ACQUISITIONS	4. GOODWILL AND ACQUISITIONS The changes in the carrying amount of goodwill are as follows: As of December 31, 2020 2021 $ $ At the beginning of the financial year 30,952 216,278 Acquisition 200,573 327,026 Disposals (15,247 ) – Foreign currency translation – (3,680 ) At the end of the financial year 216,278 539,624 During the year ended December 31, 2021, the Company acquired five companies and its underlying subsidiaries for an aggregate consideration of $356,721. As a result, these companies were consolidated as subsidiaries of the Company from the date of acquisition. These acquisitions support the growth of the Company. The allocation of the purchase price as of the date of acquisition is summarized as follows: $ Cash and cash equivalent 53,757 Others 6,383 Total assets acquired 60,140 Income tax payable (25,682 ) Others (4,763 ) Total liabilities assumed (30,445 ) Net assets acquired 29,695 Fulfilled by: Share consideration (1) 270,733 Cash consideration 85,988 Goodwill 327,026 (1) Measured based on the fair value of the Company’s ordinary shares on the date of acquisition. The goodwill, which is not tax deductible, is mainly attributable to synergies expected to be achieved from the acquisition. The goodwill is allocated within the Digital Entertainment, Digital Financial Services and Other services segments. The revenue and results since the acquisition date included in the consolidated statement of comprehensive loss for the year ended December 31, 2021 were insignificant. The Company’s revenue and results for the period would not be materially different should the acquisition has otherwise occurred on January 1, 2021. The related transaction costs of the acquisition were not material to the Company’s consolidated financial statements.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2021
Accounts Receivable, Net [Abstract]
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET Accounts receivable and allowance for credit losses consist of the following: As of December 31, 2020 $ 2021 $ Accounts receivable 370,977 394,080 Allowance for credit losses (7,978 ) (5,772 ) 362,999 388,308 As of December 31, 2020 and 2021, all accounts receivable were due from third party customers. An analysis of the allowance for credit losses is as follows: $ Balance as of January 1, 2019 2,400 Provision for credit losses 3,256 Write-off of accounts receivable (1,537 ) Exchange differences (36 ) Balance as of December 31, 2019 4,083 Provision for credit losses 5,155 Write-off of accounts receivable (1,415 ) Exchange differences 155 Balance as of December 31, 2020 7,978 Provision for credit losses (975 ) Write-off of accounts receivable (998 ) Exchange differences (233 ) Balance as of December 31, 2021 5,772 Additions to the Company’s allowance for credit losses were recorded within general and administrative expenses

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	6. PREPAID EXPENSES AND OTHER ASSETS As of December 31, 2020 $ 2021 $ Current: Deferred channel costs 441,873 517,545 Other receivables 459,478 570,176 Prepaid cost of revenue, sales and marketing expense and others 69,658 120,753 Security deposits 7,008 18,725 Tax receivable 53,962 145,401 Others 22,250 29,263 1,054,229 1,401,863 Non-current: Deferred channel costs 65,446 14,367 Other receivables 1,421 3,303 Prepayment of intangible asset 6,642 10,517 Prepayment for purchase of property and equipment (including renovation-in-progress) 91,788 33,539 Security deposits 33,476 48,770 Others 6,031 14,025 204,804 124,521

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2021
LOANS RECEIVABLE, NET [Abstract]
LOANS RECEIVABLE, NET	7. LOANS RECEIVABLE, NET Loans receivable represents loans granted to commercial and consumer customers. The Company monitors credit quality for all loans receivable on a recurring basis by evaluating the customer’s prior repayment history available internally and external sources information, where applicable. The Company uses delinquency status and trends to assist in making new and ongoing credit decisions, and to plan our collection practices and strategies. The following table presents the loans receivable by each of the loan portfolio: The following table presents the loans receivable by each of the category: As of December 31, 2020 $ 2021 $ Commercial 183,710 107,357 Consumer 259,860 1,520,237 443,570 1,627,594 Allowance for credit losses (40,484 ) (97,676 ) 403,086 1,529,918 The following table is a summary of the delinquency status of the loans receivable by year of origination: As of December 31, 2020 Year of origination Commercial 2020 $ 2019 $ 2018 $ 2017 $ 2016 $ Prior $ Total $ Delinquency: Current 121,586 22,746 11,949 11,354 2,554 361 170,550 Past due - 1 to 30 days 4,188 358 243 263 11 1 5,064 - 31 to 60 days 2,420 399 112 77 39 2 3,049 - 61 to 90 days 1,363 – 250 175 12 – 1,800 - More than 90 days 2,024 356 429 144 96 198 3,247 131,581 23,859 12,983 12,013 2,712 562 183,710 Consumer Delinquency: Current 208,380 16,812 12,792 7,554 1,883 60 247,481 Past due - 1 to 30 days 2,609 638 896 140 62 – 4,345 - 31 to 60 days 986 1,019 1,890 759 179 – 4,833 - 61 to 90 days 901 206 237 74 40 – 1,458 - More than 90 days 1,088 261 111 47 69 167 1,743 213,964 18,936 15,926 8,574 2,233 227 259,860 As of December 31, 2021 Year of origination Commercial 2021 $ 2020 $ 2019 $ 2018 $ 2017 $ Prior $ Total $ Delinquency: Current 18,642 66,088 10,332 3,744 1,985 1,127 101,918 Past due - 1 to 30 days 11 143 277 102 96 – 629 - 31 to 60 days 36 1,187 2 – 73 – 1,298 - 61 to 90 days 11 215 155 38 11 – 430 - More than 90 days 71 616 1,685 627 38 45 3,082 18,771 68,249 12,451 4,511 2,203 1,172 107,357 Consumer Delinquency: Current 1,414,709 1,091 6,501 4,551 2,098 96 1,429,046 Past due - 1 to 30 days 28,758 418 263 265 76 32 29,812 - 31 to 60 days 17,632 105 1,017 1,290 475 85 20,604 - 61 to 90 days 11,956 38 183 100 8 1 12,286 - More than 90 days 27,008 1,158 58 122 88 55 28,489 1,500,063 2,810 8,022 6,328 2,745 269 1,520,237 An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows: Commercial $ Consumer $ Total $ Balance as of January 1, 2019 and December 31, 2019 – – – Acquisition of subsidiaries 17,056 9,354 26,410 Provision for credit losses 26,063 25,005 51,068 Write-off of loans receivable (14,801 ) (22,575 ) (37,376 ) Exchange differences 6 376 382 Balance as of December 31, 2020 28,324 12,160 40,484 Provision for credit losses 7,343 107,722 115,065 Write-off of loans receivable (27,311 ) (29,497 ) (56,808 ) Exchange differences (657 ) (408 ) (1,065 ) Balance as of December 31,2021 7,699 89,977 97,676 Additions to the Company’s allowance for credit losses were recorded within general and administrative expenses.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2021
INVESTMENTS [Abstract]
INVESTMENTS	8. INVESTMENTS The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company: As of December 31, 2020 2021 $ $ Short-term investments Debt securities: Held to maturity 28,330 869,931 Available-for-sale 21,769 28,166 Equity securities 76,000 13,184 126,099 911,281 Long-term investments Debt securities: Held to maturity 68,854 66,071 Available-for-sale 5,276 192,139 Equity securities 21,419 463,934 Equity method investments 94,933 152,419 Investments carried at fair value – 178,298 190,482 1,052,861 Held to maturity investments includes time deposits placed with financial institutions and sovereign bonds. Available-for-sale securities includes sovereign bonds, exchangeable loan, convertible loan, corporate bonds and redeemable preference shares of investees. The net unrealized fair value loss of nil The following table summarizes the cost or amortized cost, gross unrecognized gains and losses, gross unrealized gains and losses, and fair value of the Company’s debt securities and investments carried at fair value as of December 31, 2020 and 2021: As of December 31, 2020 Cost or Amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held to maturity 28,330 – (1 ) – – 28,329 Available-for-sale 20,859 – – 910 – 21,769 Long-term investments Debt securities: Held to maturity 68,854 3,197 (23 ) – – 72,028 Available-for-sale 5,174 – – 102 – 5,276 123,217 3,197 (24 ) 1,012 – 127,402 As of December 31, 2021 Cost or Amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held to maturity 869,931 26 (10 ) – – 869,947 Available-for-sale 28,190 – – 40 (64 ) 28,166 Long-term investments Debt securities: Held to maturity 66,071 2,354 (181 ) – – 68,244 Available-for-sale 192,257 – – 1,287 (1,405 ) 192,139 Investments carried at fair value 151,227 – – 27,071 – 178,298 1,307,676 2,380 (191 ) 28,398 (1,469 ) 1,336,794

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET [Abstract]
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET As of December 31, 2020 $ 2021 $ Computers 522,108 883,249 Office equipment, furniture and fittings 31,613 43,060 Leasehold improvements 162,032 252,778 Transportation assets 6,184 208,701 Warehouse equipment 7,296 20,796 Land 22,708 196,421 Building 2,093 1,956 Construction-in-progress 973 22,952 755,007 1,629,913 Less: accumulated depreciation (368,606 ) (599,950 ) 386,401 1,029,963 Depreciation expenses recognized for each of the years ended December 31, 2019, 2020 and 2021 were included in the following captions: Year ended December 31, 2019 $ 2020 $ 2021 $ Cost of revenue 80,245 118,691 180,140 Sales and marketing expenses 3,200 4,965 7,960 General and administrative expenses 31,282 41,384 64,187 Research and development expenses 2,056 4,027 8,395 116,783 169,067 260,682 No impairment loss had been recognized during the years ended December 31, 2019, 2020 and 2021, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES [Abstract]
LEASES	10. LEASES The Company has entered into commercial operating leases for the use of offices, warehouses and data centers as lessee. These leases have original terms not exceeding 10 years. These leases have varying terms, escalation clauses and renewal rights. Information pertaining to lease amounts recognized in our consolidated financial statements is summarized as follows: Year ended December 31, 2020 $ 2021 $ Operating lease cost: Operating lease cost 73,273 138,766 Short-term lease cost 6,451 14,831 79,724 153,597 Supplemental cash flow information Operating cash flows from operating leases 72,756 128,751 Right-of-use obtained in exchange for new operating lease liabilities 95,020 520,354 Weighted-average remaining lease term (years) Operating leases 3.91 4.99 As respectively. Operating leases As of December 31, 2021: $ Maturities of lease liabilities 2022 193,322 2023 190,814 2024 140,918 2025 112,416 2026 78,516 Thereafter 106,341 Total lease payments 822,327 Less: Imputed interest (144,520 ) Present value of lease liabilities 677,807 The Company has additional operating leases, primarily for offices, warehouses and data centers that have not yet commenced of $30,404 with lease term not exceeding 5 years and $803,770 with lease terms not exceeding 12 years, as of December 31, 2020 and 2021, respectively .

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS, NET [Abstract]
INTANGIBLE ASSETS, NET	11. INTANGIBLE ASSETS, NET As of December 31, 2020 $ 2021 $ Licensing fee 36,914 36,654 IP right 41,602 45,918 Trademarks 10,679 10,679 Technology 15,200 15,200 Software, including internal use software under development 6,512 30,202 Others 5,568 5,269 Total intangible assets, gross 116,475 143,922 Accumulated amortization: Licensing fee (32,968 ) (33,704 ) IP right (32,460 ) (39,357 ) Trademarks (3,738 ) (4,806 ) Technology (2,322 ) (4,856 ) Software (3,982 ) (7,060 ) Others (1,232 ) (1,622 ) Total accumulated amortization (76,702 ) (91,405 ) Total intangible assets, net 39,773 52,517 The estimated aggregate amortization expenses of intangible assets, excluding internal use software under development, for each of the five succeeding fiscal years and thereafter are as follows: $ 2022 14,356 2023 10,409 2024 7,149 2025 5,072 2026 1,858 Thereafter 1,162 40,006 Amortization expense related to intangible assets was $4,849, $11,694, and $18,350 for During the years ended December 31, 2019, 2020 and 2021, the Company determined that the carrying amount related to an intellectual property right (“IP right”) was not recoverable due to changes in market environment and therefore, impairment loss of nil , $5,160 and nil , respectively had been recognized in the consolidated statements of operations as “General and administrative expenses”

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER PAYABLES [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	12. ACCRUED EXPENSES AND OTHER PAYABLES The components of accrued expenses and other payables are as follows: As of December 31, 2020 $ 2021 $ Current: Accrued cost of revenue and sales and marketing expenses 598,133 810,010 Accrued interest for convertible notes 3,203 4,540 Accrued office-related operating expenses 2,506 6,509 Business and other taxes payables 52,568 118,237 Other payables 60,911 177,293 Escrow payables 1,028,542 1,545,399 Accrued payroll and welfare expenses 156,725 277,774 Payables and accruals for purchases of property and equipment 14,889 56,874 Deposits payable 75,012 465,850 Finance lease liabilities 52 1,516 Others 40,920 67,185 2,033,461 3,531,187 Non-current: Finance lease liabilities 85 7,022 Others 36,074 69,212 36,159 76,234

BANK BORROWINGS

BANK BORROWINGS	12 Months Ended
	Dec. 31, 2021
BANK BORROWINGS [Abstract]
BANK BORROWINGS	13. BANK BORROWINGS During the year ended December 31, 2021, the Company entered into revolving credit facilities that allows the Company to borrow up to $200,000. As at December 31, 2021, the Company had $100,000 outstanding balance and $100,000 of undrawn revolving credit facilities. The amount drawn down bears a weighted average interest of 0.9345% per annum.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2021
CONVERTIBLE NOTES [Abstract]
CONVERTIBLE NOTES	14. CONVERTIBLE NOTES As of December 31, 2020 $ 2021 $ 2023 Convertible Notes 41,263 28,207 2024 Convertible Notes 916,560 131,528 2025 Convertible Notes 882,583 928,683 2026 Convertible Notes – 2,387,290 1,840,406 3,475,708 The Company issued the following convertible notes and the terms are as follow: 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Issuance date June 18, 2018 November 18, 2019 May 22, 2020 September 14, 2021 Maturity date July 1, 2023 December 1, 2024 December 1, 2025 September 15, 2026 Principal amount $575,000 $1,150,000 $ $2,875,000 Interest rate 2.25% 1.00% 2.375% 0.25% Initial conversion rate 50.5165 American Depositary Shares (“ADSs”) per $1 principal amount, equivalent to $19.80 per ADS 19.9475 ADSs per $1 principal amount, equivalent to $50.13 per ADS 11.0549 ADSs per $ to $90.46 per ADS 2.0964 ADSs per $1 principal amount, equivalent to $477.01 per ADS Agreed conversion date January 1, 2023 June 1, 2024 September 1, 2025 June 15, 2026 The (the ‘Holders’) have the right, at their option, to convert the outstanding principal amount of the convertible notes, in whole or in part in integral multiples of $ principal amount (i) upon satisfaction of or more of the conversion conditions as defined in the indenture prior to the close of business day immediately preceding the agreed conversion date; or (ii) anytime on or after the agreed conversion date until the close of business on the scheduled trading day immediately preceding the maturity date (the “Conversion Option”). The conversion is subject to the anti-dilution and make-whole fundamental change adjustments. Upon conversion, the Company has the right, at its option, to pay or deliver, either cash, ADSs, or a combination of cash and ADSs to the Holders. If certain events of default, changes in tax laws of the relevant taxing jurisdiction or fundamental change, optional redemption or clean up redemption as defined in the indenture were to occur, of which the optional redemption and clean up redemption only applies to the Convertible Notes, and 2026 Convertible Notes, the outstanding obligations under the respective convertible notes could be immediately due and payable (the “Contingent Redemption Options”). The Company evaluated the Conversion Option and Contingent Redemption Options in accordance with ASC to determine if these features require bifurcation. The Conversion Option was not required to be bifurcated because it was indexed to the Company’s ADSs and meets all additional conditions for equity classification. The Contingent Redemption Options were not required to be bifurcated because they were considered to be clearly and closely related to the debt host, as the convertible notes were not issued at a substantial discount and are redeemable at par. The Convertible Notes were accounted for under ASC 470-20 Cash Conversion Subsections as follow: 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Liability component $ 410,926 $ 897,918 $ 856,635 $ 2,359,492 Effective interest rate 9.38 % 6.03 % 8.21 % 4.27 % Equity component $ 152,714 $ 240,582 $ 284,727 $ 486,758 Debt issuance cost, allocated in proportion to the allocation of proceeds $ 11,360 $ 11,500 $ 8,638 $ 28,750 The liability component was measured at fair value and subsequently amortized to its redemption amount using the effective interest method. The residual value was allocated to the equity component, classified within and not subsequently remeasured. As of December 31, 2020 As of December 31, 2021 2023 Convertible Notes $ 2024 Convertible Notes $ 2025 Convertible Notes $ Total $ 2023 Convertible Notes $ 2024 Convertible Notes $ 2025 Convertible Notes $ 2026 Convertible Notes $ Total $ Principal 49,000 1,112,320 1,149,500 2,310,820 31,305 152,048 1,149,500 2,875,000 4,207,853 Less: unamortized issuance cost and debt discount (7,737 ) (195,760 ) (266,917 ) (470,414 ) (3,098 ) (20,520 ) (220,817 ) (487,710 ) (732,145 ) Net carrying amount 41,263 916,560 882,583 1,840,406 28,207 131,528 928,683 2,387,290 3,475,708 During the years ended , the Company recognized total interest expense for coupon interest of $ , $ and $ , respectively and amortization of discount on the liability component amounted to $ , $ , respectively. The if-converted value of 2023, 2024, and 2025 Convertible Notes exceeded the principal amount by $443,710, $3,304,202 and $1,379,949 and $322,474, $526,459 and $1,693,319 as of December 31, 2020 and 2021, respectively. Capped call transactions In connection with the offering of 2024 Convertible Notes and 2025 Convertible Notes, the Company entered into separately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The details of the Capped Calls are as follows: 2024 Convertible Notes 2025 Convertible Notes Initial strike price per share $ 50.13 $ 90.46 Initial cap price per share $ 70.36 $ 136.54 The Capped Calls are generally intended to reduce or offset the potential economic dilution to our Class A ordinary shares upon any conversion of the 2024 Convertible Notes and 2025 Convertible Notes, respectively, with such reduction or offset, as the case may be, subject to a cap based on the cap price. As the Capped Calls are considered indexed to the Company’s own stock and are equity classified, they are recorded in shareholders’ equity and are not accounted for as derivative. The costs of $97,060 and $135,700 incurred in connection with the Capped Calls of the 2024 Convertible Notes and 2025 Convertible Notes, respectively, were recorded as reductions to additional paid-in capital. Capped Calls are excluded from the calculation of diluted earnings per share, as they would be antidilutive under treasury stock method. Conversion of convertible notes During the year ended December 31, 2021, a total principal amount of $977,967 convertible notes were converted by certain Holders. These conversions were satisfied through Class A ordinary shares or a combination of cash and Class A ordinary shares settlement. The conversion completed during the year ended December 31, 2021 resulted in a net loss on debt extinguishment of $2,069 recorded in the consolidated statements of operations as “Interest expense”, representing the difference between the carrying amount and the fair value of the extinguished debt.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
SHARE BASED COMPENSATION [Abstract]
SHARE BASED COMPENSATION	15. SHARE BASED COMPENSATION The Company amended its 2009 share incentive plan (the “Plan”) in July 2019. Under the Plan, the Company may grant options, restricted share award (“RSA”), restricted share unit (“RSU”) or share appreciation right (“SAR”) to its officers, employees, directors and other eligible persons (collectively known as “Eligible Persons”) of up to 83,000,000 Class A ordinary shares. The Plan is administered by an authorized administrator appointed by the Board of Directors of the Company set forth in the Plan (the “Plan Administrator”). The maximum number of shares which may be issued pursuant to all awards under the Plan will increase on January 1 of each of 2019, 2020, 2021 and 2022 by 5% of the total number of ordinary shares of all classes of the Company outstanding on that day immediately before such annual increase pursuant to the Plan. With effect on January 1, 2019, July 25, 2019, January 1, 2020, January 1, 2021 and January 1, 2022, the maximum number of shares which may be issued pursuant to all awards under the Plan increased to 100,129,938, 103,129,938, 123,292,170, 148,888,743 and 176,775,641 Class A ordinary shares. During the years ended December 31, 2020 and 2021, the Company granted 5,809,024 options, 5,034,735 RSUs and 86,149 SARs and 4,162,121 options, 3,572,121 RSUs and 51,464 SARs, respectively to the Eligible Persons. All options granted have a contractual term of ten years. The options vest according to the stated vesting period in the grantee’s option agreement. The RSUs and SARs generally vest 25% on the first anniversary year from the stated vesting commencement date and the remaining 75% will vest in 12 substantially equal quarterly instalments. (a) Option granted to Eligible Persons The following table summarizes the Company’s share option activity under the Plan: Number of Weighted Weighted Aggregate $ Years $ Outstanding, January 1, 2019 35,706,882 12.54 Granted 15,327,884 15.00 Exercised (3,736,976 ) 5.58 Forfeited (109,236 ) 14.24 Outstanding, December 31, 2019 47,188,554 13.89 8.18 1,242,496 Vested and expected to vest at December 31, 2019 47,188,554 13.89 Exercisable as of December 31, 2019 19,664,736 12.35 7.35 548,035 Outstanding, January 1, 2020 47,188,554 13.89 Granted 5,809,024 18.59 Exercised (5,486,180 ) 11.29 Forfeited (45,678 ) 14.09 Outstanding, December 31, 2020 47,465,720 14.76 7.57 8,747,373 Vested and expected to vest at December 31, 2020 47,465,720 14.76 Exercisable as of December 31, 2020 25,298,368 13.73 7.03 4,688,260 Outstanding, January 1, 2021 47,465,720 14.76 Granted 4,162,121 269.09 Exercised (5,405,228 ) 14.44 Forfeited – Outstanding, December 31, 2021 46,222,613 37.70 6.89 8,822,987 Vested and expected to vest at December 31, 2021 46,222,613 37.70 Exercisable as of December 31, 2021 30,707,210 14.13 6.32 6,435,641 The aggregate intrinsic value is calculated to be the difference between the exercise price of the underlying awards and the fair value of the underlying stock at each reporting date, for those awards that have an exercise price below the estimated fair value of the Company’s ordinary shares. The Company calculated the estimated fair value of the options on the respective grant dates using the Black-Scholes option pricing model with the following assumptions. Granted in 2019 Granted in 2020 Granted in 2021 Risk-free interest rates 2.34% – 2.68% 0.39% – 1.66% 0.74% – 1.07% Expected term 5.5 – 8.5 years 5.5 – 7.5 years 5.6 – 7.5 years Expected volatility 33.0% – 35.0% 32.4% – 33.7% 32.1% – 33.0% Expected dividend yield – – – Fair value of share options $4.58 – $13.59 $13.81 – $50.58 $71.70 – $84.14 The Black-Scholes option pricing model was applied in determining the estimated fair value of the share options granted to Eligible Persons. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and the expected term of the option for which employees are likely to exercise their share options. The risk-free rate for periods within the contractual life of the option is based on the US Treasury Yields at the time of grant. The Company has used the simplified method to determine the expected term due to insufficient historical exercise data to provide a reasonable basis to estimate expected term. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. The weighted-average grant-date fair value of share options granted during the years of December 31, 2019, 2020 and 2021 were $12.05, $37.86 and $75.83, respectively. The total fair value of share options vested during the years ended December 31, 2019, 2020 and 2021 was $44,688, $88,114 and $88,507, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2019, 2020 and 2021 was $64,097, $767,203 and $1,361,800 respectively. As of December 31, 2021, there were $585,256 total unrecognized share-based compensation cost related to unvested options which is expected to be recognized over a weighted-average period of 3.68 years. Total unrecognized compensation cost may be adjusted for future changes in actual forfeitures. (b) RSAs/RSUs granted to Eligible Persons The following table summarizes the Company’s RSAs/RSUs activity under the Plan: Number of Weighted Weighted Aggregate $ Years $ Unvested, January 1, 2019 4,754,972 12.34 9.17 53,826 Granted 6,249,313 20.50 Vested (2,131,415 ) 13.67 Forfeited (791,433 ) 15.22 Unvested, December 31, 2019 2020 8,081,437 18.02 8.93 325,035 Granted 5,034,735 72.37 Vested (3,332,063 ) 19.25 Forfeited (442,181 ) 28.74 Unvested, December 31, 2020 2021 9,341,928 46.36 8.64 1,859,511 Granted 3,551,491 258.97 Vested (4,127,006 ) 40.59 Forfeited (637,193 ) 102.92 Unvested, December 31, 2021 8,129,220 137.76 8.47 1,818,588 Share-based compensation cost for RSAs and RSUs is measured based on the fair value of the Company’s ordinary shares on the date of grant. The weighted-average grant-date fair value of RSAs and RSUs granted during the years ended December 31, 2019, 2020 and 2021 was $20.50, $72.37 and $258.97, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2019, 2020 and 2021 was $29,133, $64,153 and $167,507, respectively. As of December 31, 2021, there was $1,119,856 of unrecognized share-based compensation cost related to RSAs and RSUs which is expected to be recognized over a weighted-average vesting period of 3.21 years. Total unrecognized compensation may be adjusted for future changes in actual forfeitures. (c) SARs granted to Eligible Persons Fair value of the SARs is measured based on the fair value of the Company’s ordinary shares at the end of each reporting period. Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 2020 2021 $ $ $ Share options: Cost of revenue 244 130 390 Sales and marketing expenses 156 69 5 General and administrative expenses 71,787 179,544 207,204 Research and development expenses 567 401 33 72,754 180,144 207,632 Cash received for the exercise in the respective years 20,867 61,949 77,639 RSAs/ RSUs: Cost of revenue 1,714 4,385 8,318 Sales and marketing expenses 3,017 10,100 23,350 General and administrative expenses 26,761 37,433 67,421 Research and development expenses 11,429 45,820 148,592 42,921 97,738 247,681 SARs: Cost of revenue 319 2,867 3,389 Sales and marketing expenses 749 5,462 6,850 General and administrative expenses 313 3,534 3,658 Research and development expenses 13 501 1,114 1,394 12,364 15,011

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2021
ORDINARY SHARES [Abstract]
ORDINARY SHARES	16. ORDINARY SHARES The Company has $7,500,000 authorized share capital which divided into (i) Class A ordinary shares with a par value of $ each and (ii) Class B ordinary shares with par value of $ each. Holders of Class A ordinary shares and Class B ordinary shares shall at all times vote together as one class on all resolutions submitted to a vote for shareholders’ approval or authorization, except for certain class consents required under the Memorandum and Articles of Association. Each Class A ordinary share shall be entitled to one vote, and each Class B ordinary share shall be entitled to votes, on all matters subject to the vote at general meetings of the Company. During the year, 4,200,000 outstanding Class B ordinary shares were converted to 4,200,000 Class A ordinary shares. The Company completed the follow-on offering in December 2020 and September 2021, and issued an aggregate of 15,180,000 and 12,650,000 ADSs, respectively, representing 15,180,000 and 12,650,000 Class A ordinary shares for total proceeds, net of issuance costs of $2,908,299 and $3,972,416, respectively. Subsequent to December 31, 2021, the Company’s shareholders approved as a special resolution to increase the voting power of each Class B ordinary share from three votes to fifteen votes on all matters subject to vote at general meetings of the Company.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component, net of tax of nil, are as follows: Unrealized fair value gain (loss) on available- for-sale investments Foreign currency translation Total $ $ $ Balance as of January 1, 2019 18,269 (3,070 ) 15,199 Current year other comprehensive (loss) income (12,869 ) 3,119 (9,750 ) Balance as of December 31, 2019 5,400 49 5,449 Current year other comprehensive (loss) income (4,419 ) 3,603 (816 ) Transactions with non-controlling interest – 48 48 Balance as of December 31, 2020 981 3,700 4,681 Current year other comprehensive loss (1,278 ) (32,263 ) (33,541 ) Transactions with non-controlling interest – 341 341 Balance as of December 31, 2021 (297 ) (28,222 ) (28,519 )

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2021
RESTRICTED NET ASSETS [Abstract]
RESTRICTED NET ASSETS	18. RESTRICTED NET ASSETS Certain of the Company’s subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets to the Company in accordance with the local laws and regulations. Certain jurisdictions where the Company has subsidiaries or VIEs require those subsidiaries or VIEs to establish and fund statutory reserves, details of which are listed below: Statutory reserve The movement of statutory reserve during the years ended December 31, are as follows: As of December 31, 2020 $ 2021 $ At the beginning of the financial year 46 2,363 Transferred from retained earnings 2,317 3,781 At the end of the financial year 2,363 6,144 Taiwan The subsidiary in Taiwan is required to set aside 10% of its profit after tax to legal reserve in accordance with Taiwanese regulations until the legal reserve amount equals to its total paid-up capital. In the event that the subsidiary incurred no loss, the portion of legal reserve exceeding 25% of the paid-up capital can be used for distribution to shareholders in the form of new shares or cash. As of December 31, 2019, 2020 and 2021, the subsidiary in Taiwan had an accumulated reserve of $33, $99 and $76, respectively. Thailand The Thailand regulations require that a private limited liability company shall allocate not less than 5% of its retained earnings to a legal reserve, until this account reaches an amount not less than 10% of the registered authorized capital. The legal reserve is not available for dividend distribution. As of December 31, 2019, 2020 and 2021, the subsidiary in Thailand had an accumulated reserve of $13, $13 and $13, respectively. The PRC The PRC subsidiaries of the Company are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. As of December 31, 2019, 2020 and 2021, the Company’s PRC subsidiaries had an accumulated reserve of nil Indonesia The Indonesian regulations require a limited liability company to reserve a certain amount from its net profit each year as a reserve fund until such fund amounts to at least 20% of its issued and paid-up capital. As of December 31, 2019, 2020 and 2021, the Company’s Indonesia subsidiaries have not appropriated any funds into the statutory reserve account.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2021
TAXATION [Abstract]
TAXATION	19. TAXATION Enterprise income tax Cayman Islands The Company is a company incorporated in the Cayman Islands and conducts its primary business operations through its subsidiaries and its consolidated VIEs. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Singapore Subsidiaries incorporated in Singapore are subject to the Singapore Corporate Tax rate of 17% for the years ended December 31, 2019, 2020 and 2021. Garena Online was granted an additional five-year Development and Expansion Incentive (“DEI”) by the Singapore Economic Development Board (the “EDB”) commencing from January 1, 2017, with another five-year extension commencing from January 1, 2022, which grant a concessionary tax rate of 10% from January 1, 2017 to December 31, 2021 and 10.5% from January 1, 2022 to December 31, 2026 on qualifying income, subject to certain terms and conditions imposed by the EDB. Others Subsidiaries incorporated in other countries are subject to the respective statutory corporate income tax rates of the countries where they are resident. Domestic statutory corporate income tax rate in Indonesia was reduced from 25% to 22% with effect from the financial year 2020. In March 2021, the Philippines reduced its corporate income tax rate from 30% to 25%, effective retroactively from July 1, 2020. Income tax expense comprises: Year ended December 31, 2019 $ 2020 $ 2021 $ Current income tax 56,296 117,649 289,998 Deferred tax (4,333 ) (27,451 ) (975 ) Withholding tax expense 33,901 51,442 43,842 85,864 141,640 332,865 The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s corporate office for the years ended December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 $ 2020 $ 2021 $ Loss before income tax and share of results of equity investees (1,368,619 ) (1,483,238 ) (1,715,184 ) Tax expense computed at tax rate of 17 (232,665 ) (252,150 ) (291,581 ) Changes in valuation allowance 265,776 403,329 828,141 Non-deductible expenses 4,207 9,554 19,569 Effect of concessionary tax rate and tax reliefs (42,404 ) (82,951 ) (183,962 ) Withholding tax expense 33,901 51,442 43,842 Foreign earnings at different tax rates 60,721 15,103 (82,388 ) Others (3,672 ) (2,687 ) (756 ) 85,864 141,640 332,865 Deferred tax The significant components of deferred taxes are as follows: As of December 31, 2020 $ 2021 $ Deferred tax assets: Property and equipment 2,904 3,290 Deferred revenue 141,356 145,003 Unutilized tax losses and unused capital allowances 960,998 1,690,773 Provision and accrued expenses 21,170 28,807 Allowance for credit losses 6,346 13,012 Others 3,137 7,811 Valuation allowance (1,016,676 ) (1,768,957 ) Total deferred tax assets 119,235 119,739 Deferred tax liabilities: Property and equipment (2,001 ) (6,949 ) Intangible assets (433 ) (1,174 ) Deferred channel costs (13,750 ) (13,783 ) Others (4,673 ) (1,070 ) Total deferred tax liabilities (20,857 ) (22,976 ) Net deferred tax assets 98,378 96,763 The use of these tax losses and capital allowances is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the jurisdiction in which the entity operates. These tax losses have no expiry date except tax losses approximating to $1,773,877, $1,671,044 and $3,473,098 as of December 31, 2019, 2020 and 2021, respectively. The tax losses of $3,473,098 as of December 31, 2021 will expire from 2022 to 2035. The utilization of deferred tax assets recognized by the Group is dependent upon future taxable income in excess of income arising from the reversal of existing taxable temporary differences. As of December 31, 2021, no deferred tax liability has been recognised on the undistributed earnings of its foreign subsidiaries as the Company either intends to permanently reinvest the undistributed earnings to fund its future operations or no withholding tax is imposed on the remittance of undistributed earnings in certain jurisdiction.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
LOSS PER SHARE [Abstract]
LOSS PER SHARE	20. LOSS PER SHARE Basic and diluted loss per share for each of the periods presented is calculated as follows: Year ended December 31, 2019 $ 2020 $ 2021 $ Numerator: Net loss attributable to ordinary shareholders (1,462,799 ) (1,618,056 ) (2,046,759 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 436,601,801 477,264,888 532,705,796 Basic and diluted loss per share: (3.35 ) (3.39 ) (3.84 ) The following potential common shares were excluded from calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Year ended December 31, 2019 2020 2021 Share options 52,188,554 50,090,731 46,225,613 RSAs/RSUs 8,081,437 9,341,928 8,129,220 Convertible notes 52,718,141 37,370,919 23,349,154 112,988,132 96,803,578 77,703,987 The denominator for diluted loss per share for the years ended December 31, 2019, 2020 and 2021 does not include any effect from the Capped Calls (Note 14) because it would be anti-dilutive. In the event of conversion of any or all of the 2024 Convertible Notes and 2025 Convertible Notes, the shares that would be delivered to the Company under the Capped Calls are designed to neutralize the dilutive effect of the shares that the Company would issue under the convertible notes. During the years ended December 31, 2020 and 2021, respectively, the Company issued 6,000,000 and 12,000,000 Class A ordinary shares to its share depositary bank which will be used to settle share incentive awards. No consideration was received by the Company for this issuance of Class A ordinary shares. These Class A ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of loss per share. Any Class A ordinary shares not used in the settlement of share incentive awards will be returned to the Company.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	21. RELATED PARTY TRANSACTIONS (a) Related parties (1) Name of related parties Relationship with the Company Tencent Limited and its affiliates (“Tencent”) A shareholder of the Company (1) These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2019, 2020 and 2021. (b) The Company had the following significant related party transactions for the years ended December 31, 2019, 2020 and 2021: Year ended December 31, 2019 $ 2020 $ 2021 $ Royalty fee and license fee to: - Tencent 122,234 110,686 139,930 Services provided by: - Tencent 19,005 23,352 24,981 Conversion of convertible notes (principal amount) by: - Tencent 100,000 – – (c) The Company had the following significant related party balances for the years ended December 31, 2020 and 2021: As of December 31, 2020 $ 2021 $ Amounts due to related parties: - Tencent 38,416 73,244

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	22. SEGMENT REPORTING The Company has three reportable segments, namely digital entertainment, e-commerce and digital financial services. The CODM reviews the performance of each segment based on revenue and certain key operating metrics of the operations and uses these results for the purposes of allocating resources to and evaluating financial performance of each segment. Description of Reportable Segments Digital entertainment – Garena’s platform offers mobile and PC online games and develops mobile games for the global market. Garena is the global leader in eSports, it also provides access to other entertainment content and social features, such as live streaming of gameplay, user chat and online forums. E-commerce – Shopee’s platform is a mobile-centric, social-focused marketplace. It provides users with a convenient, safe, and trusted shopping environment with integrated payment, logistics infrastructure and comprehensive seller services. Products from manufacturers and third parties are also purchased and sold directly to buyers on Shopee platform. Digital financial services – SeaMoney provides a variety of payment services and loans to individuals and businesses. It is an important payment infrastructure supporting the Company’s digital entertainment and e-commerce businesses. In addition, SeaMoney also integrates with third party merchant partners and covers a broad set of consumption use cases. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other services”. Information about segments for the years ended December 31, 2019, 2020 and 2021 presented were as follows: Year ended December 31, 2019 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 1,136,017 834,295 9,223 195,843 – 2,175,378 Operating income (loss) 529,524 (1,131,771 ) (116,309 ) (39,864 ) (132,812 ) (891,232 ) Non-operating loss, net (477,387 ) Income tax expense (85,864 ) Share of results of equity investees (3,239 ) Net loss (1,457,722 ) Year ended December 31, 2020 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 2,015,972 2,167,149 60,785 131,758 – 4,375,664 Operating income (loss) 1,016,793 (1,442,593 ) (520,075 ) (49,006 ) (308,444 ) (1,303,325 ) Non-operating loss, net (179,913 ) Income tax expense (141,640 ) Share of results of equity investees 721 Net loss (1,624,157 ) Year ended December 31, 2021 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 4,320,013 5,122,959 469,774 42,444 – 9,955,190 Operating income (loss) 2,500,081 (2,766,566 ) (640,422 ) (177,633 ) (498,520 ) (1,583,060 ) Non-operating loss, net (132,124 ) Income tax expense (332,865 ) Share of results of equity investees 5,019 Net loss (2,043,030 ) (1) Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance. Revenue from external customers is classified based on the geographical locations where the services were provided. Year Ended December 31, 2019 $ 2020 $ 2021 $ Revenue Southeast Asia 1,378,141 2,791,894 6,316,782 Latin America 282,618 790,308 1,850,861 Rest of Asia 489,291 655,007 1,394,342 Rest of the world 25,328 138,455 393,205 Consolidated revenue 2,175,378 4,375,664 9,955,190 Long-lived assets consist of property and equipment, operating lease right-of-use assets and intangible assets. As of December 31, 2020 $ 2021 $ Long-lived assets Southeast Asia 509,922 1,412,748 Rest of Asia 128,285 262,978 Rest of the world 22,522 56,434 660,729 1,732,160

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	23. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 – Inputs that are based on quoted prices and market observable data of similar instruments in active markets Level 3 – Unobservable inputs that are supported by little or no market activities The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Derivative instruments are classified within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. As of December 31, 2020 and 2021, Level 3 assets and liabilities of the Company included investments in exchangeable and convertible loan, investments in sovereign bonds, investments carried at fair value and redeemable preference shares of investees and other assets. Investments in debt securities Other assets – the Company used Market approach to determine the fair value of certain assets by comparing to the sale and purchase transactions of comparable assets in the market, adjusted with differences such as size, physical condition, location and etc. Investments carried at fair value – the Company used a combination of valuation methodologies, including market and income approaches based on the Company’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees, future cash flow forecasts, liquidity factors and multiples of a selection of comparable companies. Convertible Notes – the Company used discounted cash flow method to determine the fair value of the liability component (non-recurring, Level 3). The discounted cash flow takes into account the present value of expected future cash flows from coupon interest and redemption amount, discounted by the implied credit yield as at issuance date or with reference to similar instruments that did not have associated convertible features. Assets and liabilities measured or reported at fair value on a recurring basis are summarized below: Fair value measurement as of December 31, 2020 Quoted prices in active markets for identical assets (Level 1) $ Significant other observable inputs (Level 2) $ Unobservable inputs (Level 3) $ Total $ Held to maturity investments 100,071 – 286 100,357 Available-for-sale investments 5,688 – 21,357 27,045 Equity securities 76,000 – – 76,000 Other assets – – 19,024 19,024 Share appreciation rights (11,640 ) – – (11,640 ) 170,119 – 40,667 210,786 Fair value measurement as of December 31, 2021 Quoted prices in active markets for identical assets (Level 1) $ Significant other observable inputs (Level 2) $ Unobservable inputs (Level 3) $ Total $ Held to maturity investments 937,741 – 450 938,191 Available-for-sale investments 185,929 – 34,376 220,305 Equity securities 13,184 – – 13,184 Investments carried at fair value – – 178,298 178,298 Other assets – – 11,711 11,711 Derivative assets (1) – 694 – 694 Share appreciation rights (15,401 ) – – (15,401 ) 1,121,453 694 224,835 1,346,982 (1) Included in accrued expenses and other assets in the consolidated balance sheets and not designated as hedges. Reconciliations of assets and liabilities categorized within Level 3 under the fair value hierarchy are as follow: $ Available-for-sale investments Balance as of January 1, 2019 70,374 Addition 72,000 Net investment loss included in earnings (1,087 ) Net unrealized loss included in other comprehensive income (12,869 ) Balance as of December 31, 2019 128,418 Addition 20,429 Conversion into ordinary shares of investees (72,000 ) Net investment loss included in earnings (51,000 ) Net unrealized loss included in other comprehensive income (4,490 ) Balance as of December 31, 2020 21,357 Addition 35,298 Conversion into ordinary shares of investee (21,340 ) Net unrealized loss included in other comprehensive income (958 ) Translation gain included in other comprehensive income 19 Balance as of December 31, 2021 34,376 Investments carried at fair value Balance as of January 1, 2019, January 1, 2020 and December 31, 2020 – Addition 151,227 Net investment gain included in earnings 27,071 Balance as of December 31, 2021 178,298 Other assets Balance as of January 1, 2019 and January 1, 2020 – Acquisition of subsidiaries 8,860 Additions 13,340 Disposals (363 ) Write-down included in earnings (3,713 ) Foreign exchange gain included in earnings 900 Balance as of December 31, 2020 19,024 Additions 186 Disposals (3,513 ) Write-down included in earnings (3,627 ) Foreign exchange loss included in earnings (359 ) Balance as of December 31, 2021 11,711

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	24. COMMITMENTS AND CONTINGENCIES Purchase commitments The Company has commitments to purchase property and equipment and hosting services of $165,717 and $362,592, committed licensing fee payable for the licensing of game titles of $2,799 and $13,671 and commitment to invest in certain companies of $30,136 and $183,562 as of December 31, 2020 and 2021, respectively. Minimum guarantee commitments The Company has commitments to pay minimum guarantee of royalty fee to game developers for certain online games it licensed from those game developers. As of December 31, 2020 and 2021, the minimum guarantee commitment amounted to $24,473 and $62,300, respectively, for its launched games as well as licensed but yet to be launched games. Others The Company has commitments to extend credit to customers on demand and interest receivables on non-performing assets which is not accrued. As of December 31, 2020 and 2021, the undrawn credit facilities and interest receivables on non-performing assets amounted to $ and $ and $ and $ , respectively

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of preparation	(a) Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Principles of consolidation	(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company or a subsidiary of the Company is the primary beneficiary. All significant intercompany transactions and balances between the Company, its subsidiaries and the VIEs are eliminated upon consolidation.
Use of estimates	(c) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, revenue recognition, estimating the useful lives and impairment assessment of long-lived assets and goodwill, accounting for and impairment assessment of investments, impairment assessment of accounts receivable and loans receivable, accounting for deferred income taxes, accounting for share-based compensation arrangements and accounting for the Company’s financial instruments where the Company is the issuer. Changes in facts and circumstances may result in revised estimates. Given the global economic climate and unforeseen effects from COVID-19 pandemic, the process of estimation has become more challenging.
Foreign currency	(d) Foreign currency The functional currency of the Company is the United States dollar (“$” or “USD”), whereas the functional currency of the Company’s subsidiaries and its VIEs are the respective local currencies as determined based on the criteria of ASC 830, Foreign Currency Matters Assets and liabilities of the Company’s subsidiaries and its VIEs that has functional currencies other than USD are translated into USD at fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded in other comprehensive income, a component of shareholders’ equity.
Cash and cash equivalents	(e) Cash and cash equivalents The Company considers cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposits and funds placed with banks and other financial institutions which are unrestricted as to withdrawal and use.
Restricted cash	(f) Restricted cash Restricted cash mainly comprise monies received held in escrow in connection with the Company’s e-commerce business and advances received from customers in connection with the Company’s digital financial services business that are restricted and not available for the Company’s use.
Accounts receivable, loans receivable and allowance for credit losses	(g) Accounts receivable, loans receivable and allowance for credit losses Accounts receivable and loans receivable are carried at net realizable value. Loans principal and interest receivables are placed on non-accrual status when payments are 90 days past due contractually. When a loan principal and interest receivable is placed on non-accrual status, interest accrual ceases. If the loan is non-accrual, the cost recovery method is used and cash collected is applied to first reduce the carrying value of the loan. Otherwise, interest income may be recognized to the extent cash is received. Loans principal and interest receivables may be returned to accrual status when all of the borrower’s delinquent balances of loans principal and interest have been settled and the borrower continue to perform in accordance with the loan terms. The Company has established a provision matrix that based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivable and economic environment. It reflects the probability-weighted outcome, time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The allowances for credit losses are calculated on an aggregate basis for various customer segments that are considered to have similar credit characteristics and risk of loss. The above-mentioned provision matrix has also been used to determine allowances for credit losses for off-balance sheet loan commitments. An account receivable and loan receivable is written off in the period the receivable is deemed uncollectible. The Company has also elected the practical expedients, which amongst other things, allowed the use of fair value of collateral at the reporting date when recording the net carrying amount of the receivables and determining the allowance for credit losses for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date (collateral-dependent financial asset).
Inventories	(h) Inventories Inventories which comprise mainly of merchandise products sold through the Company’s e-commerce business platform are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted at purchase cost on first-in-first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
Property and equipment	(i) Property and equipment Property and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: - Computers 3 to 5 years - Office equipment, furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Transportation assets 4 to 10 years - Warehouse equipment 3 to years - Land use right 15 to 30 years - Building 15 to 20 years Freehold land has unlimited useful life and therefore is not depreciated. The useful lives and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Property and equipment that are purchased or constructed which require a period of time before the property and equipment are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these property and equipment are ready for their intended use.
Goodwill	(j) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company's acquisitions of interests in its subsidiary and consolidated VIEs. During the measurement period, which does not exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Upon conclusion of the measurement period, any adjustments are recorded in the consolidated statements of operations. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In testing goodwill for impairment, the Company evaluates whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. No impairment of goodwill was recorded in the years ended December 31, 2020 and 2021.
Intangible assets	(k) Intangible assets Intangible assets acquired through business combinations are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets arising from business combinations are measured at fair value upon acquisition. Other intangible assets are carried at cost less accumulated amortization and any recorded impairment. Costs incurred in connection with the planning and implementation phases of the development of software for internal use are expensed. Costs incurred in the development phase are capitalized. Capitalization ceases and the costs are amortized over the software’s estimated useful life when the software is ready for its intended use. Costs incurred internally in researching and developing a software product are charged to expense as research and development costs prior to technological feasibility being established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for general release to customers. Technological feasibility is established upon completion of all the activities that are necessary to substantiate that the software product can be produced in accordance with its design specifications, including functions, features, and technical performance requirements. None of such costs were capitalized for any of the periods presented. Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: - Licensing fee Over the shorter of licensing period or the estimated useful lives of the intangible assets - IP right 1 to 6 years - Trademarks 7 to 10 years - Technology 6 years - Software 3 to 6 years - Customer relationships 3 to 8 years The useful lives and methods of amortization of intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate.
Investments	(l) Investments The Company’s investments consist of available-for-sale investments, held-to-maturity investments, equity security investments, investments carried at fair value and equity method investments. In accordance with ASC 320, Investments - Debt Securities Credit losses related to available-for-sale investments to be recorded through an allowance for credit losses. The Company compares the present value of cash flows expected to be collected from the investment with the amortized cost basis of the security to determine if a credit loss exists. If the present value of cash flows expected to be collected is less than the amortized cost basis of the investment, a credit loss exists and an allowance for credit losses are recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. An available-for-sale investment is written off in the period the investment is deemed uncollectible. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases. An impairment loss of $1,087, $51,000 and nil In accordance with ASC 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities In accordance with ASC 321, Investments Equity Securities Fair Value Measurements nil nil Investments in equity investees represent investments in (a) entities in which the Company can exercise significant influence but does not own a majority equity interest or control and (b) limited partnership in which the Company holds a five percent or greater interest. Such investments are accounted for using the equity method of accounting in accordance with ASC 323-10, Investments Equity Method and Joint Ventures: Overall nil The Company discontinues applying equity method if an investment (and additional financial supports to the investee, if any) has been reduced to zero. When the Company has other investments in the investee that have liquidation preferences more senior than the ordinary shares and the equity-method investment in the ordinary shares is reduced to zero, the Company continues to report its share of equity losses in the consolidated statement of operations, to the extent of and as an adjustment to the adjusted basis of the other investments in the investee. The order in which the equity losses are applied to the other investments follows the seniority of the other investments in the same investee.
Impairment of long-lived assets	(m) Impairment of long-lived assets The Company evaluates its long-lived assets or asset groups, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a company of long-lived assets may not be recoverable. When these events occur, the Company evaluates for impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the forecasted undiscounted cash flows is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available for the long-lived assets.
Fair value of financial instruments	(n) Fair value of financial instruments Available-for-sale investments are initially recognized at acquisition cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in accumulated other comprehensive income (loss). Marketable equity securities, investments carried at fair value, certain other assets and share appreciation rights are measured at fair value with corresponding changes in the assets and liabilities’ fair values reflected in consolidated statements of operations. Convertible notes consist of 2023 Convertible Notes, 2024 Convertible Notes, 2025 Convertible Notes and 2026 Convertible Notes (collectively referred to as “Convertible Notes”) as defined in Note 14 of the consolidated financial statements. For the Convertible Notes, the liability component of the convertible notes was initially measured at fair value and subsequently amortized to its redemption amount using the effective interest rate method.
Revenue recognition	(o) Revenue recognition Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to for those goods or services. Revenue is measured based on the amount of consideration that the Company expects to receive reduced by discounts, incentives and rebates. Revenue also excludes any amounts collected on behalf of third parties, including sales taxes and indirect taxes. The Company evaluates revenue from services and sales of goods to determine if it controls such services and goods to be the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). The key indicators that the Company evaluates in determining gross versus net treatment include, but are not limited to, (i) which party is primarily responsible for fulfilling the promise to provide the specified good or service; (ii) which party bears inventory risks before the specified good or service has been transferred to a customer; and (iii) which party has discretion in establishing the price for the specified good or service. (i) Digital entertainment revenue The Company distributes online games, including self-developed games and licensed games from game developers, through its PC and mobile based applications and certain app stores. The Company offers many ways for users to purchase virtual goods (consisting of virtual currencies and virtual items), including the ShopeePay and Shopee platform, other online payment gateways, bank transfers, credit cards, mobile phone billing and prepaid cards, including its own prepaid cards, which are sold through agents. As the Company controls the service of providing games to the users, and it has a direct contractual arrangement with the paying users and has the right to determine the price to be paid by such users, the gross proceeds collected from these channels represent revenue to be recognized by the Company and the amounts retained by these channels based on a predetermined percentage represent cost of revenue to be recognized by the Compan y. Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual goods within the games operated by the Company and such purchases are no longer refundable. Deferred revenue recognized as revenue during the respective years ended December 31, 2020 and December 31, 2021 was $998,956 and $2,296,486. For the licensed games, the Company records revenue inclusive of the royalties payable to game developers, which are based on revenue-sharing ratios, as it controls the service of providing the games to the users, and is primarily responsible to the customers and has latitude in establishing the pricing of the virtual goods. Revenue is recognized over the performance obligation period. For purposes of determining the performance obligation period, the Company has determined that an implied obligation exists to the paying users to continue providing hosting services and access to the purchased virtual goods within the online games over an estimated service period. Such service period is determined in accordance with the estimated average lifespan of the virtual items sold or the estimated average lifespan of the paying users of the said games or similar games. (a) Item-based revenue model Virtual items have different lifespan patterns: time-based, consumable and durable. Time-based virtual items are items with a stated expiration time, for which revenue is recognized ratably over the period based on the time unit of the virtual items. Consumable virtual items are items that can be consumed by a specific user action, and have limitations on repeated use. Revenue attributable to consumable virtual items is recognized upon consumption. Durable virtual items are items that provide the user with continuing benefits over an extended period of time. Revenue attributable to durable virtual items is recognized ratably over their average lifespan, which are estimated based on the users’ historical usage pattern and playing behaviors for the virtual items. The Company assesses the estimated average lifespan of the durable virtual items on a quarterly basis. (b) User-based revenue model The Company tracks paying users’ activeness within each game where the user-based revenue model is used to estimate paying users’ average lifespan. Paying users are defined as inactive when they have reached a period of inactivity for which it is reasonable to believe that these users will not return to a specific game. The Company determines the inactive rate of these paying users and revises the estimated paying users’ average lifespan on a quarterly basis. The Company believes the current revenue recognition provides reasonable depiction of the service transferred patterns to the customers and represents the best estimation of the time period the customers are likely to play the respective games. Determining the estimated service period is subjective and requires management's judgment. Future users’ usage patterns and playing behavior may change and differ from the historical usage patterns and playing behavior, and therefore the estimated service period may change accordingly in the future. (ii) E-commerce The Company’s e-commerce business (“Shopee”) charges its sellers on its marketplace a fixed rate commission fee based on gross merchandise value in selected markets. Fees are charged when the transactions are completed and settled. Such commission fees charged are recognized on a net basis. The Company also provides logistic services to end customers. Revenue from logistic services are recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Shopee operates a customer loyalty program, where end users who purchase merchandises and participate in activities through Shopee’s platform are given Shopee coins which entitle them to offset future purchases, participate in activities and redeem vouchers through Shopee’s platform. A portion of the revenue attributable to Shopee coins is deferred until they are redeemed, used or expired. The Company charges its sellers advertising fees through its paid ads service on Shopee platform. The paid ads service allows the sellers to bid for keywords that match their product or service listing appearing in search or browser results on Shopee marketplace. Their product or service listing will show higher in search rankings when users search for their bid keywords. Sellers prepay for paid ads services and the advertising income is recognized based on the number of clicks on the product or service listings during the service period. (iii) Digital financial services The Company earns interest and fees from loans granted to customers. Interest and fees earned are recognized over the period of the loan based on the effective interest method. The Company also earns commission from merchants when transactions are completed and settled through its digital financial services platform. Such commission are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commission is recognized in the consolidated statements of operations at the time when the underlying transaction is completed. (iv) Rendering of services The Company also recognizes revenue from other services when the services are rendered. (v) Sales of goods The Company recognizes revenue from sales of goods at the point in time that the customer obtains control of the goods, which generally occurs upon delivery to the customer.
Cost of revenue	(p) Cost of revenue Cost of revenue consists primarily of purchase price of inventories, depreciation expenses, amortization expenses, channel costs, royalty expenses, hosting charges, payroll related costs, bank transaction fees, cost of logistics and the other overhead expenses.
Advertising expenditure	(q) Advertising expenditure Advertising expenditures are expensed as incurred and are included in sales and marketing expenses. As part of the advertising expenditure, sales incentives given to end users as a result of a concurrent sale are recognized as reductions of the corresponding consideration that the Company expects to receive. To the extent the sales incentives exceed the corresponding consideration that the Company expects to receive, the excess will be recorded in sales and marketing expenses.
Research and development expenses	(r) Research and development expenses Research and development expenses consist primarily of payroll and related personnel costs related to product development. Research and development expenses are expensed as incurred, except for qualifying costs relating to the development of software for internal use as described in Note 2(k).
Leases	(s) Leases Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date. Finance lease assets are included in property and equipment, net, and finance lease liabilities are included in accrued expenses and other payables, current and non-current. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, reduced by lease incentives and accrued rent. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components. The Company has elected to account for lease and non-lease components as a single lease component for data center leases only. In addition, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain rent holidays and escalating rent are considered when determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives.
Income taxes	(t) Income taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies ASC 740, Accounting for Income Taxes The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax” in the consolidated statements of operations.
Share-based compensation	(u) Share-based compensation All share-based compensation, including share options, restricted share awards, restricted share units and share appreciation rights under share incentive plan are accounted for under ASC 718, Compensation - Stock Compensation Forfeitures are accounted for as they occur. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of the share options using the Black-Scholes pricing model (Note 15).
Loss per share	(v) Loss per share In accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the convertible notes using the if-converted method and outstanding share based awards, using the treasury stock method, when the impact is dilutive. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive.
Segment reporting	(w) Segment reporting The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Company has three operating and reportable segments: digital entertainment, e-commerce and digital financial services. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting
Employee benefits	(x) Employee benefits (i) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of the jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (ii) Employee leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.
Recent accounting pronouncements	(y) Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity's Own Equity Accounting For Convertible Instruments and Contracts in an Entity's Own Equity The Company will adopt ASU 2020-06 on January 1, 2022 using the modified retrospective method. Upon the adoption, it is expected to reduce the additional paid-in capital and accumulated deficit, and increases the Convertible Notes balances. The adoption of the ASU 2020-06 will also result in the reduction of interest expense in the subsequent years until the Convertible Notes have been settled.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2021
ORGANIZATION [Abstract]
Significant Subsidiaries of Company and its Consolidated Variable Interest Entities	(a) As of December 31, 2021, significant subsidiaries of the Company include the following entities: Entity Date of Incorporation/ Acquisition Place of incorporation Percentage of direct ownership by the Company Principal activities 2020 2021 Garena Online Private Limited ( “ ” May 8, 2009 Singapore 100 100 Game operations and software development Shopee Limited January 16, 2015 Cayman Islands 100 100 Investment holding company Shopee Singapore Private Limited February 5, 2015 Singapore 100 100 Online platform PT Shopee International Indonesia August 5, 2015 Indonesia 100 100 Online platform
Financial Information of VIEs	The following tables represent the financial information of the VIEs whom the Company does not have majority voting interest as of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group: As of December 31, 2020 2021 $ $ ASSETS: Current assets: Cash and cash equivalents 94,502 141,985 Amounts due from intercompanies (1) 44,928 159,349 Others 79,484 69,746 Total current assets 218,914 371,080 Non-current assets: Property and equipment, net 35,453 40,246 Long-term investments 16,080 14,141 Deferred tax assets 47,948 43,961 Others 37,662 23,611 Total non-current assets 137,143 121,959 Total assets 356,057 493,039 LIABILITIES: Current liabilities: Accrued expenses and other payables 91,186 104,186 Deferred revenue 212,377 203,382 Amounts due to intercompanies (1) 70,019 157,251 Others 31,104 20,076 Total current liabilities 404,686 484,895 Non-current liabilities: Deferred revenue 55,200 36,189 Amounts due to intercompanies (1) 15,710 27,596 Others 18,418 7,910 Total non-current liabilities 89,328 71,695 Total liabilities 494,014 556,590 (1) Amounts due from or to intercompanies consist of intercompany receivables or payables to the other companies within the group arising from intercompany transactions, and funds advanced for working capital purpose. Year ended December 31, 2019 2020 2021 $ $ $ Revenue - Third party customers 443,401 562,347 690,383 - Intercompanies 118,833 145,848 195,639 Net (loss) profit (2,108 ) (30,435 ) 22,390 Year ended December 31, 2019 2020 2021 $ $ $ Net cash (used in) generated from operating activities (77,708 ) 134,060 61,875 Net cash used in investing activities (69,181 ) (27,399 ) (14,847 ) Net cash generated from (used in) financing activities 199,406 (13,023 ) 15,030

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Estimated Useful Lives of Assets	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: - Computers 3 to 5 years - Office equipment, furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Transportation assets 4 to 10 years - Warehouse equipment 3 to years - Land use right 15 to 30 years - Building 15 to 20 years
Estimated Useful Lives of Finite Lived Intangible Assets	Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: - Licensing fee Over the shorter of licensing period or the estimated useful lives of the intangible assets - IP right 1 to 6 years - Trademarks 7 to 10 years - Technology 6 years - Software 3 to 6 years - Customer relationships 3 to 8 years

GOODWILL AND ACQUISITIONS (Tabl

GOODWILL AND ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND ACQUISITIONS [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows: As of December 31, 2020 2021 $ $ At the beginning of the financial year 30,952 216,278 Acquisition 200,573 327,026 Disposals (15,247 ) – Foreign currency translation – (3,680 ) At the end of the financial year 216,278 539,624
Allocation of Purchase Price	The allocation of the purchase price as of the date of acquisition is summarized as follows: $ Cash and cash equivalent 53,757 Others 6,383 Total assets acquired 60,140 Income tax payable (25,682 ) Others (4,763 ) Total liabilities assumed (30,445 ) Net assets acquired 29,695 Fulfilled by: Share consideration (1) 270,733 Cash consideration 85,988 Goodwill 327,026 (1) Measured based on the fair value of the Company’s ordinary shares on the date of acquisition.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts Receivable, Net [Abstract]
Accounts Receivable and Allowance for Doubtful Accounts	Accounts receivable and allowance for credit losses consist of the following: As of December 31, 2020 $ 2021 $ Accounts receivable 370,977 394,080 Allowance for credit losses (7,978 ) (5,772 ) 362,999 388,308
Analysis of Allowances for Doubtful Accounts	An analysis of the allowance for credit losses is as follows: $ Balance as of January 1, 2019 2,400 Provision for credit losses 3,256 Write-off of accounts receivable (1,537 ) Exchange differences (36 ) Balance as of December 31, 2019 4,083 Provision for credit losses 5,155 Write-off of accounts receivable (1,415 ) Exchange differences 155 Balance as of December 31, 2020 7,978 Provision for credit losses (975 ) Write-off of accounts receivable (998 ) Exchange differences (233 ) Balance as of December 31, 2021 5,772

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS [Abstract]
Prepaid Expenses and Other Assets	As of December 31, 2020 $ 2021 $ Current: Deferred channel costs 441,873 517,545 Other receivables 459,478 570,176 Prepaid cost of revenue, sales and marketing expense and others 69,658 120,753 Security deposits 7,008 18,725 Tax receivable 53,962 145,401 Others 22,250 29,263 1,054,229 1,401,863 Non-current: Deferred channel costs 65,446 14,367 Other receivables 1,421 3,303 Prepayment of intangible asset 6,642 10,517 Prepayment for purchase of property and equipment (including renovation-in-progress) 91,788 33,539 Security deposits 33,476 48,770 Others 6,031 14,025 204,804 124,521

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
LOANS RECEIVABLE, NET [Abstract]
Loan Portfolios	The following table presents the loans receivable by each of the category: As of December 31, 2020 $ 2021 $ Commercial 183,710 107,357 Consumer 259,860 1,520,237 443,570 1,627,594 Allowance for credit losses (40,484 ) (97,676 ) 403,086 1,529,918
Summary of Delinquency Status of Loans Receivable by Year of Origination	The following table is a summary of the delinquency status of the loans receivable by year of origination: As of December 31, 2020 Year of origination Commercial 2020 $ 2019 $ 2018 $ 2017 $ 2016 $ Prior $ Total $ Delinquency: Current 121,586 22,746 11,949 11,354 2,554 361 170,550 Past due - 1 to 30 days 4,188 358 243 263 11 1 5,064 - 31 to 60 days 2,420 399 112 77 39 2 3,049 - 61 to 90 days 1,363 – 250 175 12 – 1,800 - More than 90 days 2,024 356 429 144 96 198 3,247 131,581 23,859 12,983 12,013 2,712 562 183,710 Consumer Delinquency: Current 208,380 16,812 12,792 7,554 1,883 60 247,481 Past due - 1 to 30 days 2,609 638 896 140 62 – 4,345 - 31 to 60 days 986 1,019 1,890 759 179 – 4,833 - 61 to 90 days 901 206 237 74 40 – 1,458 - More than 90 days 1,088 261 111 47 69 167 1,743 213,964 18,936 15,926 8,574 2,233 227 259,860 As of December 31, 2021 Year of origination Commercial 2021 $ 2020 $ 2019 $ 2018 $ 2017 $ Prior $ Total $ Delinquency: Current 18,642 66,088 10,332 3,744 1,985 1,127 101,918 Past due - 1 to 30 days 11 143 277 102 96 – 629 - 31 to 60 days 36 1,187 2 – 73 – 1,298 - 61 to 90 days 11 215 155 38 11 – 430 - More than 90 days 71 616 1,685 627 38 45 3,082 18,771 68,249 12,451 4,511 2,203 1,172 107,357 Consumer Delinquency: Current 1,414,709 1,091 6,501 4,551 2,098 96 1,429,046 Past due - 1 to 30 days 28,758 418 263 265 76 32 29,812 - 31 to 60 days 17,632 105 1,017 1,290 475 85 20,604 - 61 to 90 days 11,956 38 183 100 8 1 12,286 - More than 90 days 27,008 1,158 58 122 88 55 28,489 1,500,063 2,810 8,022 6,328 2,745 269 1,520,237
Loans Receivable's Allowance for Credit Losses	An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows: Commercial $ Consumer $ Total $ Balance as of January 1, 2019 and December 31, 2019 – – – Acquisition of subsidiaries 17,056 9,354 26,410 Provision for credit losses 26,063 25,005 51,068 Write-off of loans receivable (14,801 ) (22,575 ) (37,376 ) Exchange differences 6 376 382 Balance as of December 31, 2020 28,324 12,160 40,484 Provision for credit losses 7,343 107,722 115,065 Write-off of loans receivable (27,311 ) (29,497 ) (56,808 ) Exchange differences (657 ) (408 ) (1,065 ) Balance as of December 31,2021 7,699 89,977 97,676

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENTS [Abstract]
Short-term and Long-term Investments	The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company: As of December 31, 2020 2021 $ $ Short-term investments Debt securities: Held to maturity 28,330 869,931 Available-for-sale 21,769 28,166 Equity securities 76,000 13,184 126,099 911,281 Long-term investments Debt securities: Held to maturity 68,854 66,071 Available-for-sale 5,276 192,139 Equity securities 21,419 463,934 Equity method investments 94,933 152,419 Investments carried at fair value – 178,298 190,482 1,052,861
Debt Securities and Investments Carried at Fair Value	The following table summarizes the cost or amortized cost, gross unrecognized gains and losses, gross unrealized gains and losses, and fair value of the Company’s debt securities and investments carried at fair value as of December 31, 2020 and 2021: As of December 31, 2020 Cost or Amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held to maturity 28,330 – (1 ) – – 28,329 Available-for-sale 20,859 – – 910 – 21,769 Long-term investments Debt securities: Held to maturity 68,854 3,197 (23 ) – – 72,028 Available-for-sale 5,174 – – 102 – 5,276 123,217 3,197 (24 ) 1,012 – 127,402 As of December 31, 2021 Cost or Amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held to maturity 869,931 26 (10 ) – – 869,947 Available-for-sale 28,190 – – 40 (64 ) 28,166 Long-term investments Debt securities: Held to maturity 66,071 2,354 (181 ) – – 68,244 Available-for-sale 192,257 – – 1,287 (1,405 ) 192,139 Investments carried at fair value 151,227 – – 27,071 – 178,298 1,307,676 2,380 (191 ) 28,398 (1,469 ) 1,336,794

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET [Abstract]
Property and Equipment, Net	As of December 31, 2020 $ 2021 $ Computers 522,108 883,249 Office equipment, furniture and fittings 31,613 43,060 Leasehold improvements 162,032 252,778 Transportation assets 6,184 208,701 Warehouse equipment 7,296 20,796 Land 22,708 196,421 Building 2,093 1,956 Construction-in-progress 973 22,952 755,007 1,629,913 Less: accumulated depreciation (368,606 ) (599,950 ) 386,401 1,029,963
Depreciation Expenses	Depreciation expenses recognized for each of the years ended December 31, 2019, 2020 and 2021 were included in the following captions: Year ended December 31, 2019 $ 2020 $ 2021 $ Cost of revenue 80,245 118,691 180,140 Sales and marketing expenses 3,200 4,965 7,960 General and administrative expenses 31,282 41,384 64,187 Research and development expenses 2,056 4,027 8,395 116,783 169,067 260,682

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES [Abstract]
Information Pertaining to Lease	Information pertaining to lease amounts recognized in our consolidated financial statements is summarized as follows: Year ended December 31, 2020 $ 2021 $ Operating lease cost: Operating lease cost 73,273 138,766 Short-term lease cost 6,451 14,831 79,724 153,597
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information Operating cash flows from operating leases 72,756 128,751 Right-of-use obtained in exchange for new operating lease liabilities 95,020 520,354
Weighted-Average Remaining Lease Term	Weighted-average remaining lease term (years) Operating leases 3.91 4.99
Maturities of Lease Liabilities	Operating leases As of December 31, 2021: $ Maturities of lease liabilities 2022 193,322 2023 190,814 2024 140,918 2025 112,416 2026 78,516 Thereafter 106,341 Total lease payments 822,327 Less: Imputed interest (144,520 ) Present value of lease liabilities 677,807

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS, NET [Abstract]
Intangible Assets	As of December 31, 2020 $ 2021 $ Licensing fee 36,914 36,654 IP right 41,602 45,918 Trademarks 10,679 10,679 Technology 15,200 15,200 Software, including internal use software under development 6,512 30,202 Others 5,568 5,269 Total intangible assets, gross 116,475 143,922 Accumulated amortization: Licensing fee (32,968 ) (33,704 ) IP right (32,460 ) (39,357 ) Trademarks (3,738 ) (4,806 ) Technology (2,322 ) (4,856 ) Software (3,982 ) (7,060 ) Others (1,232 ) (1,622 ) Total accumulated amortization (76,702 ) (91,405 ) Total intangible assets, net 39,773 52,517
Estimated Aggregate Amortization Expenses	The estimated aggregate amortization expenses of intangible assets, excluding internal use software under development, for each of the five succeeding fiscal years and thereafter are as follows: $ 2022 14,356 2023 10,409 2024 7,149 2025 5,072 2026 1,858 Thereafter 1,162 40,006

ACCRUED EXPENSES AND OTHER PA_2

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER PAYABLES [Abstract]
Components of Accrued Expenses and Other Payables	The components of accrued expenses and other payables are as follows: As of December 31, 2020 $ 2021 $ Current: Accrued cost of revenue and sales and marketing expenses 598,133 810,010 Accrued interest for convertible notes 3,203 4,540 Accrued office-related operating expenses 2,506 6,509 Business and other taxes payables 52,568 118,237 Other payables 60,911 177,293 Escrow payables 1,028,542 1,545,399 Accrued payroll and welfare expenses 156,725 277,774 Payables and accruals for purchases of property and equipment 14,889 56,874 Deposits payable 75,012 465,850 Finance lease liabilities 52 1,516 Others 40,920 67,185 2,033,461 3,531,187 Non-current: Finance lease liabilities 85 7,022 Others 36,074 69,212 36,159 76,234

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2021
CONVERTIBLE NOTES [Abstract]
Convertible Debts	As of December 31, 2020 $ 2021 $ 2023 Convertible Notes 41,263 28,207 2024 Convertible Notes 916,560 131,528 2025 Convertible Notes 882,583 928,683 2026 Convertible Notes – 2,387,290 1,840,406 3,475,708
Issuance of Convertible Notes and Terms	The Company issued the following convertible notes and the terms are as follow: 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Issuance date June 18, 2018 November 18, 2019 May 22, 2020 September 14, 2021 Maturity date July 1, 2023 December 1, 2024 December 1, 2025 September 15, 2026 Principal amount $575,000 $1,150,000 $ $2,875,000 Interest rate 2.25% 1.00% 2.375% 0.25% Initial conversion rate 50.5165 American Depositary Shares (“ADSs”) per $1 principal amount, equivalent to $19.80 per ADS 19.9475 ADSs per $1 principal amount, equivalent to $50.13 per ADS 11.0549 ADSs per $ to $90.46 per ADS 2.0964 ADSs per $1 principal amount, equivalent to $477.01 per ADS Agreed conversion date January 1, 2023 June 1, 2024 September 1, 2025 June 15, 2026
Convertible Notes With Cash Conversion Option	The Convertible Notes were accounted for under ASC 470-20 Cash Conversion Subsections as follow: 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Liability component $ 410,926 $ 897,918 $ 856,635 $ 2,359,492 Effective interest rate 9.38 % 6.03 % 8.21 % 4.27 % Equity component $ 152,714 $ 240,582 $ 284,727 $ 486,758 Debt issuance cost, allocated in proportion to the allocation of proceeds $ 11,360 $ 11,500 $ 8,638 $ 28,750
Carrying Amount of the Liability Components	The liability component was measured at fair value and subsequently amortized to its redemption amount using the effective interest method. The residual value was allocated to the equity component, classified within and not subsequently remeasured. As of December 31, 2020 As of December 31, 2021 2023 Convertible Notes $ 2024 Convertible Notes $ 2025 Convertible Notes $ Total $ 2023 Convertible Notes $ 2024 Convertible Notes $ 2025 Convertible Notes $ 2026 Convertible Notes $ Total $ Principal 49,000 1,112,320 1,149,500 2,310,820 31,305 152,048 1,149,500 2,875,000 4,207,853 Less: unamortized issuance cost and debt discount (7,737 ) (195,760 ) (266,917 ) (470,414 ) (3,098 ) (20,520 ) (220,817 ) (487,710 ) (732,145 ) Net carrying amount 41,263 916,560 882,583 1,840,406 28,207 131,528 928,683 2,387,290 3,475,708
Capped Calls	In connection with the offering of 2024 Convertible Notes and 2025 Convertible Notes, the Company entered into separately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The details of the Capped Calls are as follows: 2024 Convertible Notes 2025 Convertible Notes Initial strike price per share $ 50.13 $ 90.46 Initial cap price per share $ 70.36 $ 136.54

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE BASED COMPENSATION [Abstract]
Employee Share Option Activity	The following table summarizes the Company’s share option activity under the Plan: Number of Weighted Weighted Aggregate $ Years $ Outstanding, January 1, 2019 35,706,882 12.54 Granted 15,327,884 15.00 Exercised (3,736,976 ) 5.58 Forfeited (109,236 ) 14.24 Outstanding, December 31, 2019 47,188,554 13.89 8.18 1,242,496 Vested and expected to vest at December 31, 2019 47,188,554 13.89 Exercisable as of December 31, 2019 19,664,736 12.35 7.35 548,035 Outstanding, January 1, 2020 47,188,554 13.89 Granted 5,809,024 18.59 Exercised (5,486,180 ) 11.29 Forfeited (45,678 ) 14.09 Outstanding, December 31, 2020 47,465,720 14.76 7.57 8,747,373 Vested and expected to vest at December 31, 2020 47,465,720 14.76 Exercisable as of December 31, 2020 25,298,368 13.73 7.03 4,688,260 Outstanding, January 1, 2021 47,465,720 14.76 Granted 4,162,121 269.09 Exercised (5,405,228 ) 14.44 Forfeited – Outstanding, December 31, 2021 46,222,613 37.70 6.89 8,822,987 Vested and expected to vest at December 31, 2021 46,222,613 37.70 Exercisable as of December 31, 2021 30,707,210 14.13 6.32 6,435,641
Assumptions Used for Estimated Fair Value of Options	The Company calculated the estimated fair value of the options on the respective grant dates using the Black-Scholes option pricing model with the following assumptions. Granted in 2019 Granted in 2020 Granted in 2021 Risk-free interest rates 2.34% – 2.68% 0.39% – 1.66% 0.74% – 1.07% Expected term 5.5 – 8.5 years 5.5 – 7.5 years 5.6 – 7.5 years Expected volatility 33.0% – 35.0% 32.4% – 33.7% 32.1% – 33.0% Expected dividend yield – – – Fair value of share options $4.58 – $13.59 $13.81 – $50.58 $71.70 – $84.14
RSAs/RSUs Activity	The following table summarizes the Company’s RSAs/RSUs activity under the Plan: Number of Weighted Weighted Aggregate $ Years $ Unvested, January 1, 2019 4,754,972 12.34 9.17 53,826 Granted 6,249,313 20.50 Vested (2,131,415 ) 13.67 Forfeited (791,433 ) 15.22 Unvested, December 31, 2019 2020 8,081,437 18.02 8.93 325,035 Granted 5,034,735 72.37 Vested (3,332,063 ) 19.25 Forfeited (442,181 ) 28.74 Unvested, December 31, 2020 2021 9,341,928 46.36 8.64 1,859,511 Granted 3,551,491 258.97 Vested (4,127,006 ) 40.59 Forfeited (637,193 ) 102.92 Unvested, December 31, 2021 8,129,220 137.76 8.47 1,818,588
Total Compensation Expense of RSAs, RSUs and SARs Granted to Employees	Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 2020 2021 $ $ $ Share options: Cost of revenue 244 130 390 Sales and marketing expenses 156 69 5 General and administrative expenses 71,787 179,544 207,204 Research and development expenses 567 401 33 72,754 180,144 207,632 Cash received for the exercise in the respective years 20,867 61,949 77,639 RSAs/ RSUs: Cost of revenue 1,714 4,385 8,318 Sales and marketing expenses 3,017 10,100 23,350 General and administrative expenses 26,761 37,433 67,421 Research and development expenses 11,429 45,820 148,592 42,921 97,738 247,681 SARs: Cost of revenue 319 2,867 3,389 Sales and marketing expenses 749 5,462 6,850 General and administrative expenses 313 3,534 3,658 Research and development expenses 13 501 1,114 1,394 12,364 15,011

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component, net of tax of nil, are as follows: Unrealized fair value gain (loss) on available- for-sale investments Foreign currency translation Total $ $ $ Balance as of January 1, 2019 18,269 (3,070 ) 15,199 Current year other comprehensive (loss) income (12,869 ) 3,119 (9,750 ) Balance as of December 31, 2019 5,400 49 5,449 Current year other comprehensive (loss) income (4,419 ) 3,603 (816 ) Transactions with non-controlling interest – 48 48 Balance as of December 31, 2020 981 3,700 4,681 Current year other comprehensive loss (1,278 ) (32,263 ) (33,541 ) Transactions with non-controlling interest – 341 341 Balance as of December 31, 2021 (297 ) (28,222 ) (28,519 )

RESTRICTED NET ASSETS (Tables)

RESTRICTED NET ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
RESTRICTED NET ASSETS [Abstract]
Movement of Statutory Reserve	The movement of statutory reserve during the years ended December 31, are as follows: As of December 31, 2020 $ 2021 $ At the beginning of the financial year 46 2,363 Transferred from retained earnings 2,317 3,781 At the end of the financial year 2,363 6,144

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2021
TAXATION [Abstract]
Income Tax Expense	Income tax expense comprises: Year ended December 31, 2019 $ 2020 $ 2021 $ Current income tax 56,296 117,649 289,998 Deferred tax (4,333 ) (27,451 ) (975 ) Withholding tax expense 33,901 51,442 43,842 85,864 141,640 332,865
Reconciliation of Income Tax at Statutory Corporate Income Tax Rate	The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s corporate office for the years ended December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 $ 2020 $ 2021 $ Loss before income tax and share of results of equity investees (1,368,619 ) (1,483,238 ) (1,715,184 ) Tax expense computed at tax rate of 17 (232,665 ) (252,150 ) (291,581 ) Changes in valuation allowance 265,776 403,329 828,141 Non-deductible expenses 4,207 9,554 19,569 Effect of concessionary tax rate and tax reliefs (42,404 ) (82,951 ) (183,962 ) Withholding tax expense 33,901 51,442 43,842 Foreign earnings at different tax rates 60,721 15,103 (82,388 ) Others (3,672 ) (2,687 ) (756 ) 85,864 141,640 332,865
Significant Components of Deferred Taxes	The significant components of deferred taxes are as follows: As of December 31, 2020 $ 2021 $ Deferred tax assets: Property and equipment 2,904 3,290 Deferred revenue 141,356 145,003 Unutilized tax losses and unused capital allowances 960,998 1,690,773 Provision and accrued expenses 21,170 28,807 Allowance for credit losses 6,346 13,012 Others 3,137 7,811 Valuation allowance (1,016,676 ) (1,768,957 ) Total deferred tax assets 119,235 119,739 Deferred tax liabilities: Property and equipment (2,001 ) (6,949 ) Intangible assets (433 ) (1,174 ) Deferred channel costs (13,750 ) (13,783 ) Others (4,673 ) (1,070 ) Total deferred tax liabilities (20,857 ) (22,976 ) Net deferred tax assets 98,378 96,763

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
LOSS PER SHARE [Abstract]
Basic and Diluted Loss per Share	Basic and diluted loss per share for each of the periods presented is calculated as follows: Year ended December 31, 2019 $ 2020 $ 2021 $ Numerator: Net loss attributable to ordinary shareholders (1,462,799 ) (1,618,056 ) (2,046,759 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 436,601,801 477,264,888 532,705,796 Basic and diluted loss per share: (3.35 ) (3.39 ) (3.84 )
Potential Common Shares were Excluded from Calculation of Diluted Net Loss Per Share	The following potential common shares were excluded from calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Year ended December 31, 2019 2020 2021 Share options 52,188,554 50,090,731 46,225,613 RSAs/RSUs 8,081,437 9,341,928 8,129,220 Convertible notes 52,718,141 37,370,919 23,349,154 112,988,132 96,803,578 77,703,987

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
Related Party Transactions and Balances	(a) Related parties (1) Name of related parties Relationship with the Company Tencent Limited and its affiliates (“Tencent”) A shareholder of the Company (1) These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2019, 2020 and 2021. (b) The Company had the following significant related party transactions for the years ended December 31, 2019, 2020 and 2021: Year ended December 31, 2019 $ 2020 $ 2021 $ Royalty fee and license fee to: - Tencent 122,234 110,686 139,930 Services provided by: - Tencent 19,005 23,352 24,981 Conversion of convertible notes (principal amount) by: - Tencent 100,000 – – (c) The Company had the following significant related party balances for the years ended December 31, 2020 and 2021: As of December 31, 2020 $ 2021 $ Amounts due to related parties: - Tencent 38,416 73,244

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING [Abstract]
Information about Segments	Information about segments for the years ended December 31, 2019, 2020 and 2021 presented were as follows: Year ended December 31, 2019 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 1,136,017 834,295 9,223 195,843 – 2,175,378 Operating income (loss) 529,524 (1,131,771 ) (116,309 ) (39,864 ) (132,812 ) (891,232 ) Non-operating loss, net (477,387 ) Income tax expense (85,864 ) Share of results of equity investees (3,239 ) Net loss (1,457,722 ) Year ended December 31, 2020 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 2,015,972 2,167,149 60,785 131,758 – 4,375,664 Operating income (loss) 1,016,793 (1,442,593 ) (520,075 ) (49,006 ) (308,444 ) (1,303,325 ) Non-operating loss, net (179,913 ) Income tax expense (141,640 ) Share of results of equity investees 721 Net loss (1,624,157 ) Year ended December 31, 2021 Digital Entertainment $ E-Commerce $ Digital Financial $ Other Services $ Unallocated (1) $ Consolidated $ Revenue 4,320,013 5,122,959 469,774 42,444 – 9,955,190 Operating income (loss) 2,500,081 (2,766,566 ) (640,422 ) (177,633 ) (498,520 ) (1,583,060 ) Non-operating loss, net (132,124 ) Income tax expense (332,865 ) Share of results of equity investees 5,019 Net loss (2,043,030 ) (1) Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance.
Revenue from External Customers Based on Geographical Locations	Revenue from external customers is classified based on the geographical locations where the services were provided. Year Ended December 31, 2019 $ 2020 $ 2021 $ Revenue Southeast Asia 1,378,141 2,791,894 6,316,782 Latin America 282,618 790,308 1,850,861 Rest of Asia 489,291 655,007 1,394,342 Rest of the world 25,328 138,455 393,205 Consolidated revenue 2,175,378 4,375,664 9,955,190
Long-Lived Assets	Long-lived assets consist of property and equipment, operating lease right-of-use assets and intangible assets. As of December 31, 2020 $ 2021 $ Long-lived assets Southeast Asia 509,922 1,412,748 Rest of Asia 128,285 262,978 Rest of the world 22,522 56,434 660,729 1,732,160

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS [Abstract]
Fair Values of Assets and Liabilities	Assets and liabilities measured or reported at fair value on a recurring basis are summarized below: Fair value measurement as of December 31, 2020 Quoted prices in active markets for identical assets (Level 1) $ Significant other observable inputs (Level 2) $ Unobservable inputs (Level 3) $ Total $ Held to maturity investments 100,071 – 286 100,357 Available-for-sale investments 5,688 – 21,357 27,045 Equity securities 76,000 – – 76,000 Other assets – – 19,024 19,024 Share appreciation rights (11,640 ) – – (11,640 ) 170,119 – 40,667 210,786 Fair value measurement as of December 31, 2021 Quoted prices in active markets for identical assets (Level 1) $ Significant other observable inputs (Level 2) $ Unobservable inputs (Level 3) $ Total $ Held to maturity investments 937,741 – 450 938,191 Available-for-sale investments 185,929 – 34,376 220,305 Equity securities 13,184 – – 13,184 Investments carried at fair value – – 178,298 178,298 Other assets – – 11,711 11,711 Derivative assets (1) – 694 – 694 Share appreciation rights (15,401 ) – – (15,401 ) 1,121,453 694 224,835 1,346,982 (1) Included in accrued expenses and other assets in the consolidated balance sheets and not designated as hedges.
Reconciliations of Assets and Liabilities Categorized within Level 3	Reconciliations of assets and liabilities categorized within Level 3 under the fair value hierarchy are as follow: $ Available-for-sale investments Balance as of January 1, 2019 70,374 Addition 72,000 Net investment loss included in earnings (1,087 ) Net unrealized loss included in other comprehensive income (12,869 ) Balance as of December 31, 2019 128,418 Addition 20,429 Conversion into ordinary shares of investees (72,000 ) Net investment loss included in earnings (51,000 ) Net unrealized loss included in other comprehensive income (4,490 ) Balance as of December 31, 2020 21,357 Addition 35,298 Conversion into ordinary shares of investee (21,340 ) Net unrealized loss included in other comprehensive income (958 ) Translation gain included in other comprehensive income 19 Balance as of December 31, 2021 34,376 Investments carried at fair value Balance as of January 1, 2019, January 1, 2020 and December 31, 2020 – Addition 151,227 Net investment gain included in earnings 27,071 Balance as of December 31, 2021 178,298 Other assets Balance as of January 1, 2019 and January 1, 2020 – Acquisition of subsidiaries 8,860 Additions 13,340 Disposals (363 ) Write-down included in earnings (3,713 ) Foreign exchange gain included in earnings 900 Balance as of December 31, 2020 19,024 Additions 186 Disposals (3,513 ) Write-down included in earnings (3,627 ) Foreign exchange loss included in earnings (359 ) Balance as of December 31, 2021 11,711

ORGANIZATION, Summary of Signif

ORGANIZATION, Summary of Significant Subsidiaries of Company and its Consolidated Variable Interest Entities (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Place of incorporation	E9
Garena Online Private Limited ("Garena Online") [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	May 8, 2009
Place of incorporation	U0
Percentage of direct ownership by the company	100.00%	100.00%
Principal activities	Game operations and software development
Shopee Limited [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Jan. 16, 2015
Place of incorporation	E9
Percentage of direct ownership by the company	100.00%	100.00%
Principal activities	Investment holding company
Shopee Singapore Private Limited [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Feb. 5, 2015
Place of incorporation	U0
Percentage of direct ownership by the company	100.00%	100.00%
Principal activities	Online platform
PT Shopee International Indonesia [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Aug. 5, 2015
Place of incorporation	K8
Percentage of direct ownership by the company	100.00%	100.00%
Principal activities	Online platform

ORGANIZATION, Summary of Financ

ORGANIZATION, Summary of Financial Information of VIEs Before Eliminating Intercompany Balances and Transactions Between VIEs and Other Entities within Group (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets [Abstract]
Cash and cash equivalents		$ 9,247,762	$ 6,166,880
Total current assets		15,135,397	8,939,004
Non-current assets [Abstract]
Property and equipment, net		1,029,963	386,401
Long-term investments		1,052,861	190,482
Deferred tax assets		103,755	99,904
Total non-current assets		3,620,628	1,516,667
Total assets		18,756,025	10,455,671
Current liabilities [Abstract]
Accrued expenses and other payables		3,531,187	2,033,461
Deferred revenue		2,644,463	2,150,165
Total current liabilities		7,176,436	4,636,067
Non-current liabilities [Abstract]
Deferred revenue		104,826	343,297
Total non-current liabilities		4,155,180	2,399,365
Total liabilities		11,331,616	7,035,432
Revenue [Abstract]
Revenue		9,955,190	4,375,664	$ 2,175,378
Net (loss) profit		(2,043,030)	(1,624,157)	(1,457,722)
VIEs [Member]
Current assets [Abstract]
Cash and cash equivalents		141,985	94,502
Amounts due from intercompanies	[1]	159,349	44,928
Others		69,746	79,484
Total current assets		371,080	218,914
Non-current assets [Abstract]
Property and equipment, net		40,246	35,453
Long-term investments		14,141	16,080
Deferred tax assets		43,961	47,948
Others		23,611	37,662
Total non-current assets		121,959	137,143
Total assets		493,039	356,057
Current liabilities [Abstract]
Accrued expenses and other payables		104,186	91,186
Deferred revenue		203,382	212,377
Amounts due to intercompanies	[1]	157,251	70,019
Others		20,076	31,104
Total current liabilities		484,895	404,686
Non-current liabilities [Abstract]
Deferred revenue		36,189	55,200
Amounts due to intercompanies	[1]	27,596	15,710
Others		7,910	18,418
Total non-current liabilities		71,695	89,328
Total liabilities		556,590	494,014
Revenue [Abstract]
Net (loss) profit		22,390	(30,435)	(2,108)
Net cash (used in) generated from operating activities		61,875	134,060	(77,708)
Net cash used in investing activities		(14,847)	(27,399)	(69,181)
Net cash generated from (used in) financing activities		15,030	(13,023)	199,406
VIEs [Member] | Third Party Customers [Member]
Revenue [Abstract]
Revenue		690,383	562,347	443,401
VIEs [Member] | Intercompanies [Member]
Revenue [Abstract]
Revenue		$ 195,639	$ 145,848	$ 118,833
[1]	Amounts due from or to intercompanies consist of intercompany receivables or payables to the other companies within the group arising from intercompany transactions, and funds advanced for working capital purpose.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computers [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	3 years
Computers [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	5 years
Office Equipment, Furniture and Fittings [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	3 years
Leasehold Improvements [Member]
Property and equipment [Abstract]
Property and equipment, useful lives description	Over the shorter of lease term or the estimated useful lives of the assets
Transportation Assets [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	4 years
Transportation Assets [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	10 years
Warehouse Equipment [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	3 years
Warehouse Equipment [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	8 years
Land Use Right [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	15 years
Land Use Right [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	30 years
Building [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	15 years
Building [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	20 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill and Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
Goodwill impairment	$ 0	$ 0
Licensing Fee [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives description	Over the shorter of licensing period or the estimated useful lives of the intangible assets
IP Right [Member] | Minimum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	1 year
IP Right [Member] | Maximum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	6 years
Trademarks [Member] | Minimum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	7 years
Trademarks [Member] | Maximum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	10 years
Technology [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	6 years
Software [Member] | Minimum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	3 years
Software [Member] | Maximum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	6 years
Customer Relationships [Member] | Minimum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	3 years
Customer Relationships [Member] | Maximum [Member]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	8 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investments, Revenue recognition and segment reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investments [Abstract]
Impairment loss on available-for-sale security		$ 51,000
Impairment loss on available-for-sale security			$ 1,087
Impairment loss on equity security		6,845
Impairment loss on investment in equity investees		3,393	$ 68
Revenue recognition [Abstract]
Deferred revenue recognized	$ 2,296,486	$ 998,956
Segment reporting [Abstract]
Number of operating segments | Segment	3
Number of reportable segments | Segment	3
Minimum [Member]
Investments [Abstract]
Equity interest percentage	5.00%

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)DeveloperCustomerChannel	Dec. 31, 2020DeveloperCustomer	Dec. 31, 2019CustomerDeveloper
Concentration of risk [Abstract]
Number of third-party game developers | Developer	0	0	0
Number of major customers | Customer	0	0	0
Number of distribution channels | Channel	1
Minimum amount of single remittance may not be processed without approval	$ 1
Minimum amount of annual aggregate remittance may not be processed without approval	$ 50
Minimum [Member]
Concentration of risk [Abstract]
Term of game license agreements	2 years
Maximum [Member]
Concentration of risk [Abstract]
Term of game license agreements	7 years
Sales Revenue [Member] | Customer Concentration Risk [Member] | Distribution Channel Risk [Member]
Concentration of risk [Abstract]
Concentration of risks	19.00%	22.00%	21.00%

GOODWILL AND ACQUISITIONS, Chan

GOODWILL AND ACQUISITIONS, Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
At the beginning of the financial year	$ 216,278	$ 30,952
Acquisition	327,026	200,573
Disposals	0	(15,247)
Foreign currency translation	(3,680)	0
At the end of the financial year	$ 539,624	$ 216,278

GOODWILL AND ACQUISITIONS, Allo

GOODWILL AND ACQUISITIONS, Allocation of Purchase Price (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)Company	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Acquisitions [Abstract]
Number of companies acquired | Company		5
Aggregate business consideration		$ 356,721
Fulfilled by [Abstract]
Goodwill		539,624	$ 216,278	$ 30,952
Acquisitions [Member]
Allocation of purchase price [Abstract]
Cash and cash equivalent		53,757
Others		6,383
Total assets acquired		60,140
Income tax payable		(25,682)
Others		(4,763)
Total liabilities assumed		(30,445)
Net assets acquired		29,695
Fulfilled by [Abstract]
Share consideration	[1]	270,733
Cash consideration		85,988
Goodwill		$ 327,026
[1]	Measured based on the fair value of the Company’s ordinary shares on the date of acquisition.

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable and Allowance for Doubtful Accounts [Abstract]
Accounts receivable	$ 394,080	$ 370,977
Allowance for credit losses	(5,772)	(7,978)	$ (4,083)
Accounts receivables, net	388,308	362,999
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance as of the beginning of the year	7,978	4,083	2,400
Provision for credit losses	(975)	5,155	3,256
Write-off of accounts receivable	(998)	(1,415)	(1,537)
Exchange differences	(233)	155	(36)
Balance as of the end of the year	$ 5,772	$ 7,978	$ 4,083

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current [Abstract]
Deferred channel costs	$ 517,545	$ 441,873
Other receivables	570,176	459,478
Prepaid cost of revenue, sales and marketing expense and others	120,753	69,658
Security deposits	18,725	7,008
Tax receivable	145,401	53,962
Others	29,263	22,250
Total Current	1,401,863	1,054,229
Non-current [Abstract]
Deferred channel costs	14,367	65,446
Other receivables	3,303	1,421
Prepayment of intangible asset	10,517	6,642
Prepayment for purchase of property and equipment (including renovation-in-progress)	33,539	91,788
Security deposits	48,770	33,476
Others	14,025	6,031
Total Non-current	$ 124,521	$ 204,804

LOANS RECEIVABLE, NET, Loan Por

LOANS RECEIVABLE, NET, Loan Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loan Portfolio [Abstract]
Loans receivable, gross	$ 1,627,594	$ 443,570
Allowance for credit losses	(97,676)	(40,484)	$ 0
Loans receivable, net	1,529,918	403,086
Commercial [Member]
Loan Portfolio [Abstract]
Loans receivable, gross	107,357	183,710
Allowance for credit losses	(7,699)	(28,324)	0
Consumer [Member]
Loan Portfolio [Abstract]
Loans receivable, gross	1,520,237	259,860
Allowance for credit losses	$ (89,977)	$ (12,160)	$ 0

LOANS RECEIVABLE, NET, Summary

LOANS RECEIVABLE, NET, Summary of Delinquency Status of Loans Receivable by Year of Origination (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Delinquency Status, by Year of Origination [Abstract]
Total	$ 1,627,594	$ 443,570
Commercial [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	18,771	131,581
2020/2019	68,249	23,859
2019/2018	12,451	12,983
2018/2017	4,511	12,013
2017/2016	2,203	2,712
Prior	1,172	562
Total	107,357	183,710
Commercial [Member] | Current [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	18,642	121,586
2020/2019	66,088	22,746
2019/2018	10,332	11,949
2018/2017	3,744	11,354
2017/2016	1,985	2,554
Prior	1,127	361
Total	101,918	170,550
Commercial [Member] | 1 to 30 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	11	4,188
2020/2019	143	358
2019/2018	277	243
2018/2017	102	263
2017/2016	96	11
Prior	0	1
Total	629	5,064
Commercial [Member] | 31 to 60 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	36	2,420
2020/2019	1,187	399
2019/2018	2	112
2018/2017	0	77
2017/2016	73	39
Prior	0	2
Total	1,298	3,049
Commercial [Member] | 61 to 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	11	1,363
2020/2019	215	0
2019/2018	155	250
2018/2017	38	175
2017/2016	11	12
Prior	0	0
Total	430	1,800
Commercial [Member] | More Than 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	71	2,024
2020/2019	616	356
2019/2018	1,685	429
2018/2017	627	144
2017/2016	38	96
Prior	45	198
Total	3,082	3,247
Consumer [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	1,500,063	213,964
2020/2019	2,810	18,936
2019/2018	8,022	15,926
2018/2017	6,328	8,574
2017/2016	2,745	2,233
Prior	269	227
Total	1,520,237	259,860
Consumer [Member] | Current [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	1,414,709	208,380
2020/2019	1,091	16,812
2019/2018	6,501	12,792
2018/2017	4,551	7,554
2017/2016	2,098	1,883
Prior	96	60
Total	1,429,046	247,481
Consumer [Member] | 1 to 30 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	28,758	2,609
2020/2019	418	638
2019/2018	263	896
2018/2017	265	140
2017/2016	76	62
Prior	32	0
Total	29,812	4,345
Consumer [Member] | 31 to 60 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	17,632	986
2020/2019	105	1,019
2019/2018	1,017	1,890
2018/2017	1,290	759
2017/2016	475	179
Prior	85	0
Total	20,604	4,833
Consumer [Member] | 61 to 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	11,956	901
2020/2019	38	206
2019/2018	183	237
2018/2017	100	74
2017/2016	8	40
Prior	1	0
Total	12,286	1,458
Consumer [Member] | More Than 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2021/2020	27,008	1,088
2020/2019	1,158	261
2019/2018	58	111
2018/2017	122	47
2017/2016	88	69
Prior	55	167
Total	$ 28,489	$ 1,743

LOANS RECEIVABLE, NET, Allowanc

LOANS RECEIVABLE, NET, Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 40,484	$ 0
Acquisition of subsidiaries		26,410
Provision for credit losses	115,065	51,068
Write-off of loans receivable	(56,808)	(37,376)
Exchange differences	(1,065)	382
Ending balance	97,676	40,484
Commercial [Member]
Allowance for Credit Loss [Roll Forward]
Beginning balance	28,324	0
Acquisition of subsidiaries		17,056
Provision for credit losses	7,343	26,063
Write-off of loans receivable	(27,311)	(14,801)
Exchange differences	(657)	6
Ending balance	7,699	28,324
Consumer [Member]
Allowance for Credit Loss [Roll Forward]
Beginning balance	12,160	0
Acquisition of subsidiaries		9,354
Provision for credit losses	107,722	25,005
Write-off of loans receivable	(29,497)	(22,575)
Exchange differences	(408)	376
Ending balance	$ 89,977	$ 12,160

INVESTMENTS, Short-term and Lon

INVESTMENTS, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-term Investments [Abstract]
Debt securities, Held to maturity	$ 869,931	$ 28,330
Debt securities, Available-for-sale	28,166	21,769
Equity securities	13,184	76,000
Short-term Investments	911,281	126,099
Long-term Investments [Abstract]
Debt securities, Held to maturity	66,071	68,854
Debt securities, Available-for-sale	192,139	5,276
Equity securities	463,934	21,419
Equity method investments	152,419	94,933
Investments carried at fair value	178,298	0
Long-term Investments	1,052,861	190,482
Marketable securities, unrealized fair value loss	$ 63,434	$ 24,150	$ 0

INVESTMENTS, Debt Securities an

INVESTMENTS, Debt Securities and Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost [Abstract]
Held to maturity, Cost or Amortized cost, current	$ 869,931	$ 28,330
Held to maturity, Cost or Amortized cost, noncurrent	66,071	68,854
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale, Fair value, current	28,166	21,769
Available-for-sale, Fair value, noncurrent	192,139	5,276
Investments, Fair Value Disclosure [Abstract]
Investments carried at fair value	178,298	0
Available For Sale and Held To Maturity Securities Fair Value To Amortized Cost And Investment At Fair Value [Abstract]
Cost or Amortized cost	1,307,676	123,217
Gross unrecognized gains	2,380	3,197
Gross unrecognized losses	(191)	(24)
Gross unrealized gains	28,398	1,012
Gross unrealized losses	(1,469)	0
Fair value	1,336,794	127,402
Short-term Investments [Member]
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost [Abstract]
Held to maturity, Cost or Amortized cost, current	869,931	28,330
Held to maturity, Gross unrecognized gains	26	0
Held to maturity, Gross unrecognized losses	(10)	(1)
Held to maturity, Fair value, current	869,947	28,329
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale, Cost or amortized cost, current	28,190	20,859
Available-for-sale, Gross unrealized gains	40	910
Available-for-sale, Gross unrealized losses	(64)	0
Available-for-sale, Fair value, current	28,166	21,769
Long-term Investments [Member]
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost [Abstract]
Held to maturity, Cost or Amortized cost, noncurrent	66,071	68,854
Held to maturity, Gross unrecognized gains	2,354	3,197
Held to maturity, Gross unrecognized losses	(181)	(23)
Held to maturity, Fair value, noncurrent	68,244	72,028
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale, Cost or amortized cost, noncurrent	192,257	5,174
Available-for-sale, Gross unrealized gains	1,287	102
Available-for-sale, Gross unrealized losses	(1,405)	0
Available-for-sale, Fair value, noncurrent	192,139	$ 5,276
Investments, Fair Value Disclosure [Abstract]
Investments carried at fair value, Cost or Amortized cost	151,227
Investments carried at fair value, Gross unrealized gains	27,071
Investments carried at fair value, Gross unrealized losses	0
Investments carried at fair value	$ 178,298

PROPERTY AND EQUIPMENT, NET - P

PROPERTY AND EQUIPMENT, NET - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 1,629,913	$ 755,007
Less: accumulated depreciation	(599,950)	(368,606)
Property, plant and equipment, net	1,029,963	386,401
Computers [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	883,249	522,108
Office Equipment, Furniture and Fittings [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	43,060	31,613
Leasehold Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	252,778	162,032
Transportation Assets [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	208,701	6,184
Warehouse Equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	20,796	7,296
Land [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	196,421	22,708
Building [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	1,956	2,093
Construction-in-Progress [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 22,952	$ 973

PROPERTY AND EQUIPMENT, NET - D

PROPERTY AND EQUIPMENT, NET - Depreciation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation [Abstract]
Depreciation expense	$ 260,682	$ 169,067	$ 116,783
Impairment loss	0	0	0
Cost of Revenue [Member]
Depreciation [Abstract]
Depreciation expense	180,140	118,691	80,245
Sales and Marketing Expenses [Member]
Depreciation [Abstract]
Depreciation expense	7,960	4,965	3,200
General and Administrative Expenses [Member]
Depreciation [Abstract]
Depreciation expense	64,187	41,384	31,282
Research and Development Expenses [Member]
Depreciation [Abstract]
Depreciation expense	$ 8,395	$ 4,027	$ 2,056

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost [Abstract]
Operating lease cost	$ 138,766	$ 73,273
Short-term lease cost	14,831	6,451
Operating lease cost	153,597	79,724
Supplemental cash flow information [Abstract]
Operating cash flows from operating leases	128,751	72,756
Right-of-use obtained in exchange for new operating lease liabilities	$ 520,354	$ 95,020
Weighted-average remaining lease term (years) [Abstract]
Operating leases	4 years 11 months 26 days	3 years 10 months 28 days
Weighted Average Discount Rate for Operating Leases [Abstract]
Weighted average discount rate for operating leases	7.50%	8.40%
Maturities of Operating Lease Liabilities [Abstract]
2022	$ 193,322
2023	190,814
2024	140,918
2025	112,416
2026	78,516
Thereafter	106,341
Total lease payments	822,327
Less: Imputed interest	(144,520)
Present value of lease liabilities	677,807
Operating lease that has not yet commenced [Abstract]
Contractual payments	$ 803,770	$ 30,404
Maximum [Member]
Lessee Disclosure [Abstract]
Operating lease term	10 years
Operating lease that has not yet commenced [Abstract]
Lease term	12 years	5 years

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	$ 143,922	$ 116,475
Total accumulated amortization	(91,405)	(76,702)
Total intangible assets, net	52,517	39,773
Licensing Fee [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	36,654	36,914
Total accumulated amortization	(33,704)	(32,968)
IP Right [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	45,918	41,602
Total accumulated amortization	(39,357)	(32,460)
Trademarks [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	10,679	10,679
Total accumulated amortization	(4,806)	(3,738)
Technology [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	15,200	15,200
Total accumulated amortization	(4,856)	(2,322)
Software, Including Internal Use Software under Development [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	30,202	6,512
Software [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total accumulated amortization	(7,060)	(3,982)
Others [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	5,269	5,568
Total accumulated amortization	$ (1,622)	$ (1,232)

INTANGIBLE ASSETS, NET - Estima

INTANGIBLE ASSETS, NET - Estimated Aggregate Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 14,356
2023	10,409
2024	7,149
2025	5,072
2026	1,858
Thereafter	1,162
Total	40,006
Impairment loss	0	$ (5,713)	$ 0
Amortization expense related to Intangible Assets	18,350	11,694	4,849
IP Right [Member]
Amortization Expense, Fiscal Year Maturity [Abstract]
Impairment loss	$ 0	$ (5,160)	$ 0

ACCRUED EXPENSES AND OTHER PA_3

ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current [Abstract]
Accrued cost of revenue and sales and marketing expenses	$ 810,010	$ 598,133
Accrued interest for convertible notes	4,540	3,203
Accrued office-related operating expenses	6,509	2,506
Business and other taxes payables	118,237	52,568
Other payables	177,293	60,911
Escrow payables	1,545,399	1,028,542
Accrued payroll and welfare expenses	277,774	156,725
Payables and accruals for purchases of property and equipment	56,874	14,889
Deposits payable	465,850	75,012
Finance lease liabilities	$ 1,516	$ 52
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total Current	Total Current
Others	$ 67,185	$ 40,920
Total Current	3,531,187	2,033,461
Non-current:
Finance lease liabilities	$ 7,022	$ 85
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current	Total non-current
Others	$ 69,212	$ 36,074
Total non-current	$ 76,234	$ 36,159

BANK BORROWINGS (Details)

BANK BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Bank Borrowings [Abstract]
Outstanding borrowings	$ 100,000	$ 0
Revolving Credit Facility [Member]
Bank Borrowings [Abstract]
Line of credit facility borrowing amount	200,000
Outstanding borrowings	100,000
Undrawn revolving credit facilities	$ 100,000
Weighted average interest rate	0.9345%

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Convertible Notes Payables [Abstract]
Convertible notes	$ 3,475,708	$ 1,840,406
2023 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	28,207	41,263
2024 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	131,528	916,560
2025 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	928,683	882,583
2026 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	$ 2,387,290	$ 0

CONVERTIBLE NOTES, 2023, 2024,

CONVERTIBLE NOTES, 2023, 2024, 2025 and 2026 Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Convertible Notes With Cash Conversion Option [Abstract]
Equity component	$ 486,758	$ 284,727	$ 240,582
Carrying Amount of the Liability Components [Abstract]
Principal	4,207,853	2,310,820
Less: unamortized issuance cost and debt discount	(732,145)	(470,414)
Net carrying amount	3,475,708	1,840,406
Recognized total interest expense for coupon interest	36,191	35,527	14,312
Amortization of debt discount	100,141	88,198	33,334
Exchange and conversion of Convertible Notes [Abstract]
Loss on debt extinguishment	$ (2,069)	(24,400)	$ 0
2023 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date	Jun. 18, 2018
Maturity date	Jul. 1, 2023
Principal amount	$ 575,000
Interest rate	2.25%
Initial conversion rate (ADSs per $1 principal amount)	50.5165
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate per ADS (in dollars per share)	$ 19.80
Agreed conversion date	Jan. 1, 2023
Convertible Notes With Cash Conversion Option [Abstract]
Liability component	$ 410,926
Effective interest rate	9.38%
Equity component	$ 152,714
Debt issuance cost, allocated in proportion to the allocation of proceeds	11,360
Carrying Amount of the Liability Components [Abstract]
Principal	31,305	49,000
Less: unamortized issuance cost and debt discount	(3,098)	(7,737)
Net carrying amount	28,207	41,263
Amount of if-converted convertible notes exceeding the principal	$ 322,474	443,710
2024 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date	Nov. 18, 2019
Maturity date	Dec. 1, 2024
Principal amount	$ 1,150,000
Interest rate	1.00%
Initial conversion rate (ADSs per $1 principal amount)	19.9475
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate per ADS (in dollars per share)	$ 50.13
Agreed conversion date	Jun. 1, 2024
Convertible Notes With Cash Conversion Option [Abstract]
Liability component	$ 897,918
Effective interest rate	6.03%
Equity component	$ 240,582
Debt issuance cost, allocated in proportion to the allocation of proceeds	11,500
Carrying Amount of the Liability Components [Abstract]
Principal	152,048	1,112,320
Less: unamortized issuance cost and debt discount	(20,520)	(195,760)
Net carrying amount	131,528	916,560
Amount of if-converted convertible notes exceeding the principal	$ 526,459	3,304,202
2024 Convertible Notes [Member] | Capped Call Transactions [Member]
Capped Call Transactions [Abstract]
Capped calls initial strike price (in dollars per shares)	$ 50.13
Capped calls initial cap price (in dollars per shares)	$ 70.36
2024 Convertible Notes [Member] | Capped Call Transactions [Member] | Class A Ordinary Shares [Member]
Capped Call Transactions [Abstract]
Capped call transaction price	$ 97,060
2025 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date	May 22, 2020
Maturity date	Dec. 1, 2025
Principal amount	$ 1,150,000
Interest rate	2.375%
Initial conversion rate (ADSs per $1 principal amount)	11.0549
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate per ADS (in dollars per share)	$ 90.46
Agreed conversion date	Sep. 1, 2025
Convertible Notes With Cash Conversion Option [Abstract]
Liability component	$ 856,635
Effective interest rate	8.21%
Equity component	$ 284,727
Debt issuance cost, allocated in proportion to the allocation of proceeds	8,638
Carrying Amount of the Liability Components [Abstract]
Principal	1,149,500	1,149,500
Less: unamortized issuance cost and debt discount	(220,817)	(266,917)
Net carrying amount	928,683	882,583
Amount of if-converted convertible notes exceeding the principal	$ 1,693,319	1,379,949
2025 Convertible Notes [Member] | Capped Call Transactions [Member]
Capped Call Transactions [Abstract]
Capped calls initial strike price (in dollars per shares)	$ 90.46
Capped calls initial cap price (in dollars per shares)	$ 136.54
2025 Convertible Notes [Member] | Capped Call Transactions [Member] | Class A Ordinary Shares [Member]
Capped Call Transactions [Abstract]
Capped call transaction price	$ 135,700
2026 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date	Sep. 14, 2021
Maturity date	Sep. 15, 2026
Principal amount	$ 2,875,000
Interest rate	0.25%
Initial conversion rate (ADSs per $1 principal amount)	2.0964
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate per ADS (in dollars per share)	$ 477.01
Agreed conversion date	Jun. 15, 2026
Convertible Notes With Cash Conversion Option [Abstract]
Liability component	$ 2,359,492
Effective interest rate	4.27%
Equity component	$ 486,758
Debt issuance cost, allocated in proportion to the allocation of proceeds	28,750
Carrying Amount of the Liability Components [Abstract]
Principal	2,875,000
Less: unamortized issuance cost and debt discount	(487,710)
Net carrying amount	2,387,290	$ 0
Convertible Notes [Member]
Exchange and conversion of Convertible Notes [Abstract]
Amount of outstanding principal converted	$ 977,967

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details)	12 Months Ended
	Dec. 31, 2021Installmentshares	Dec. 31, 2020shares	Dec. 31, 2019shares	Jul. 25, 2019shares	Dec. 31, 2018shares	Dec. 30, 2018shares
Share Options [Member]
Share-based Payment Arrangement [Abstract]
Share option granted (in shares)	4,162,121	5,809,024	15,327,884
Options granted contractual term	10 years
SARs [Member]
Share-based Payment Arrangement [Abstract]
Shares granted (in shares)	51,464	86,149
Options granted contractual term	10 years
Number of substantially equal quarterly installments for vesting | Installment	12
SARs [Member] | Vesting in First Anniversary Year [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage	25.00%
SARs [Member] | Vesting in 12 Substantially Equal Quarterly Installments [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage	75.00%
RSUs [Member]
Share-based Payment Arrangement [Abstract]
Shares granted (in shares)	3,572,121	5,034,735
Options granted contractual term	10 years
Number of substantially equal quarterly installments for vesting | Installment	12
RSUs [Member] | Vesting in First Anniversary Year [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage	25.00%
RSUs [Member] | Vesting in 12 Substantially Equal Quarterly Installments [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage	75.00%
2009 Share Incentive Plan [Member]
Share-based Payment Arrangement [Abstract]
Maximum number of shares to all awards under the plan will increase on total ordinary shares, percentage	5.00%
2009 Share Incentive Plan [Member] | Class A Ordinary Shares [Member]
Share-based Payment Arrangement [Abstract]
Maximum aggregate number of ordinary shares to be issued under Plan (in shares)	176,775,641	148,888,743	123,292,170	103,129,938	100,129,938	83,000,000

SHARE BASED COMPENSATION, Optio

SHARE BASED COMPENSATION, Option Granted to Eligible Persons (Details) - Share Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options [Abstract]
Outstanding, Beginning of period (in shares)	47,465,720	47,188,554	35,706,882
Granted (in shares)	4,162,121	5,809,024	15,327,884
Exercised (in shares)	(5,405,228)	(5,486,180)	(3,736,976)
Forfeited (in shares)	0	(45,678)	(109,236)
Outstanding, End of period (in shares)	46,222,613	47,465,720	47,188,554
Vested and expected to vest (in shares)	46,222,613	47,465,720	47,188,554
Exercisable (in shares)	30,707,210	25,298,368	19,664,736
Weighted Average Exercise Price [Abstract]
Outstanding, Beginning of period (in dollars per share)	$ 14.76	$ 13.89	$ 12.54
Granted (in dollars per share)	269.09	18.59	15
Exercised (in dollars per share)	14.44	11.29	5.58
Forfeited (in dollars per share)		14.09	14.24
Outstanding, End of period (in dollars per share)	37.70	14.76	13.89
Vested and expected to vest (in dollars per share)	37.70	14.76	13.89
Exercisable (in dollars per share)	$ 14.13	$ 13.73	$ 12.35
Additional Disclosures [Abstract]
Weighted average remaining contractual term, Outstanding	6 years 10 months 20 days	7 years 6 months 25 days	8 years 2 months 4 days
Weighted average remaining contractual term, Exercisable	6 years 3 months 25 days	7 years 10 days	7 years 4 months 6 days
Aggregate intrinsic value, Outstanding	$ 8,822,987	$ 8,747,373	$ 1,242,496
Aggregate intrinsic value, Exercisable	$ 6,435,641	$ 4,688,260	$ 548,035
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of share options (in dollars per share)	$ 75.83	$ 37.86	$ 12.05
Fair value of share options vested	$ 88,507	$ 88,114	$ 44,688
Aggregate intrinsic value of options exercised	1,361,800	$ 767,203	$ 64,097
Unrecognized share-based compensation cost	$ 585,256
Unrecognized share-based compensation, weighted-average vesting period	3 years 8 months 4 days
Minimum [Member]
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Risk-free interest rates	0.74%	0.39%	2.34%
Expected term	5 years 7 months 6 days	5 years 6 months	5 years 6 months
Expected volatility	32.10%	32.40%	33.00%
Fair value of share options (in dollars per share)	$ 71.70	$ 13.81	$ 4.58
Maximum [Member]
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Risk-free interest rates	1.07%	1.66%	2.68%
Expected term	7 years 6 months	7 years 6 months	8 years 6 months
Expected volatility	33.00%	33.70%	35.00%
Fair value of share options (in dollars per share)	$ 84.14	$ 50.58	$ 13.59

SHARE BASED COMPENSATION, RSAs_

SHARE BASED COMPENSATION, RSAs/RSUs granted to Eligible Persons (Details) - RSAs and RSUs [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of RSAs/RSUs [Abstract]
Unvested, Beginning of Period (in shares)	9,341,928	8,081,437	4,754,972
Granted (in shares)	3,551,491	5,034,735	6,249,313
Vested (in shares)	(4,127,006)	(3,332,063)	(2,131,415)
Forfeited (in shares)	(637,193)	(442,181)	(791,433)
Unvested, End of period (in shares)	8,129,220	9,341,928	8,081,437	4,754,972
Weighted average grant date fair value [Abstract]
Unvested, Beginning of Period (in dollars per share)	$ 46.36	$ 18.02	$ 12.34
Granted (in dollars per share)	258.97	72.37	20.50
Vested (in dollars per share)	40.59	19.25	13.67
Forfeited (in dollars per share)	102.92	28.74	15.22
Unvested, End of period (in dollars per share)	$ 137.76	$ 46.36	$ 18.02	$ 12.34
Additional Disclosures [Abstract]
Weighted average remaining contractual life, Unvested	8 years 5 months 19 days	8 years 7 months 20 days	8 years 11 months 4 days	9 years 2 months 1 day
Aggregate intrinsic value, Unvested	$ 1,818,588	$ 1,859,511	$ 325,035	$ 53,826
Fair value of share options vested	167,507	$ 64,153	$ 29,133
Unrecognized share-based compensation cost	$ 1,119,856
Unrecognized share-based compensation, weighted-average vesting period	3 years 2 months 15 days

SHARE BASED COMPENSATION, SARs

SHARE BASED COMPENSATION, SARs granted to Eligible Persons (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Options [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 207,632	$ 180,144	$ 72,754
Cash received for the exercise in the respective years	77,639	61,949	20,867
Share Options [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	390	130	244
Share Options [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	5	69	156
Share Options [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	207,204	179,544	71,787
Share Options [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	33	401	567
RSAs/RSUs [Member]
Share-based Compensation [Abstract]
Compensation expense	247,681	97,738	42,921
RSAs/RSUs [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	8,318	4,385	1,714
RSAs/RSUs [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	23,350	10,100	3,017
RSAs/RSUs [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	67,421	37,433	26,761
RSAs/RSUs [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	148,592	45,820	11,429
SARs [Member]
Share-based Compensation [Abstract]
Compensation expense	15,011	12,364	1,394
SARs [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	3,389	2,867	319
SARs [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	6,850	5,462	749
SARs [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	3,658	3,534	313
SARs [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 1,114	$ 501	$ 13

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2021USD ($)Vote$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)
Ordinary Shares [Abstract]
Authorized share capital | $			$ 7,500,000
Proceeds from issuance shares, net of issuance costs | $			$ 4,050,055	$ 2,970,248	$ 1,538,802
Class A Ordinary Shares [Member]
Ordinary Shares [Abstract]
Ordinary shares, authorized (in shares)		14,800,000,000	14,800,000,000	14,800,000,000
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.0005	$ 0.0005	$ 0.0005
Number of votes per share | Vote			1
Ordinary shares converted (in shares)			4,200,000
Issuance of Class A ordinary shares, net of issuance costs (in shares)	12,650,000	15,180,000
Number of ordinary shares represented by ADSs (in shares)	12,650,000	15,180,000
Proceeds from issuance shares, net of issuance costs | $	$ 3,972,416	$ 2,908,299
Class B Ordinary Shares [Member]
Ordinary Shares [Abstract]
Ordinary shares, authorized (in shares)		200,000,000	200,000,000	200,000,000
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.0005	$ 0.0005	$ 0.0005
Number of votes per share | Vote			3
Ordinary shares converted (in shares)			4,200,000
Class B Ordinary Shares [Member] | Minimum [Member]
Ordinary Shares [Abstract]
Voting power per share | Vote			3
Class B Ordinary Shares [Member] | Maximum [Member]
Ordinary Shares [Abstract]
Voting power per share | Vote			15

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	$ 3,382,912
Current year other comprehensive (loss) income	(33,541)	$ (816)	$ (9,750)
Transactions with non-controlling interests	(8,000)	(20,736)
Ending Balance	7,398,697	3,382,912
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	4,681	5,449	15,199
Transactions with non-controlling interests	341	48
Ending Balance	(28,519)	4,681	5,449
Unrealized Fair Value Gain (Loss) on Available-for-sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	981	5,400	18,269
Current year other comprehensive (loss) income	(1,278)	(4,419)	(12,869)
Transactions with non-controlling interests	0	0
Ending Balance	(297)	981	5,400
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	3,700	49	(3,070)
Current year other comprehensive (loss) income	(32,263)	3,603	3,119
Transactions with non-controlling interests	341	48
Ending Balance	$ (28,222)	$ 3,700	$ 49

RESTRICTED NET ASSETS (Details)

RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taiwan [Member]
Restricted Net Assets [Abstract]
Percentage of profit after tax to legal reserve fund	10.00%
Minimum percentage of paid up capital to be maintained as legal reserve	25.00%
Accumulated reserve in statutory reserve account	$ 76	$ 99	$ 33
Thailand [Member]
Restricted Net Assets [Abstract]
Accumulated reserve in statutory reserve account	$ 13	13	13
Thailand [Member] | Minimum [Member]
Restricted Net Assets [Abstract]
Percentage of retained earnings to legal reserve	5.00%
Percentage of capital stock	10.00%
PRC [Member]
Restricted Net Assets [Abstract]
Accumulated reserve in statutory reserve account	$ 6,055	2,251	$ 0
Indonesia [Member]
Restricted Net Assets [Abstract]
Percentage of profit after tax to legal reserve fund	20.00%
Statutory Reserve [Member]
Statutory Reserve [Abstract]
At the beginning of the financial year	$ 2,363	46
Transferred from retained earnings	3,781	2,317
At the end of the financial year	$ 6,144	$ 2,363

TAXATION, Enterprise income tax

TAXATION, Enterprise income tax (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended			60 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2026	Dec. 31, 2021
Income tax expense [Abstract]
Current income tax			$ 289,998	$ 117,649	$ 56,296
Deferred tax			(975)	(27,451)	(4,333)
Withholding tax expense			43,842	51,442	33,901
Income tax expense			332,865	141,640	85,864
Reconciliation of tax [Abstract]
Loss before income tax and share of results of equity investees			(1,715,184)	(1,483,238)	(1,368,619)
Tax expense computed at tax rate of 17%			(291,581)	(252,150)	(232,665)
Changes in valuation allowance			828,141	403,329	265,776
Non-deductible expenses			19,569	9,554	4,207
Effect of concessionary tax rate and tax reliefs			(183,962)	(82,951)	(42,404)
Withholding tax expense			43,842	51,442	33,901
Foreign earnings at different tax rates			(82,388)	15,103	60,721
Others			(756)	(2,687)	(3,672)
Income tax expense			$ 332,865	$ 141,640	$ 85,864
Singapore [Member]
Enterprise Income Tax [Abstract]
Statutory corporate income tax rate			17.00%	17.00%	17.00%
Singapore [Member] | Garena Online [Member]
Enterprise Income Tax [Abstract]
Development and expansion incentive period commencing from January 1, 2017			5 years
Development and expansion incentive extension period			5 years
Concessionary tax rate							10.00%
Singapore [Member] | Garena Online [Member] | Forecast [Member]
Enterprise Income Tax [Abstract]
Concessionary tax rate						10.50%
Indonesia [Member]
Enterprise Income Tax [Abstract]
Statutory corporate income tax rate				22.00%	25.00%
Philippines [Member]
Enterprise Income Tax [Abstract]
Statutory corporate income tax rate	25.00%	30.00%

TAXATION, Deferred Tax (Details

TAXATION, Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets [Abstract]
Property and equipment	$ 3,290	$ 2,904
Deferred revenue	145,003	141,356
Unutilized tax losses and unused capital allowances	1,690,773	960,998
Provision and accrued expenses	28,807	21,170
Allowance for credit losses	13,012	6,346
Others	7,811	3,137
Valuation allowance	(1,768,957)	(1,016,676)
Total deferred tax assets	119,739	119,235
Deferred tax liabilities [Abstract]
Property and equipment	(6,949)	(2,001)
Intangible assets	(1,174)	(433)
Deferred channel costs	(13,783)	(13,750)
Others	(1,070)	(4,673)
Total deferred tax liabilities	(22,976)	(20,857)
Net deferred tax assets	96,763	98,378
Tax losses with expiry date	3,473,098	$ 1,671,044	$ 1,773,877
Deferred tax liability recognized on undistributed earnings	$ 0

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator [Abstract]
Net loss attributable to ordinary shareholders	$ (2,046,759)	$ (1,618,056)	$ (1,462,799)
Denominator [Abstract]
Weighted-average number of shares outstanding-basic (in shares)	532,705,796	477,264,888	436,601,801
Weighted-average number of shares outstanding-diluted (in shares)	532,705,796	477,264,888	436,601,801
Basic loss per share (in dollars per share)	$ (3.84)	$ (3.39)	$ (3.35)
Diluted loss per share (in dollars per share)	$ (3.84)	$ (3.39)	$ (3.35)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	77,703,987	96,803,578	112,988,132
Loss Per Share [Abstract]
Consideration received for this issuance shares issued to share depositary bank	$ 0	$ 0	$ 0
Class A Ordinary Shares [Member]
Loss Per Share [Abstract]
Number of shares issued to share depositary bank to settle share incentive awards (in shares)	12,000,000	6,000,000
Consideration received for this issuance shares issued to share depositary bank	$ 0	$ 0
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	46,225,613	50,090,731	52,188,554
RSAs/RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,129,220	9,341,928	8,081,437
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,349,154	37,370,919	52,718,141

RELATED PARTY TRANSACTIONS, Rel

RELATED PARTY TRANSACTIONS, Related Parties (Details)	12 Months Ended
	Dec. 31, 2021
Tencent Limited and its affiliates ("Tencent") [Member]
Related Parties [Abstract]
Relationship with the Company	A shareholder of the Company	[1]
[1]	These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2019, 2020 and 2021.

RELATED PARTY TRANSACTIONS, Tra

RELATED PARTY TRANSACTIONS, Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Abstract]
Amounts due to related parties	$ 74,738	$ 42,613
Tencent [Member]
Related Party Transaction [Abstract]
Royalty fee and license fee to	139,930	110,686	$ 122,234
Services provided by	24,981	23,352	19,005
Conversion of convertible notes (principal amount) by	0	0	$ 100,000
Amounts due to related parties	$ 73,244	$ 38,416

SEGMENT REPORTING, Information

SEGMENT REPORTING, Information about Segments (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments | Segment		3
Segment Information [Abstract]
Revenue		$ 9,955,190	$ 4,375,664	$ 2,175,378
Operating income (loss)		(1,583,060)	(1,303,325)	(891,232)
Non-operating loss, net		(132,124)	(179,913)	(477,387)
Income tax expense		(332,865)	(141,640)	(85,864)
Share of results of equity investees		5,019	721	(3,239)
Net loss		(2,043,030)	(1,624,157)	(1,457,722)
Other Services [Member]
Segment Information [Abstract]
Revenue		42,444	131,758	195,843
Operating income (loss)		(177,633)	(49,006)	(39,864)
Operating Segments [Member] | Digital Entertainment [Member]
Segment Information [Abstract]
Revenue		4,320,013	2,015,972	1,136,017
Operating income (loss)		2,500,081	1,016,793	529,524
Operating Segments [Member] | E-commerce [Member]
Segment Information [Abstract]
Revenue		5,122,959	2,167,149	834,295
Operating income (loss)		(2,766,566)	(1,442,593)	(1,131,771)
Operating Segments [Member] | Digital Financial Services [Member]
Segment Information [Abstract]
Revenue		469,774	60,785	9,223
Operating income (loss)		(640,422)	(520,075)	(116,309)
Unallocated expenses [Member]
Segment Information [Abstract]
Revenue	[1]	0	0	0
Operating income (loss)	[1]	$ (498,520)	$ (308,444)	$ (132,812)
[1]	Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance.

SEGMENT REPORTING, Revenue from

SEGMENT REPORTING, Revenue from External Customers Based on Geographical Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information [Abstract]
Consolidated revenue	$ 9,955,190	$ 4,375,664	$ 2,175,378
Southeast Asia [Member]
Segment Information [Abstract]
Consolidated revenue	6,316,782	2,791,894	1,378,141
Latin America [Member]
Segment Information [Abstract]
Consolidated revenue	1,850,861	790,308	282,618
Rest of Asia [Member]
Segment Information [Abstract]
Consolidated revenue	1,394,342	655,007	489,291
Rest of the World [Member]
Segment Information [Abstract]
Consolidated revenue	$ 393,205	$ 138,455	$ 25,328

SEGMENT REPORTING, Long-lived A

SEGMENT REPORTING, Long-lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Information [Abstract]
Long-lived assets	$ 1,732,160	$ 660,729
Southeast Asia [Member]
Segment Information [Abstract]
Long-lived assets	1,412,748	509,922
Rest of Asia [Member]
Segment Information [Abstract]
Long-lived assets	262,978	128,285
Rest of the World [Member]
Segment Information [Abstract]
Long-lived assets	$ 56,434	$ 22,522

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Investments carried at fair value		$ 178,298	$ 0
Recurring [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held to maturity investments		938,191	100,357
Available-for-sale investments		220,305	27,045
Equity securities		13,184	76,000
Investments carried at fair value		178,298
Other assets		11,711	19,024
Derivative assets	[1]	694
Share appreciation rights		(15,401)	(11,640)
Total assets, net, at fair value		1,346,982	210,786
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held to maturity investments		937,741	100,071
Available-for-sale investments		185,929	5,688
Equity securities		13,184	76,000
Investments carried at fair value		0
Other assets		0	0
Derivative assets	[1]	0
Share appreciation rights		(15,401)	(11,640)
Total assets, net, at fair value		1,121,453	170,119
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held to maturity investments		0	0
Available-for-sale investments		0	0
Equity securities		0	0
Investments carried at fair value		0
Other assets		0	0
Derivative assets	[1]	694
Share appreciation rights		0	0
Total assets, net, at fair value		694	0
Recurring [Member] | Unobservable Inputs (Level 3) [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held to maturity investments		450	286
Available-for-sale investments		34,376	21,357
Equity securities		0	0
Investments carried at fair value		178,298
Other assets		11,711	19,024
Derivative assets	[1]	0
Share appreciation rights		0	0
Total assets, net, at fair value		$ 224,835	$ 40,667
[1]	Included in accrued expenses and other assets in the consolidated balance sheets and not designated as hedges.

FAIR VALUE MEASUREMENTS - Sum_2

FAIR VALUE MEASUREMENTS - Summary of Level 3 Instruments Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Available-for-Sale Investments [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance	$ 21,357	$ 128,418	$ 70,374
Additions	35,298	20,429	72,000
Conversion into ordinary shares of investee	(21,340)	(72,000)
Net investment gain (loss) included in earnings		(51,000)	(1,087)
Net unrealized loss included in other comprehensive income	(958)	(4,490)	(12,869)
Translation gain included in other comprehensive income	19
Ending balance	34,376	21,357	128,418
Investments Carried at Fair Value [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance	0
Additions	151,227
Net investment gain (loss) included in earnings	27,071
Ending balance	178,298	0
Other Assets [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance	19,024	0
Acquisition of subsidiaries		8,860
Additions	186	13,340
Disposals	(3,513)	(363)
Write-down included in earnings	(3,627)	(3,713)
Foreign exchange loss included in earnings	(359)	900
Ending balance	$ 11,711	$ 19,024	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Abstract]
Undrawn credit facilities	$ 4,212	$ 6,533
Contingencies [Abstract]
Interest receivables on non-performing assets	5,042	2,295
Commitments to Purchase Property and Equipment [Member]
Other Commitments [Abstract]
Commitments	362,592	165,717
Committed Licensing Fee Payable for Licensing of Game Titles [Member]
Other Commitments [Abstract]
Commitments	13,671	2,799
Commitment to Invest in Certain Companies [Member]
Other Commitments [Abstract]
Commitments	183,562	30,136
Minimum [Member]
Other Commitments [Abstract]
Minimum guarantee commitments	$ 62,300	$ 24,473