Sea Limited (SE) 20-F 26 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
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, 2023
Document Fiscal Year Focus	2023
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
Document Financial Statement Error Correction [Flag]	false
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	526,812,214
Class B Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	45,527,793

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 2,811,056	$ 6,029,859
Restricted cash (including restricted cash of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of nil and $14,773 as of December 31, 2022 and 2023, respectively)	1,410,365	1,549,574
Accounts receivable, net of allowance for credit losses of $12,818 and $9,351, as of December 31, 2022 and 2023, respectively	262,716	268,814
Prepaid expenses and other assets (including prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of nil and $7 as of December 31, 2022 and 2023, respectively)	1,861,842	1,798,651
Loans receivable, net of allowance for credit losses of $236,797 and $319,463, as of December 31, 2022 and 2023, respectively (including loans receivable, net of allowance for credit losses of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of nil and $153,820 as of December 31, 2022 and 2023, respectively)	2,464,662	2,053,767
Inventories, net	125,395	109,668
Short-term investments	2,547,644	864,258
Total current assets	11,773,934	12,688,012
Non-current assets
Property and equipment, net	1,207,698	1,387,895
Operating lease right-of-use assets, net	1,015,982	957,840
Intangible assets, net	50,821	65,019
Long-term investments	4,262,562	1,253,593
Prepaid expenses and other assets	87,705	135,616
Loans receivable, net of allowance for credit losses of $2,022 and $2,105, as of December 31, 2022 and 2023, respectively	20,551	21,663
Restricted cash	22,236	17,724
Deferred tax assets	328,961	245,226
Goodwill	112,782	230,208
Total non-current assets	7,109,298	4,314,784
Total assets	18,883,232	17,002,796
Current liabilities
Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $18,699 and $7,612 as of December 31, 2022 and 2023, respectively)	342,547	258,648
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $148,631 and $131,409 as of December 31, 2022 and 2023, respectively)	1,834,807	1,396,613
Deposits payable	1,706,299	1,316,395
Escrow payables and advances from customers (including escrow payables and advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $19,143 and $17,747 as of December 31, 2022 and 2023, respectively)	2,199,464	1,862,325
Borrowings	146,661	88,410
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $5,250 and $6,416 as of December 31, 2022 and 2023, respectively)	290,788	269,968
Convertible notes	151,764	31,237
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $192,243 and $169,059 as of December 31, 2022 and 2023, respectively)	1,208,892	1,535,083
Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $664 and $1,748 as of December 31, 2022 and 2023, respectively)	223,638	176,598
Total current liabilities	8,168,941	6,935,692
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 $4,338 and $3,141 as of December 31, 2022 and 2023, respectively)	79,257	87,072
Borrowings (including borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of nil and $119,323 as of December 31, 2022 and 2023, respectively)	119,323	0
Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $7,666 and $18,344 as of December 31, 2022 and 2023, respectively)	789,514	756,818
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $23,886 and $16,658 as of December 31, 2022 and 2023, respectively)	72,587	63,566
Convertible notes	2,949,785	3,338,750
Deferred tax liabilities	133	9,967
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, 2022 and 2023, respectively)	6,107	107
Total non-current liabilities	4,016,706	4,256,280
Total liabilities	12,185,647	11,191,972
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	15,283,870	14,559,690
Accumulated other comprehensive loss	(108,000)	(111,215)
Statutory reserves	16,981	12,490
Accumulated deficit	(8,599,306)	(8,745,541)
Total Sea Limited shareholders' equity	6,593,830	5,715,705
Non-controlling interests	103,755	95,119
Total shareholders' equity	6,697,585	5,810,824
Total liabilities and shareholders' equity	18,883,232	17,002,796
Related Party [Member]
Current assets
Amounts due from related parties	290,254	13,421
Current liabilities
Amounts due to related parties	64,081	415
Class A Ordinary Shares [Member]
Shareholders' equity
Ordinary shares	262	258
Class B Ordinary Shares [Member]
Shareholders' equity
Ordinary shares	$ 23	$ 23

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Restricted cash of the Consolidated VIEs that can only be used to settle the obligations	$ 1,410,365	$ 1,549,574
Accounts receivable, allowance for credit losses	9,351	12,818
Prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations	1,861,842	1,798,651
Loans receivable, allowance for credit losses	319,463	236,797
Loans receivable, net of allowance for credit losses	2,464,662	2,053,767
Non-current assets
Loans receivable, allowance for credit losses	2,105	2,022
Current liabilities
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	342,547	258,648
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	1,834,807	1,396,613
Escrow payables and advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	2,199,464	1,862,325
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	290,788	269,968
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	1,208,892	1,535,083
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	223,638	176,598
Non-current liabilities
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	79,257	87,072
Borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	119,323	0
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	789,514	756,818
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	72,587	63,566
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	6,107	107
Related Party [Member]
Current liabilities
Amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	64,081	415
VIEs [Member]
Current assets
Restricted cash of the Consolidated VIEs that can only be used to settle the obligations	14,773
Prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations	7
Loans receivable, net of allowance for credit losses	153,820
Current liabilities
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	7,612	18,699
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	131,409	148,631
Escrow payables and advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	17,747	19,143
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	6,416	5,250
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	169,059	192,243
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	1,748	664
Non-current liabilities
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	3,141	4,338
Borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	119,323	0
Operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	18,344	7,666
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	16,658	23,886
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	107	107
VIEs [Member] | Related Party [Member]
Current liabilities
Amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	$ 15	$ 9
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)	526,812,214	519,231,049
Ordinary shares, Outstanding (in shares)	526,812,214	519,231,049
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)	45,527,793	45,527,793
Ordinary shares, Outstanding (in shares)	45,527,793	45,527,793

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenue	$ 13,063,560	$ 12,449,705	$ 9,955,190
Cost of revenue
Cost of revenue	(7,229,913)	(7,264,428)	(6,059,455)
Gross profit	5,833,647	5,185,277	3,895,735
Operating income (expenses)
Other operating income	221,021	279,184	287,946
Sales and marketing expenses	(2,779,223)	(3,269,223)	(3,829,743)
General and administrative expenses	(1,134,724)	(1,437,612)	(987,868)
Provision for credit losses	(633,942)	(513,690)	(117,427)
Research and development expenses	(1,164,126)	(1,376,501)	(831,703)
Impairment of goodwill	(117,875)	(354,943)	0
Total operating expenses	(5,608,869)	(6,672,785)	(5,478,795)
Operating (loss) income	224,778	(1,487,508)	(1,583,060)
Interest income	331,310	115,515	36,082
Interest expense	(41,075)	(45,396)	(136,876)
Net investment loss	(125,656)	(207,331)	(43,502)
Net (loss) gain on debt extinguishment	38,550	199,697	(2,069)
Foreign exchange gain (loss)	4,487	(75,510)	14,241
(Loss) Income before income tax and share of results of equity investees	432,394	(1,500,533)	(1,715,184)
Income tax expense	(262,680)	(168,395)	(332,865)
Share of results of equity investees	(7,032)	11,156	5,019
Net (loss) income	162,682	(1,657,772)	(2,043,030)
Net (income) loss attributable to non-controlling interests	(11,956)	6,351	(3,729)
Net (loss) income attributable to Sea Limited's ordinary shareholders	$ 150,726	$ (1,651,421)	$ (2,046,759)
(Loss) Earnings per share:
Basic (in dollars per share)	$ 0.27	$ (2.96)	$ (3.84)
Diluted (in dollars per share)	$ 0.25	$ (2.96)	$ (3.84)
Weighted average shares used in (loss) earnings per share computation:
Basic (in shares)	566,612,815	558,119,948	532,705,796
Diluted (in shares)	594,405,604	558,119,948	532,705,796
Digital Entertainment [Member]
Revenue
Revenue	$ 2,172,009	$ 3,877,163	$ 4,320,013
Cost of revenue
Cost of revenue	(672,481)	(1,077,017)	(1,230,082)
E-Commerce and Other Services [Member]
Revenue
Revenue	9,770,376	7,463,173	4,564,617
Cost of revenue
Cost of revenue	(5,530,043)	(5,194,065)	(3,825,826)
Sales of Goods [Member]
Revenue
Revenue	1,121,175	1,109,369	1,070,560
Cost of revenue
Cost of revenue	$ (1,027,389)	$ (993,346)	$ (1,003,547)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract]
Net (loss) income	$ 162,682	$ (1,657,772)	$ (2,043,030)
Foreign currency translation adjustments:
Translation loss	(695)	(81,620)	(32,972)
Net change	(695)	(81,620)	(32,972)
Available-for-sale investments:
Change in unrealized (loss) gain	5,067	(7,930)	(1,386)
Reclassification adjustment to net (loss) income	148	212	236
Net change	5,215	(7,718)	(1,150)
Total other comprehensive (loss) income, net of tax	4,520	(89,338)	(34,122)
Total comprehensive (income) loss attributable to non-controlling interests	(13,261)	11,129	(3,148)
Total comprehensive (loss) income attributable to Sea Limited's ordinary shareholders	$ 153,941	$ (1,735,981)	$ (2,080,300)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Cash flows from operating activities
Net (loss) income		$ 162,682		$ (1,657,772)		$ (2,043,030)
Adjustments to reconcile net (loss) income to net cash generated from (used in) operating activities:
Amortization of discount and debt issuance costs of convertible notes		6,034		7,536		100,141
Deferred income tax		(94,551)		(140,553)		(975)
Depreciation and amortization		440,845		428,344		279,032
Impairment and write-off of long-lived assets		1,680		32,823		1,614
Impairment of goodwill		117,875		354,943		0
Net foreign exchange differences		3,814		41,737		(45,214)
Net investment loss		135,932		216,001		43,337
Net loss (gain) on debt extinguishment		(38,550)		(199,697)		2,069
Provision for credit losses		633,942		513,690		117,427
Share-based compensation		685,030		705,896		470,324
Share of results of equity investees		7,032		(11,156)		(5,019)
Others		(37,186)		22,144		12,723
Operating cash flows before changes in working capital		2,024,579		313,936		(1,067,571)
Inventories		(14,838)		1,441		(62,735)
Accounts receivable		7,516		98,981		(37,066)
Prepaid expenses and other assets		(344,845)		(497,889)		(395,803)
Amounts due from related parties		(274,482)		1,360		2,185
Operating lease right-of-use assets		(47,543)		(360,472)		(418,846)
Accounts payable		81,381		43,311		99,639
Accrued expenses and other payables		455,088		(39,069)		545,691
Escrow payables and advances from customers		396,757		166,996		654,257
Operating lease liabilities		42,473		385,911		429,366
Deferred revenue		(325,160)		(1,093,229)		314,048
Income tax payable		43,598		(4,628)		105,927
Amounts due to related parties		35,164		(72,341)		39,557
Net cash generated from (used in) operating activities		2,079,688		(1,055,692)		208,649
Cash flows from investing activities
Purchase of property and equipment		(241,605)		(924,178)		(772,177)
Purchase of intangible assets and capitalized software costs		(16,656)		(52,105)		(34,999)
Proceeds from disposal of long-lived assets		61,873		119,996		620
Purchase of investments		(8,319,757)		(2,630,842)		(2,505,358)
Proceeds from sale and maturity of investments		3,521,187		2,281,019		798,178
Distributions from investments		912		4,674		1,632
Acquisition of businesses, net of cash acquired		0		(60,713)		(22,763)
Effect on cash from deconsolidation of subsidiaries		(43,785)		(230)		(11,775)
Change in securities purchased under agreements to resell		233,219		0		0
Change in loans receivable		(999,850)		(1,166,430)		(1,220,631)
Net cash used in investing activities		(5,804,462)		(2,428,809)		(3,767,273)
Cash flows from financing activities
Repayment of bank borrowings and finance lease obligations		(54,407)		(117,238)		(1,247)
Proceeds from bank borrowings		0		49,000		115,282
Proceeds from issuance of convertible notes, net		0		0		2,846,250
Capital contributed by non-controlling interest		1,336		70,876		339
Transactions with non-controlling interests		0		(22,889)		0
Payments for redemption, exchange, conversion and repurchase of convertible notes		(204,625)		(611,315)		(1,935)
Proceeds from issuance of ordinary shares, net		10,643		50,211		4,050,055
Change in deposits payable		389,276		942,630		392,845
Proceeds from borrowings under securitization transactions		119,687		0		0
Proceeds from secured borrowings, net		104,101		38,981		0
Net cash generated from financing activities		366,011		400,256		7,401,589
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(7,964)		(143,511)		(58,218)
Net increase (decrease) in cash, cash equivalents and restricted cash		(3,366,727)		(3,227,756)		3,784,747
Cash, cash equivalents and restricted cash at beginning of the year		7,610,384	[1]	10,838,140	[1]	7,053,393
Cash, cash equivalents and restricted cash at end of the year	[1]	4,243,657		7,610,384		10,838,140
Supplement disclosures of cash flow information
Income taxes paid		(318,924)		(313,755)		(207,381)
Interest paid		(119,471)		(103,335)		(44,981)
Supplement disclosures of non-cash activities
Purchase of property and equipment included in accrued expenses and other payables		6,482		(14,631)		38,742
Purchase of property and equipment included in prepayments		28,459		(13,171)		58,249
Purchase of intangible assets included in accrued expenses and other payables		(4,049)		(554)		183
Purchase of intangible assets included in prepayments		8,956		(4,506)		(3,875)
Conversion and exchange of convertible notes into ordinary shares		(31,297)		(5)		(826,124)
Acquisition of subsidiaries by conversion of convertible notes or issuance of shares		0		6,875		1,594
Proceeds from disposal of a subsidiary included in prepaid expenses and other assets		$ 0		$ 0		$ 270,733
[1]As of December 31, 2022, cash and cash equivalents of $13,227 was included in Assets held for sale within Prepaid expenses and other assets.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,811,056
Prepaid Expenses and Other Assets [Member]
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 13,227

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares [Member]	Ordinary Shares [Member] Adjustment [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Adjustment [Member]	Statutory Reserves [Member]	Statutory Reserves [Member] Adjustment [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Adjustment [Member]	Total Sea Limited Shareholders' Equity (Deficit) [Member]	Total Sea Limited Shareholders' Equity (Deficit) [Member] Adjustment [Member]	Non-controlling Interests [Member]	Non-controlling Interests [Member] Adjustment [Member]	Total	Adjustment [Member]
Beginning balance at Dec. 31, 2020	$ 255		$ 8,526,571		$ 4,681		$ 2,363		$ (5,150,958)		$ 3,382,912		$ 37,327		$ 3,420,239
Beginning balance (in shares) at Dec. 31, 2020	511,931,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the year	$ 0		0		0		0		(1,651,421)		(1,651,421)		(6,351)		(1,657,772)
Other comprehensive (loss) income	0		0		(84,560)		0		0		(84,560)		(4,778)		(89,338)
Acquisition of subsidiaries	$ 0		0		0		0		0		0		12,560		12,560
Acquisition of subsidiaries (in shares)	0
Appropriation of statutory reserves	$ 0		0		0		6,346		(6,346)		0		0		0
Conversion of convertible notes into Class A ordinary shares	$ 0		5		0		0		0		5		0		5
Conversion of convertible notes into Class A ordinary shares (in shares)	252
Capital contributed by non-controlling interest	$ 0		335		1,864		0		0		2,199		68,677		70,876
Deconsolidation and disposal of interest in subsidiary	0		0		0		0		0		0		(701)		(701)
Transactions with non-controlling interests	0		(14,889)		0		0		0		(14,889)		0		(14,889)
Shares issued to depositary bank	$ 0		0		0		0		0		0		0		0
Shares issued to depositary bank (in shares)	7,000,000
Exercise of share options	$ 1		50,210		0		0		0		50,211		0		50,211
Exercise of share options (in shares)	3,412,987
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)	3,809,600
Share-based compensation	$ 0		713,222		0		0		0		713,222		0		713,222
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)	(7,201,957)
Ending balance at Dec. 31, 2022	$ 281		14,559,690		(111,215)		12,490		(8,745,541)		5,715,705		95,119		5,810,824
Ending balance (ASU 2020-06 [Member]) at Dec. 31, 2022		$ 0		$ (811,483)		$ 0		$ 0		$ 113,724		$ (697,759)		$ 0		$ (697,759)
Ending balance (in shares) at Dec. 31, 2022	564,758,842
Ending balance (in shares) (ASU 2020-06 [Member]) at Dec. 31, 2022		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the year	$ 0		0		0		0		150,726		150,726		11,956		162,682
Other comprehensive (loss) income	0		0		3,215		0		0		3,215		1,305		4,520
Appropriation of statutory reserves	0		0		0		4,491		(4,491)		0		0		0
Conversion of convertible notes into Class A ordinary shares	$ 1		31,296		0		0		0		31,297		0		31,297
Conversion of convertible notes into Class A ordinary shares (in shares)	1,581,165
Capital contributed by non-controlling interest	$ 0		0		0		0		0		0		1,336		1,336
Deconsolidation and disposal of interest in subsidiary	0		(1,352)		0		0		0		(1,352)		(5,961)		(7,313)
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		10,642		0		0		0		10,643		0		10,643
Exercise of share options (in shares)	1,603,859
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)	4,101,762
Share-based compensation	$ 0		683,596		0		0		0		683,596		0		683,596
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)	(5,705,621)
Ending balance at Dec. 31, 2023	$ 285		$ 15,283,870		$ (108,000)		$ 16,981		$ (8,599,306)		$ 6,593,830		$ 103,755		$ 6,697,585
Ending balance (in shares) at Dec. 31, 2023	572,340,007

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 2022 2023 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 Sea Services Limited (formerly known as Sea Capital Limited) January 30, 2020 Cayman Islands 100 100 Investment holding company Sea Services Holdings Limited (formerly known as SEA Capital C1 Holdings Limited) June 30, 2021 Cayman Islands 100 100 Investment holding company (b) VIE structure A VIE is a legal entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. The Company’s variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. (i) Contractual arrangements that give the Company control of the VIEs The Company operates in various markets that have certain restrictions on foreign ownership of local companies. 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 Pursuant to the loan agreements, the primary beneficiary the primary beneficiary the primary beneficiary 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, t he primary beneficiary the primary beneficiary 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 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 he primary beneficiary 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 primary beneficiary 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 agree 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 ASC 810-10, Consolidation: Overall. In the opinion of the Company’s management and external legal counsels, the ownership structure of its 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. (ii) Securitizations The Company securitizes certain loans receivable through special purpose entities, deemed as VIEs. These VIEs were created and designed to transfer credit risk associated with the loans receivable through the issuance of borrowing. The Company has various forms of involvement with such VIEs, including servicing of loans held by these VIEs, ownership of minority shareholding interests in these VIEs and holding subordinated debt issued by these VIEs. The third-party investors in the securitization transactions have legal recourse only to the assets of the VIEs including the loans receivable backing the debt and do not have direct recourse to the Company. The primary beneficiary also demonstrates that it retains economic interests in the VIEs in the form of subordinated interests, and the power to direct the activities that most significantly impact the VIEs’ economic performance as servicer. (c) VIE disclosures Certain assets of the VIEs can only be used to settle the obligations of the VIEs, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. 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, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group: As of December 31, 2022 2023 $ $ ASSETS Current assets Cash and cash equivalents 79,922 63,187 Loans receivable, net – 148,246 Amounts due from intercompanies (1) 153,070 241,740 Others 85,787 123,046 Total current assets 318,779 576,219 Non-current assets Property and equipment, net 86,229 123,094 Long-term investments 14,500 1,475 Deferred tax assets 40,561 35,280 Others 18,059 27,174 Total non-current assets 159,349 187,023 Total assets 478,128 763,242 As of December 31, 2022 2023 $ $ LIABILITIES Current liabilities Accrued expenses and other payables 110,526 128,917 Deferred revenue 192,243 169,059 Amounts due to intercompanies (1) 88,639 230,884 Others 12,658 15,864 Total current liabilities 404,066 544,724 Non-current liabilities Deferred revenue 23,886 16,658 Amounts due to intercompanies (1) 83,958 61,165 Borrowings – 119,323 Others 4,579 19,529 Total non-current liabilities 112,423 216,675 Total liabilities 516,489 761,399 (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, 2021 2022 2023 $ $ $ Revenue - Third-party customers 690,383 722,607 551,978 - Intercompanies 195,639 176,072 248,637 Net income 22,390 20,425 40,776 Year ended December 31, 2021 2022 2023 $ $ $ Net cash generated from (used in) operating activities 61,875 22,449 (21,369 ) Net cash used in investing activities (14,847 ) (89,160 ) (189,617 ) Net cash generated from financing activities 15,030 44,442 232,420

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 loans receivable, accounting for deferred income taxes and accounting for share-based compensation arrangements. Changes in facts and circumstances may result in revised estimates. (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 have 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 accumulated other comprehensive income (loss), a component of shareholders’ equity. Exchange differences arising on monetary items that form part of the Company’s net investments in foreign operations are recognized initially in other comprehensive loss and accumulated under accumulated other comprehensive income (loss) in equity. The other comprehensive income or loss arising from exchange differences is reclassified from equity to profit or loss of the Company on disposal of the foreign operations. (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 money market funds placed with banks and other financial institutions which are unrestricted as to withdrawal and use. (f) Restricted cash Restricted cash mainly comprises monies received held in escrow in connection with the Company’s e-commerce business and mobile wallet 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 The Company has established a provision matrix applied on the portfolio segmented by factors such as geographic region and products that are considered to have similar credit characteristics and risk of loss. The allowance for credit losses is computed based on its historical lifetime credit loss experience, adjusted for forward-looking factors specific to the receivable and economic environment. The Company utilizes models such as transition matrix method based on roll rates and then transformed, taking into account expected future delinquency rate to estimate the likelihood that a loan will default over a given period of time, net of any estimated recoveries. These models utilize information that is available at the reporting date about past events, current conditions and macro-economic forecasts. The macro-economic forecast varies by countries and include factors such as unemployment rates, gross domestic product and consumer price indices (h) Inventories Inventories which comprise mainly 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 are 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 to 10 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 Over the land use term - Building 6 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 subsidiaries 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 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. (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 post implementation phases of the development of software for internal use are expensed. Costs incurred in the application development phase are capitalized when certain criteria are met. 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 10 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 is 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. 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 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 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 statements 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 forecasted undiscounted cash flows are 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 A vailable-for-sale investments are measured at fair value with the change in fair value recognized in accumulated other comprehensive income (loss). Marketable equity securities, investments carried at fair value, certain other assets, derivative assets, derivative liabilities 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 (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 in-game items (also known as virtual items), including through 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 Company’s paying users and it 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, and the amounts retained by these channels based on a predetermined percentage represent the Company’s cost of revenue to be recognized. Proceeds from these sales are initially recognized as “ Escrow payables and advances 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 items. Revenue is recognized over the performance obligation period. The Company recognizes an implied obligation to the paying users to continue to provide hosting services and access to the purchased virtual items within the online games over an estimated performance obligation period. Such performance obligation period is determined in accordance with the estimated average lifespan of the paying user or virtual items sold. (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. Revenue attributable to a time-based virtual item is recognized ratably over the period based on the time unit of the item. Consumable virtual items are items that can be consumed by a specific user action and have limitations on repeated use. Revenue attributable to a consumable virtual item 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 a durable virtual item is recognized ratably over its average lifespan. (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 such that it is reasonable to believe that these users will not return to a specific game. Determining the estimated performance obligation period requires management’s judgment and thus involves uncertainty. Future users’ usage patterns and playing behaviors may change and differ from the historical usage patterns and playing behaviors, leading to a change in the estimated performance obligation period. (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 is 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’s 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. Sellers and buyers are customers of Shopee. (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 commissions from merchants when transactions are completed and settled through its digital financial services platform. Such commissions are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commissions are 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, payment channel costs, royalty expenses, hosting charges, interest expenses related to the Company’s digital financial services segment, 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. In some instances, the Company may record losses from transactions when the sales incentives provided exceed the revenue earned from the customer on a transaction-by-transaction basis. Such losses are then reclassified and 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 estimates 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 expense” 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. (v) (Loss) Earnings per share In accordance with ASC 260, Earnings per Share Diluted (loss) earnings per share is calculated by dividing net (loss) income 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) earnings 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: e-commerce, digital financial services and digital entertainment. 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) Transfers of financial assets The Company accounts for transfers of financial assets as true sales when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange transferred assets and the Company does not maintain effective control over the transferred assets. Transfers of financial assets that do not qualify for sale accounting continue to be reported on the Company’s consolidated balance sheets as if the transfer had not occurred. Accordingly, the sale proceeds are recognized as secured borrowings. (z) Recently adopted accounting pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (aa) Recently issued accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	12 Months Ended
	Dec. 31, 2023
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, securities purchased under agreements to resell, loans receivable, held-to-maturity investments, available-for-sale investments, and amounts due from related parties. As of December 31, 2022 and 2023, 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. Due to the relatively small dollar amount of individual loans receivable, the Company generally does not require collateral on these balances. As of December 31, 2022 and 2023, no single loan customer’s balance accounted for more than 5% of net loans receivable. (b) Business, supplier, customer and economic risk The Company participates in 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, results of operations or cash flows: (i) Business risk marketplace (ii) Supplier risk The Company’s e-commerce and digital financial service businesses engage third-party logistics service providers, payment channels and other third parties as its service providers. Company’s digital entertainment business licenses certain games from third-party game developers. The term of the game license agreements with the game developers typically ranges from two third-party game developer (iii) Customer risk (iv) Political, economic, social, legal and regulatory uncertainties (v) Regulatory restrictions (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 its revenue into other currencies to meet its 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 policy 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 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

GOODWILL	12 Months Ended
	Dec. 31, 2023
GOODWILL [Abstract]
GOODWILL	4. GOODWILL The changes in the carrying amount of goodwill are as follows: Digital Entertainment Digital Financial Services Other Services Total $ $ $ $ Balance as of January 1, 2022 168,731 56,102 314,791 539,624 Acquisitions 11,715 48,980 – 60,695 Impairment (177,663 ) – (177,280 ) (354,943 ) Foreign currency translation (2,783 ) (7,868 ) (4,517 ) (15,168 ) Balance as of December 31, 2022 – 97,214 132,994 230,208 Impairment – – (117,875 ) (117,875 ) Foreign currency translation – 873 (424 ) 449 Balance as of December 31, 2023 – 98,087 14,695 112,782 As of December 31, 2022, due to the negative events, trends in the broader market environment and management’s business decision, the Company determined that the carrying amount of three reporting units within the Company’s digital entertainment segment and two reporting units within the Other services segment exceeded its respective fair values and recorded impairment losses of $354,943. For one of the reporting units within Other services, the Company determined the fair value using the market approach. The key valuation inputs used were valuation multiples derived from comparable companies that were applied to operating performance of the reporting unit. For the remaining reporting units, the Company made a strategic decision to shut down or dispose the businesses and as a result, the Company recorded a full impairment on the goodwill. As of December 31, 2023, due to change in business strategy, the Company determined that the carrying amount of one reporting unit within the Other services segment exceeded its respective fair value and recorded a full impairment on the goodwill of $117,875. The reporting unit was subsequently disposed during the year. Gross goodwill balances were $585,151 and $112,782 as of December 31, 2022 and 2023, respectively. Accumulated impairment losses on goodwill were $354,943 and nil

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES AND OTHER ASSETS [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	5. PREPAID EXPENSES AND OTHER ASSETS As of December 31, 2022 2023 $ $ Current Other receivables 782,022 1,153,627 Taxes receivable 168,266 207,172 Deferred payment channel costs 271,194 197,814 Securities purchased under agreements to resell 390,002 160,289 Prepaid expenses 121,049 111,986 Security deposits 16,828 14,898 Assets held for sale 25,954 – Others 23,336 16,056 1,798,651 1,861,842 Non-current Security deposits 47,314 41,984 Prepayment of long-lived assets (including renovation-in-progress) 61,733 24,318 Deferred payment channel costs 8,476 12,089 Other receivables 6,821 2,652 Others 11,272 6,662 135,616 87,705

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2023
LOANS RECEIVABLE, NET [Abstract]
LOANS RECEIVABLE, NET	6. LOANS RECEIVABLE, NET Consumer and Small Medium sized Enterprises (“SME”) loans primarily consist of loans receivable provided to both Shopee buyers and sellers. On the buyer side, the Company offers consumption loans (SPayLater) which gives users the ability to complete their purchase first and make the payment later or in instalments, and cash loans which allows users to meet their short-term borrowing needs. On the seller side, the Company offers unsecured SME loans to help sellers expand their operations and fast escrow services to help sellers receive their funds faster and improve cash flow management. The Company monitors credit quality for all loans receivable on a recurring basis by evaluating the customers’ 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 its collection practices and strategies. The following table presents the loans receivable by each of the loan portfolio: As of December 31, 2022 $ 2023 $ Consumer and SME loans 2,268,844 2,656,484 Other loans 45,405 150,297 2,314,249 2,806,781 Allowance for credit losses (238,819 ) (321,568 ) 2,075,430 2,485,213 Transfers of loans receivable that do not qualify for sale accounting continue to be reported on the Company’s consolidated balance sheets. As of December 31, 2022 and 2023, $39,001 and $133,578, respectively, of such loans receivable remained outstanding (see Note 12). The following table is a summary of the delinquency status of the loans receivable by year of origination: As of December 31, 2022 Year of origination 2022 2021 2020 2019 2018 Prior Total Consumer and SME loans $ $ $ $ $ $ $ Delinquency: Current 2,050,721 641 807 2,790 1,702 786 2,057,447 Past due - 1 to 30 days 70,761 206 143 97 66 14 71,287 - 31 to 60 days 49,493 341 96 490 560 190 51,170 - 61 to 90 days 44,065 581 18 16 22 – 44,702 - More than 90 days 26,308 16,718 913 146 39 114 44,238 2,241,348 18,487 1,977 3,539 2,389 1,104 2,268,844 Other loans Delinquency: Current 918 6,159 30,778 4,134 1,282 923 44,194 Past due - 1 to 30 days 10 37 117 148 13 – 325 - 31 to 60 days – – 38 249 32 – 319 - 61 to 90 days – 22 – 1 42 2 67 - More than 90 days – 64 105 212 79 40 500 928 6,282 31,038 4,744 1,448 965 45,405 As of December 31, 2023 Year of origination 2023 2022 2021 2020 2019 Prior Total Consumer and SME loans $ $ $ $ $ $ $ Delinquency: Current 2,448,363 4,934 – – – – 2,453,297 Past due - 1 to 30 days 64,015 1,054 – – – – 65,069 - 31 to 60 days 49,419 925 – – – – 50,344 - 61 to 90 days 42,239 2,054 – – – – 44,293 - More than 90 days 41,843 1,638 – – – – 43,481 2,645,879 10,605 – – – – 2,656,484 Current period gross write-off 182,145 358,503 4,834 – – – 545,482 Other loans Delinquency: Current 104,770 927 399 30,769 3,132 2,214 142,211 Past due - 1 to 30 days 4,660 8 6 98 86 17 4,875 - 31 to 60 days 1,776 4 30 38 260 275 2,383 - 61 to 90 days 10 9 – 28 51 16 114 - More than 90 days 69 52 17 210 242 124 714 111,285 1,000 452 31,143 3,771 2,646 150,297 Current period gross write-off – 16 12 205 775 220 1,228 An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows: Consumer and SME loans $ Other loans $ Total $ Balance as of January 1, 2022 89,977 7,699 97,676 Provision for credit losses 494,815 (1,202 ) 493,613 Write-off of loans receivable (331,401 ) (4,772 ) (336,173 ) Exchange differences (16,012 ) (285 ) (16,297 ) Balance as of December 31, 2022 237,379 1,440 238,819 Provision for credit losses 624,143 3,785 627,928 Write-off of loans receivable (545,482 ) (1,228 ) (546,710 ) Exchange differences 1,518 13 1,531 Balance as of December 31, 2023 317,558 4,010 321,568

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
INVESTMENTS [Abstract]
INVESTMENTS	7. INVESTMENTS The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company: As of December 31, 2022 2023 $ $ Short-term investments Debt securities: Held-to-maturity 557,249 1,731,154 Available-for-sale 304,453 792,908 Equity securities 2,556 23,582 864,258 2,547,644 Long-term investments Debt securities: Held-to-maturity 64,790 49,726 Available-for-sale 292,724 3,405,098 Equity securities 521,742 612,729 Equity method investments 196,104 195,009 Investments carried at fair value 178,233 – 1,253,593 4,262,562 Debt securities Held-to-maturity investments include time deposits placed with financial institutions and sovereign bonds. Available-for-sale investments include sovereign bonds, convertible loans, corporate bonds and redeemable preference shares of investees. Marketable equity securities The net unrealized fair value (loss) gain of ($63,434), $146 and ($2,069) related to the marketable equity securities had been recognized in the consolidated statements of operations as “Net investment loss” during the years ended December 31, 2021, 2022 and 2023, respectively. Non-marketable equity securities As of December 31, 2022 and 2023, the Company determined an impairment indicator existed due to the deterioration in economic and market conditions and the fair value of certain investments was less than their carrying amount. Impairment losses Impairment losses are included in net investment loss in the consolidated statements of operations: Years ended December 31, 2021 2022 2023 $ $ $ Impairment losses Non-marketable equity securities – 104,645 86,076 Equity method investments – 4,201 10,608 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, 2022 and 2023: As of December 31, 2022 Cost or amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held-to-maturity 557,249 4 (2 ) – – 557,251 Available-for-sale 304,649 – – 26 (222 ) 304,453 Long-term investments Debt securities: Held-to-maturity 64,790 551 (756 ) – – 64,585 Available-for-sale 301,020 – – 151 (8,447 ) 292,724 Investments carried at fair value 225,709 – – 27,071 (74,547 ) 178,233 1,453,417 555 (758 ) 27,248 (83,216 ) 1,397,246 As of December 31, 2023 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 1,731,154 9 (23 ) – – 1,731,140 Available-for-sale 792,431 – – 885 (408 ) 792,908 Long-term investments Debt securities: Held-to-maturity 49,726 632 (193 ) – – 50,165 Available-for-sale 3,407,262 – – 15,002 (17,166 ) 3,405,098 5,980,573 641 (216 ) 15,887 (17,574 ) 5,979,311

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET [Abstract]
PROPERTY AND EQUIPMENT, NET	8. PROPERTY AND EQUIPMENT, NET As of December 31, 2022 2023 $ $ Computers 1,381,797 1,472,199 Office equipment, furniture and fittings 62,262 65,355 Leasehold improvements 381,443 350,194 Transportation assets 123,835 64,022 Warehouse equipment 36,023 140,829 Land 272,042 278,756 Building 14,702 40,830 Construction-in-progress 51,575 44,884 2,323,679 2,457,069 Less: accumulated depreciation (935,784 ) (1,249,371 ) 1,387,895 1,207,698 Depreciation expenses recognized for each of the years ended December 31, 2021, 2022 and 2023 were included in the following captions: Year ended December 31, 2021 $ 2022 $ 2023 $ Cost of revenue 180,140 261,582 297,406 Sales and marketing expenses 7,960 10,733 8,665 General and administrative expenses 64,187 117,593 93,972 Research and development expenses 8,395 15,019 12,193 260,682 404,927 412,236

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES [Abstract]
LEASES	9. LEASES The Company has entered into commercial operating leases for the use of offices, warehouses and data centers as lessee. These leases have terms not exceeding 15 years. These leases have varying terms, escalation clauses and renewal rights. Information pertaining to lease amounts recognized in the Company’s consolidated financial statements is summarized as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Lease cost Operating lease cost 138,766 257,359 295,501 Short-term lease cost 14,831 24,507 23,172 153,597 281,866 318,673 Supplemental cash flow information Operating cash flows from operating leases 128,751 228,604 292,781 ROU assets obtained in exchange for new operating lease liabilities 520,354 596,887 279,526 As of December 31, 2022 2023 Weighted-average remaining lease term Operating leases 5.66 years 6.15 years Weighted-average discount rate Operating leases 7.8% 8.3% Maturities of operating lease liabilities as of December 31, 2023 were as follows: $ 2024 298,070 2025 250,365 2026 215,008 2027 156,217 2028 119,121 Thereafter 365,164 Total lease payments 1,403,945 Less: imputed interest (323,643 ) Present value of lease liabilities 1,080,302 The Company has additional operating leases, primarily for offices, warehouses and data centers that have not yet commenced of $810,652 with lease terms not exceeding 14 years and $518,265 with lease terms not exceeding 14 years, as of December 31, 2022 and 2023, respectively .

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET [Abstract]
INTANGIBLE ASSETS, NET	10. INTANGIBLE ASSETS, NET As of December 31, 2022 $ 2023 $ Licensing fee 18,629 21,802 IP right 42,943 44,894 Trademarks 10,679 10,679 Software, including internal use software under development 66,117 73,231 Others 5,267 5,271 Total intangible assets, gross 143,635 155,877 Accumulated amortization: Licensing fee (15,713 ) (16,280 ) IP right (37,538 ) (40,699 ) Trademarks (5,873 ) (6,941 ) Software (17,203 ) (38,200 ) Others (2,289 ) (2,936 ) Total accumulated amortization (78,616 ) (105,056 ) Total intangible assets, net 65,019 50,821 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: $ 2024 26,642 2025 17,031 2026 5,168 2027 1,669 2028 281 Thereafter 30 50,821 Amortization expenses related to intangible assets was $18,350, $23,417 and $28,609 for

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER PAYABLES [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	11. ACCRUED EXPENSES AND OTHER PAYABLES The components of accrued expenses and other payables are as follows: As of December 31, 2022 2023 $ $ Current Accrued cost of revenue and operating expenses 768,312 1,066,988 Accrued payroll and welfare expenses 213,369 316,397 Business and other taxes payables 133,636 246,164 Other payables 173,560 116,338 Payables and accruals for long-lived assets 38,473 32,724 Accrued interest for convertible notes 3,917 3,737 Finance lease liabilities 3,138 3,715 Liabilities directly associated with the assets held for sale 12,020 – Others 50,188 48,744 1,396,613 1,834,807 Non-current Finance lease liabilities 11,844 10,828 Others 75,228 68,429 87,072 79,257

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2023
BORROWINGS [Abstract]
BORROWINGS	12. BORROWINGS Bank borrowings During the years ended December 31, 2022 and 2023, the Company entered into revolving credit facilities that allowed the Company to borrow up to $475,000 and $400,000, respectively. As of December 31, 2022, the Company had $49,000 outstanding balance and $426,000 of undrawn revolving credit facilities. The amount drawn down bears a weighted average interest of 3.98% per annum. As of December 31, 2023, the Company had nil Secured borrowings Sale proceeds from transfers of loans receivable that do not qualify for sale accounting are reported as secured borrowings. As of December 31, 2022 and 2023, $39,410 and $146,661, respectively, remained outstanding. Net cash proceeds received from these transfers are presented in “Proceeds from secured borrowings, net” in the consolidated statements of cash flows. Borrowings under securitization transactions As of December 31, 2022 and 2023, nil April 2026 August 2026

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE NOTES [Abstract]
CONVERTIBLE NOTES	13. CONVERTIBLE NOTES As of December 31, 2022 2023 $ $ 2023 Convertible Notes 31,237 – 2024 Convertible Notes 151,459 151,764 2025 Convertible Notes 1,144,794 1,146,369 2026 Convertible Notes 2,042,497 1,803,416 3,369,987 3,101,549 The Company issued the following convertible notes and the terms are as follows: 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 $ equivalent 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 815, Derivatives and Hedging The following table presents the carrying amount of the Convertible Notes: As of December 31, 2022 As of December 31, 2023 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Total 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Total $ $ $ $ $ $ $ $ $ Principal 31,300 152,048 1,149,500 2,057,784 3,390,632 152,048 1,149,500 1,813,273 3,114,821 Less: unamortized issuance cost and debt discount (63 ) (589 ) (4,706 ) (15,287 ) (20,645 ) (284 ) (3,131 ) (9,857 ) (13,272 ) Net carrying amount 31,237 151,459 1,144,794 2,042,497 3,369,987 151,764 1,146,369 1,803,416 3,101,549 During the years ended December 31, 2021, 2022 and 2023, the Company recognized total interest expense for coupon interest of $36,191, $36,544 and $34,309, respectively, and amortization of discount and debt issuance costs on the liability component amounted to $100,141, $7,536 and $6,034, respectively. As a result of the adoption of ASU 2020-06, remaining discount on liability component had been derecognized and therefore amortization of discount on the liability component is no longer recognized. As of December 31, 2022, the if-converted value of 2023 and 2024 Convertible Notes exceeded the principal amount by $50,968 and $5,758, respectively. As of December 31, 2023, the if-converted value of the Convertible Notes did not exceed the principal amount. 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 the 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 anti-dilutive under treasury stock method. Repurchase of convertible notes Subsequent to December 31, 2023, the Company repurchased 2026 Convertible Notes of $171,893, and recorded a $27,112 gain on debt extinguishment.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	14. SHARE-BASED COMPENSATION With effect on January 1, 2024, the maximum number of shares which may be issued pursuant to all awards under its 2009 share incentive plan (the “Plan”) increased to 210,888,606 Class A ordinary shares. The Company amended the Plan in April 2022 to automatically increase on January 1 of each of 2023, 2024, 2025 and 2026 by 3% of the total number of ordinary shares of all classes of the Company outstanding on that day immediately before the increase. 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”). 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”). 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. On April 17, 2022, 4,000,000 existing options were cancelled and 4,000,000 new options were granted concurrently to the same grantee with an exercise price of US$120 per share on the same date. The new options will vest every three months over a period of five years commencing April 30, 2022 and will expire 10 years after the grant date. This is accounted for as a modification and resulted in an incremental share-based compensation cost of US$99,198, which shall be recognised over the new vesting period of the new options of five years commencing April 30, 2022. (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, 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 Outstanding, January 1, 2022 46,222,613 37.70 Granted 30,000,000 120.00 Cancelled or forfeited (4,012,516 ) 279.17 Exercised (3,676,911 ) 13.82 Outstanding, December 31, 2022 68,533,186 60.87 7.30 1,433,420 Vested and expected to vest at December 31, 2022 68,533,186 60.87 Exercisable as of December 31, 2022 36,880,548 22.99 5.97 1,274,793 Outstanding, January 1, 2023 68,533,186 Granted 1,925,000 60.00 Cancelled or forfeited (9,292,295 ) 104.02 Exercised (1,336,980 ) 7.19 Outstanding, December 31, 2023 59,828,911 55.34 6.18 944,611 Vested and expected to vest at December 31, 2023 59,828,911 55.34 Exercisable as of December 31, 2023 42,877,386 35.29 5.51 887,174 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 2021 Granted in 2022 Granted in 2023 Risk-free interest rates 0.74% – 1.07% 2.79% – 2.84% 3.60% – 4.10% Expected term 5.6 – 7.5 years 5.1 – 7.5 years 6.5 – 7 years Expected volatility 32.1% – 33.0% 48.7% – 55.9% 60.2% – 62.0% Expected dividend yield – – – The risk-free interest 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 relevant historical exercise data to provide a reasonable basis to estimate expected term. The Company estimated expected volatility primarily based on the weighted-average historical share price volatility of the Company’s ADS. 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, 2021, 2022 and 2023 were $75.83, $57.74 and $40.62, respectively. The total fair value of share options vested during the years ended December 31, 2021, 2022 and 2023 was $88,507, $389,734 and $325,183, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2021, 2022 and 2023 was $1,361,800, $143,176 and $72,072, respectively. As of December 31, 2023, there were $829,528 total unrecognized share-based compensation cost related to unvested options which is expected to be recognized over a weighted-average period of 3.31 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, 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 2022 8,129,220 137.76 8.47 1,818,588 Granted 7,320,443 99.25 Vested (3,864,257 ) 110.34 Forfeited (1,933,175 ) 133.12 Unvested, December 31, 2022 2023 9,652,231 120.48 8.81 502,206 Granted 7,119,505 63.46 Vested (4,130,583 ) 109.11 Forfeited (1,786,921 ) 116.01 Unvested, December 31, 2023 10,854,232 90.02 8.86 439,596 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, 2021, 2022 and 2023 was $258.97, $99.25 and $63.46, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2021, 2022 and 2023 was $167,507, $426,398 and $450,703, respectively. As of December 31, 2023, there was $977,151 of unrecognized share-based compensation cost related to RSAs and RSUs which is expected to be recognized over a weighted-average vesting period of 2.55 years. Total unrecognized compensation may be adjusted for future changes in actual forfeitures. (c) SARs granted to Eligible Persons During the years ended December 31, 2022 and 2023, the Company granted 54,186 and 64,295 SARs, respectively, to the 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, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 $ $ $ Share options: Cost of revenue 390 – – Sales and marketing expenses 5 – – General and administrative expenses 207,204 313,917 253,408 Research and development expenses 33 254 44 207,632 314,171 253,452 Cash received for the exercise in the respective years 77,639 50,211 10,643 RSAs/ RSUs: Cost of revenue 8,318 11,104 12,727 Sales and marketing expenses 23,350 36,812 35,988 General and administrative expenses 67,421 67,388 99,048 Research and development expenses 148,592 283,747 282,381 247,681 399,051 430,144 SARs: Cost of revenue 3,389 (1,928 ) 383 Sales and marketing expenses 6,850 (1,762 ) 710 General and administrative expenses 3,658 (2,993 ) 200 Research and development expenses 1,114 (643 ) 141 15,011 (7,326 ) 1,434

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2023
ORDINARY SHARES [Abstract]
ORDINARY SHARES	15. 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 ended December 31, 2022, 102,447,910 outstanding Class B ordinary shares were converted to 102,447,910 Class A ordinary shares. The Company completed the follow-on offering in September 2021, and issued an aggregate of 12,650,000 ADSs, representing 12,650,000 Class A ordinary shares for total proceeds, net of issuance costs of $3,972,416. 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 in February 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: Unrealized fair value gain (loss) on available- for-sale investments Foreign currency translation Total $ $ $ Balance as of January 1, 2021 981 3,700 4,681 Current year other comprehensive loss (1,278 ) (32,263 ) (33,541 ) Transactions with non-controlling interests – 341 341 Balance as of December 31, 2021 (297 ) (28,222 ) (28,519 ) Current year other comprehensive loss (6,263 ) (78,297 ) (84,560 ) Capital contributed by non-controlling interest – 1,864 1,864 Balance as of December 31, 2022 (6,560 ) (104,655 ) (111,215 ) Current year other comprehensive income (loss) 4,512 (1,297 ) 3,215 Balance as of December 31, 2023 (2,048 ) (105,952 ) (108,000 )

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2023
RESTRICTED NET ASSETS [Abstract]
RESTRICTED NET ASSETS	17. 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 changes in statutory reserve are as follows: Year ended December 31, 2022 $ 2023 $ At the beginning of the financial year 6,144 12,490 Transferred from retained earnings 6,346 4,491 At the end of the financial year 12,490 16,981 Taiwan The subsidiaries in Taiwan are 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 their total paid-up capital. In the event that the subsidiaries 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. 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 at the time the dividend is paid, until this account reaches an amount not less than 10% of the registered authorized capital. The legal reserve is not available for dividend distribution. 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. Indonesia The Indonesian regulations require a limited liability company to reserve a certain amount from its net income each year as a reserve fund until such fund amounts to at least 20% of its issued and paid-up capital.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2023
TAXATION [Abstract]
TAXATION	18. 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, 2021, 2022 and 2023. 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 applicable corporate income tax rates of the countries where they are resident. 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, 2021 $ 2022 $ 2023 $ Current income tax 289,998 272,070 317,893 Deferred tax (975 ) (140,553 ) (94,551 ) Withholding tax expense 43,842 36,878 39,338 332,865 168,395 262,680 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, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ (Loss) Income before income tax and share of results of equity investees (1,715,184 ) (1,500,533 ) 432,394 Tax expense computed at tax rate of 17 (291,581 ) (255,091 ) 73,507 Changes in valuation allowance 828,141 389,129 44,491 Non-taxable and non-deductible items 17,586 25,387 (11,306 ) Effect of concessionary tax rate and tax reliefs (183,962 ) (117,558 ) (42,696 ) Withholding tax expense 43,842 36,878 39,338 Foreign tax effects (82,388 ) 85,204 154,756 Changes in unrecognized tax benefits – – 6,000 Others 1,227 4,446 (1,410 ) 332,865 168,395 262,680 Deferred tax The significant components of deferred taxes are as follows: As of December 31, 2022 $ 2023 $ Deferred tax assets Property and equipment 11,039 16,094 Deferred revenue 93,163 161,981 Unutilized tax losses and unused capital allowances 2,049,196 2,197,209 Provision and accrued expenses 58,650 74,330 Allowance for credit losses 41,002 56,308 Others 19,844 19,437 Valuation allowance (2,013,288 ) (2,159,905 ) Total deferred tax assets 259,606 365,454 Deferred tax liabilities Property and equipment (14,456 ) (7,853 ) Deferred payment channel costs (7,111 ) (24,483 ) Others (2,780 ) (4,290 ) Total deferred tax liabilities (24,347 ) (36,626 ) Net deferred tax assets 235,259 328,828 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 $3,473,098, $2,661,916 and $2,189,029 as of December 31, 2021, 2022 and 2023, respectively. The tax losses of $2,189,029 as of December 31, 2023 will expire from 2024 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, 2023, 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) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
(LOSS) EARNINGS PER SHARE [Abstract]
(LOSS) EARNINGS PER SHARE	19. (LOSS) EARNINGS PER SHARE Basic (loss) earnings per share for each of the periods presented is calculated as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Numerator: Net (loss) income attributable to ordinary shareholders (2,046,759 ) (1,651,421 ) 150,726 Denominator: Weighted-average number of shares outstanding – basic 532,705,796 558,119,948 566,612,815 Basic (loss) earnings per share: (3.84 ) (2.96 ) 0.27 Dilutive (loss) earnings per share for each of the periods presented is calculated as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Numerator: Net (loss) income attributable to ordinary shareholders (2,046,759 ) (1,651,421 ) 150,726 Denominator: Weighted-average number of shares outstanding – basic 532,705,796 558,119,948 566,612,815 Add: share options – – 27,486,226 Add: RSAs and RSUs – – 306,563 Weighted-average number of shares outstanding – diluted 532,705,796 558,119,948 594,405,604 Diluted (loss) earnings per share: (3.84 ) (2.96 ) 0.25 The following potential common shares were excluded from calculation of diluted net (loss) earnings per share because their effect would have been anti-dilutive for the periods presented: Year ended December 31, 2021 2022 2023 Share options 46,225,613 68,800,110 32,342,730 RSAs/RSUs 8,129,220 9,652,231 10,547,669 Convertible notes 23,349,154 21,635,690 20,588,810 77,703,987 100,088,031 63,479,209 The denominator for diluted (loss) earnings per share for the years ended December 31, 2021, 2022 and 2023 does not include any effect from the Capped Calls (Note 13) 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, 2022 and 2023, respectively, the Company issued 7,000,000 and 6,000,000 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) earnings 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, 2023
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS The Company has transactions with a certain shareholder and its affiliates, and an investee in the ordinary course of business. The Company had the following significant related party transactions for the years ended December 31, 2021, 2022 and 2023: Year ended December 31, 2021 $ 2022 $ 2023 $ Services provided by: - Shareholder and its affiliates (1) 164,911 109,422 – - Investee (2) – – 11,327 Services provided to: - Investee (2) – – 8,624 The Company had the following significant related party balances as of December 31, 2022 and 2023: As of December 31, 2022 $ 2023 $ Amounts due from: - Investee (2) – 281,485 Amounts due to: - Investee (2) – 63,419 (1) On September 5, 2022, the director who is an executive officer of Tencent Limited (“Tencent”) resigned from the Board of Directors of the Company and Tencent granted an irrevocable voting proxy with respect to all its shares in the Company to the Board of Directors of the Company to vote on matters that are subject to the vote of shareholders of the Company. Accordingly, Tencent is no longer a related party of the Company. (2) In October 2023, the Company deconsolidated a subsidiary. The Company retained significant influence and the retained investment is accounted for using the equity method. Accordingly, the investee continues to be considered as a related party of the Company. Gain on deconsolidation is not material to the consolidated financial statements.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	21. SEGMENT REPORTING The Company has three reportable segments, namely e-commerce, digital financial services and digital entertainment. 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. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. Description of Reportable Segments E-commerce Digital financial services tal entertainment and e-commerce businesses. In addition, SeaMoney also integrates with third-party merchant partners and covers a broad set of consumption use cases. Revenue from the Company’s digital financial services segment primarily consists of interest earned from Consumer and SME loans provided to both Shopee buyers and sellers. Digital entertainment 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, 2021, 2022 and 2023 presented were as follows: Year ended December 31, 2021 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 5,122,959 469,774 4,320,013 42,444 – 9,955,190 Operating (loss) income (2,766,566 ) (640,422 ) 2,500,081 (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 ) Year ended December 31, 2022 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 7,288,677 1,221,996 3,877,163 61,869 – 12,449,705 Operating (loss) income (2,013,360 ) (277,264 ) 1,971,416 (252,162 ) (916,138 ) (1,487,508 ) Non-operating loss, net (13,025 ) Income tax expense (168,395 ) Share of results of equity investees 11,156 Net loss (1,657,772 ) Year ended December 31, 2023 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 9,000,848 1,759,422 2,172,009 131,281 – 13,063,560 Operating (loss) income (550,470 ) 490,209 1,177,871 (56,728 ) (836,104 ) 224,778 Non-operating income, net 207,616 Income tax expense (262,680 ) Share of results of equity investees (7,032 ) Net income 162,682 (1) Unallocated expenses are mainly relating to share-based compensation, impairment of goodwill of prior acquisitions that are not under the Company’s reportable segments, and 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, 2021 $ 2022 $ 2023 $ Revenue Southeast Asia 6,316,782 8,321,249 9,179,527 Latin America 1,850,861 2,043,918 2,193,758 Rest of Asia 1,394,342 1,727,187 1,496,433 Rest of the world 393,205 357,351 193,842 Consolidated revenue 9,955,190 12,449,705 13,063,560 Long-lived assets consist of property and equipment, operating lease ROU As of December 31, 2022 $ 2023 $ Long-lived assets Southeast Asia 1,804,846 1,699,461 Rest of Asia 348,116 258,078 Rest of the world 257,792 316,962 2,410,754 2,274,501

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	22. 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 categorized 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, 2022 and 2023, assets and liabilities categorized within Level 3 of the fair value hierarchy included investments in convertible loan, investments in sovereign bonds, investments carried at fair value, investments in equity securities accounted under measurement alternative, redeemable preference shares of investees and other assets. Investments in debt securities Investments carried at fair value or measurement alternative – the Company used Market Adjusted Option Pricing Model Backsolve, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees, liquidity factors and a selection of comparable companies. The significant unobservable input used to determine the fair value of investments carried at fair value or measurement alternative under the market adjusted Option Pricing Model Backsolve is as follows: As of December 31, 2022 As of December 31, 2023 Unobservable input (1) Weighted average (2) Range Weighted average (2) Range Market adjustment (20%) (90%) to 7% (54%) (54%) (1) Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. (2) Input was weighted based on the fair value of the investments included in the range. Convertible Notes 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. Assets and liabilities measured or reported at fair value on a recurring basis are summarized below: As of December 31, 2022 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 621,346 – 490 621,836 Available-for-sale investments 562,051 – 35,126 597,177 Equity securities 2,008 548 – 2,556 Investments carried at fair value – – 178,233 178,233 Other assets – – 9,668 9,668 Derivative assets (1) – 3 – 3 Derivative liabilities (2) – (2,277 ) – (2,277 ) Share appreciation rights (5,420 ) – – (5,420 ) 2023 Convertible Notes – – (82,666 ) (82,666 ) 2024 Convertible Notes – – (190,646 ) (190,646 ) 2025 Convertible Notes – – (1,148,639 ) (1,148,639 ) 2026 Convertible Notes – – (1,454,421 ) (1,454,421 ) 1,179,985 (1,726 ) (2,652,855 ) (1,474,596 ) As of December 31, 2023 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 1,780,898 – 407 1,781,305 Available-for-sale investments 4,177,564 – 20,442 4,198,006 Equity securities 23,495 87 – 23,582 Other assets – – 9,465 9,465 Derivative assets (1) – 13 – 13 Derivative liabilities (2) – (2,818 ) – (2,818 ) Share appreciation rights (5,522 ) – – (5,522 ) 2024 Convertible Notes – – (168,410 ) (168,410 ) 2025 Convertible Notes – – (1,179,739 ) (1,179,739 ) 2026 Convertible Notes – – (1,556,532 ) (1,556,532 ) 5,976,435 (2,718 ) (2,874,367 ) 3,099,350 (1) Included in prepaid expenses and other assets (2) Included i n accrued expenses and other payables Certain long-term equity securities that were accounted for using measurement alternative were measured at fair value on a non-recurring basis and were categorized within Level 3 of the fair value hierarchy because significant unobservable inputs were used to estimate its fair value. Assets remeasured at fair value within Level 3 of the fair value hierarchy on a non-recurring basis were $264,899 and $251,232 as of December 31, 2022 and 2023, respectively. Reconciliations of assets and liabilities measured at fair value on a recurring basis and are categorized within Level 3 of the fair value hierarchy are as follows: $ Available-for-sale investments Balance as of January 1, 2021 21,357 Additions 35,298 Conversion into ordinary shares of investees (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 Additions 3,198 Settlement (1,266 ) Net unrealized loss included in other comprehensive income (1,193 ) Translation gain included in other comprehensive income 11 Balance as of December 31, 2022 35,126 Settlement (278 ) Impairment (3,873 ) Conversion into ordinary shares of investee (9,945 ) Net unrealized loss included in other comprehensive income (588 ) Balance as of December 31, 2023 20,442 Investments carried at fair value Balance as of January 1, 2021 – Additions 151,227 Net investment gain included in earnings 27,071 Balance as of December 31, 2021 178,298 Additions 74,482 Net investment loss included in earnings (74,547 ) Balance as of December 31, 2022 178,233 Transfer out of Level 3 due to change in status (1) (178,233 ) Balance as of December 31, 2023 – (1) See note 2(l) for more information. $ Other assets Balance as of January 1, 2021 19,024 Additions 186 Disposals (3,513 ) Write-down included in earnings (3,627 ) Translation loss included in other comprehensive income (359 ) Balance as of December 31, 2021 11,711 Additions 56 Disposals (679 ) Write-down included in earnings (476 ) Translation loss included in other comprehensive income (944 ) Balance as of December 31, 2022 9,668 Additions 122 Disposals (464 ) Write-down included in earnings 40 Translation gain included in other comprehensive income 99 Balance as of December 31, 2023 9,465

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	23. COMMITMENTS AND CONTINGENCIES Purchase commitments The Company has commitments to purchase property and equipment and hosting services of $99,050 and $40,893, committed licensing fee payable for the licensing of game titles of $13,677 and $6,800 and commitments to invest in certain companies of $125,733 and $90,100 as of December 31, 2022 and 2023, 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, 2022 and 2023, the minimum guarantee commitments amounted to $45,257 and $10,400, 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 under committed facilities granted. As of December 31, 2022 and 2023, the customers can draw down on a total undrawn credit limit of $233 and $1,199, respectively, under such committed facilities.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 loans receivable, accounting for deferred income taxes and accounting for share-based compensation arrangements. Changes in facts and circumstances may result in revised estimates.
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 have 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 accumulated other comprehensive income (loss), a component of shareholders’ equity. Exchange differences arising on monetary items that form part of the Company’s net investments in foreign operations are recognized initially in other comprehensive loss and accumulated under accumulated other comprehensive income (loss) in equity. The other comprehensive income or loss arising from exchange differences is reclassified from equity to profit or loss of the Company on disposal of the foreign operations.
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 money market funds placed with banks and other financial institutions which are unrestricted as to withdrawal and use.
Restricted cash	(f) Restricted cash Restricted cash mainly comprises monies received held in escrow in connection with the Company’s e-commerce business and mobile wallet 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 The Company has established a provision matrix applied on the portfolio segmented by factors such as geographic region and products that are considered to have similar credit characteristics and risk of loss. The allowance for credit losses is computed based on its historical lifetime credit loss experience, adjusted for forward-looking factors specific to the receivable and economic environment. The Company utilizes models such as transition matrix method based on roll rates and then transformed, taking into account expected future delinquency rate to estimate the likelihood that a loan will default over a given period of time, net of any estimated recoveries. These models utilize information that is available at the reporting date about past events, current conditions and macro-economic forecasts. The macro-economic forecast varies by countries and include factors such as unemployment rates, gross domestic product and consumer price indices
Inventories	(h) Inventories Inventories which comprise mainly 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 are 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 to 10 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 Over the land use term - Building 6 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 subsidiaries 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 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.
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 post implementation phases of the development of software for internal use are expensed. Costs incurred in the application development phase are capitalized when certain criteria are met. 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 10 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 is 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. 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 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 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 statements 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 forecasted undiscounted cash flows are 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 A vailable-for-sale investments are measured at fair value with the change in fair value recognized in accumulated other comprehensive income (loss). Marketable equity securities, investments carried at fair value, certain other assets, derivative assets, derivative liabilities 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
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 in-game items (also known as virtual items), including through 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 Company’s paying users and it 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, and the amounts retained by these channels based on a predetermined percentage represent the Company’s cost of revenue to be recognized. Proceeds from these sales are initially recognized as “ Escrow payables and advances 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 items. Revenue is recognized over the performance obligation period. The Company recognizes an implied obligation to the paying users to continue to provide hosting services and access to the purchased virtual items within the online games over an estimated performance obligation period. Such performance obligation period is determined in accordance with the estimated average lifespan of the paying user or virtual items sold. (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. Revenue attributable to a time-based virtual item is recognized ratably over the period based on the time unit of the item. Consumable virtual items are items that can be consumed by a specific user action and have limitations on repeated use. Revenue attributable to a consumable virtual item 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 a durable virtual item is recognized ratably over its average lifespan. (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 such that it is reasonable to believe that these users will not return to a specific game. Determining the estimated performance obligation period requires management’s judgment and thus involves uncertainty. Future users’ usage patterns and playing behaviors may change and differ from the historical usage patterns and playing behaviors, leading to a change in the estimated performance obligation period. (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 is 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’s 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. Sellers and buyers are customers of Shopee. (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 commissions from merchants when transactions are completed and settled through its digital financial services platform. Such commissions are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commissions are 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, payment channel costs, royalty expenses, hosting charges, interest expenses related to the Company’s digital financial services segment, 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. In some instances, the Company may record losses from transactions when the sales incentives provided exceed the revenue earned from the customer on a transaction-by-transaction basis. Such losses are then reclassified and 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 estimates 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 expense” 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.
(Loss) Earnings per share	(v) (Loss) Earnings per share In accordance with ASC 260, Earnings per Share Diluted (loss) earnings per share is calculated by dividing net (loss) income 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) earnings 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: e-commerce, digital financial services and digital entertainment. 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.
Transfers of financial assets	(y) Transfers of financial assets The Company accounts for transfers of financial assets as true sales when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange transferred assets and the Company does not maintain effective control over the transferred assets. Transfers of financial assets that do not qualify for sale accounting continue to be reported on the Company’s consolidated balance sheets as if the transfer had not occurred. Accordingly, the sale proceeds are recognized as secured borrowings.
Recently adopted accounting pronouncements	(z) Recently adopted accounting pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
Recently issued accounting pronouncements not yet adopted	(aa) Recently issued accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ORGANIZATION (Tables)

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2023
ORGANIZATION [Abstract]
Significant Subsidiaries of Company and its Consolidated Variable Interest Entities	(a) As of December 31, 2023, 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 2022 2023 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 Sea Services Limited (formerly known as Sea Capital Limited) January 30, 2020 Cayman Islands 100 100 Investment holding company Sea Services Holdings Limited (formerly known as SEA Capital C1 Holdings Limited) June 30, 2021 Cayman Islands 100 100 Investment holding company
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, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group: As of December 31, 2022 2023 $ $ ASSETS Current assets Cash and cash equivalents 79,922 63,187 Loans receivable, net – 148,246 Amounts due from intercompanies (1) 153,070 241,740 Others 85,787 123,046 Total current assets 318,779 576,219 Non-current assets Property and equipment, net 86,229 123,094 Long-term investments 14,500 1,475 Deferred tax assets 40,561 35,280 Others 18,059 27,174 Total non-current assets 159,349 187,023 Total assets 478,128 763,242 As of December 31, 2022 2023 $ $ LIABILITIES Current liabilities Accrued expenses and other payables 110,526 128,917 Deferred revenue 192,243 169,059 Amounts due to intercompanies (1) 88,639 230,884 Others 12,658 15,864 Total current liabilities 404,066 544,724 Non-current liabilities Deferred revenue 23,886 16,658 Amounts due to intercompanies (1) 83,958 61,165 Borrowings – 119,323 Others 4,579 19,529 Total non-current liabilities 112,423 216,675 Total liabilities 516,489 761,399 (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, 2021 2022 2023 $ $ $ Revenue - Third-party customers 690,383 722,607 551,978 - Intercompanies 195,639 176,072 248,637 Net income 22,390 20,425 40,776 Year ended December 31, 2021 2022 2023 $ $ $ Net cash generated from (used in) operating activities 61,875 22,449 (21,369 ) Net cash used in investing activities (14,847 ) (89,160 ) (189,617 ) Net cash generated from financing activities 15,030 44,442 232,420

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
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 to 10 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 Over the land use term - Building 6 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 10 years - Software 3 to 6 years - Customer relationships 3 to 8 years

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows: Digital Entertainment Digital Financial Services Other Services Total $ $ $ $ Balance as of January 1, 2022 168,731 56,102 314,791 539,624 Acquisitions 11,715 48,980 – 60,695 Impairment (177,663 ) – (177,280 ) (354,943 ) Foreign currency translation (2,783 ) (7,868 ) (4,517 ) (15,168 ) Balance as of December 31, 2022 – 97,214 132,994 230,208 Impairment – – (117,875 ) (117,875 ) Foreign currency translation – 873 (424 ) 449 Balance as of December 31, 2023 – 98,087 14,695 112,782

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES AND OTHER ASSETS [Abstract]
Prepaid Expenses and Other Assets	As of December 31, 2022 2023 $ $ Current Other receivables 782,022 1,153,627 Taxes receivable 168,266 207,172 Deferred payment channel costs 271,194 197,814 Securities purchased under agreements to resell 390,002 160,289 Prepaid expenses 121,049 111,986 Security deposits 16,828 14,898 Assets held for sale 25,954 – Others 23,336 16,056 1,798,651 1,861,842 Non-current Security deposits 47,314 41,984 Prepayment of long-lived assets (including renovation-in-progress) 61,733 24,318 Deferred payment channel costs 8,476 12,089 Other receivables 6,821 2,652 Others 11,272 6,662 135,616 87,705

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
LOANS RECEIVABLE, NET [Abstract]
Loan Portfolios	The following table presents the loans receivable by each of the loan portfolio: As of December 31, 2022 $ 2023 $ Consumer and SME loans 2,268,844 2,656,484 Other loans 45,405 150,297 2,314,249 2,806,781 Allowance for credit losses (238,819 ) (321,568 ) 2,075,430 2,485,213
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, 2022 Year of origination 2022 2021 2020 2019 2018 Prior Total Consumer and SME loans $ $ $ $ $ $ $ Delinquency: Current 2,050,721 641 807 2,790 1,702 786 2,057,447 Past due - 1 to 30 days 70,761 206 143 97 66 14 71,287 - 31 to 60 days 49,493 341 96 490 560 190 51,170 - 61 to 90 days 44,065 581 18 16 22 – 44,702 - More than 90 days 26,308 16,718 913 146 39 114 44,238 2,241,348 18,487 1,977 3,539 2,389 1,104 2,268,844 Other loans Delinquency: Current 918 6,159 30,778 4,134 1,282 923 44,194 Past due - 1 to 30 days 10 37 117 148 13 – 325 - 31 to 60 days – – 38 249 32 – 319 - 61 to 90 days – 22 – 1 42 2 67 - More than 90 days – 64 105 212 79 40 500 928 6,282 31,038 4,744 1,448 965 45,405 As of December 31, 2023 Year of origination 2023 2022 2021 2020 2019 Prior Total Consumer and SME loans $ $ $ $ $ $ $ Delinquency: Current 2,448,363 4,934 – – – – 2,453,297 Past due - 1 to 30 days 64,015 1,054 – – – – 65,069 - 31 to 60 days 49,419 925 – – – – 50,344 - 61 to 90 days 42,239 2,054 – – – – 44,293 - More than 90 days 41,843 1,638 – – – – 43,481 2,645,879 10,605 – – – – 2,656,484 Current period gross write-off 182,145 358,503 4,834 – – – 545,482 Other loans Delinquency: Current 104,770 927 399 30,769 3,132 2,214 142,211 Past due - 1 to 30 days 4,660 8 6 98 86 17 4,875 - 31 to 60 days 1,776 4 30 38 260 275 2,383 - 61 to 90 days 10 9 – 28 51 16 114 - More than 90 days 69 52 17 210 242 124 714 111,285 1,000 452 31,143 3,771 2,646 150,297 Current period gross write-off – 16 12 205 775 220 1,228
Loans Receivable's Allowance for Credit Losses	An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows: Consumer and SME loans $ Other loans $ Total $ Balance as of January 1, 2022 89,977 7,699 97,676 Provision for credit losses 494,815 (1,202 ) 493,613 Write-off of loans receivable (331,401 ) (4,772 ) (336,173 ) Exchange differences (16,012 ) (285 ) (16,297 ) Balance as of December 31, 2022 237,379 1,440 238,819 Provision for credit losses 624,143 3,785 627,928 Write-off of loans receivable (545,482 ) (1,228 ) (546,710 ) Exchange differences 1,518 13 1,531 Balance as of December 31, 2023 317,558 4,010 321,568

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2022 2023 $ $ Short-term investments Debt securities: Held-to-maturity 557,249 1,731,154 Available-for-sale 304,453 792,908 Equity securities 2,556 23,582 864,258 2,547,644 Long-term investments Debt securities: Held-to-maturity 64,790 49,726 Available-for-sale 292,724 3,405,098 Equity securities 521,742 612,729 Equity method investments 196,104 195,009 Investments carried at fair value 178,233 – 1,253,593 4,262,562
Impairment Losses Included in Net Investment Loss	Impairment losses are included in net investment loss in the consolidated statements of operations: Years ended December 31, 2021 2022 2023 $ $ $ Impairment losses Non-marketable equity securities – 104,645 86,076 Equity method investments – 4,201 10,608
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, 2022 and 2023: As of December 31, 2022 Cost or amortized cost Gross unrecognized gains Gross unrecognized losses Gross unrealized gains Gross unrealized losses Fair value $ $ $ $ $ $ Short-term investments Debt securities: Held-to-maturity 557,249 4 (2 ) – – 557,251 Available-for-sale 304,649 – – 26 (222 ) 304,453 Long-term investments Debt securities: Held-to-maturity 64,790 551 (756 ) – – 64,585 Available-for-sale 301,020 – – 151 (8,447 ) 292,724 Investments carried at fair value 225,709 – – 27,071 (74,547 ) 178,233 1,453,417 555 (758 ) 27,248 (83,216 ) 1,397,246 As of December 31, 2023 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 1,731,154 9 (23 ) – – 1,731,140 Available-for-sale 792,431 – – 885 (408 ) 792,908 Long-term investments Debt securities: Held-to-maturity 49,726 632 (193 ) – – 50,165 Available-for-sale 3,407,262 – – 15,002 (17,166 ) 3,405,098 5,980,573 641 (216 ) 15,887 (17,574 ) 5,979,311

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET [Abstract]
Property and Equipment, Net	As of December 31, 2022 2023 $ $ Computers 1,381,797 1,472,199 Office equipment, furniture and fittings 62,262 65,355 Leasehold improvements 381,443 350,194 Transportation assets 123,835 64,022 Warehouse equipment 36,023 140,829 Land 272,042 278,756 Building 14,702 40,830 Construction-in-progress 51,575 44,884 2,323,679 2,457,069 Less: accumulated depreciation (935,784 ) (1,249,371 ) 1,387,895 1,207,698
Depreciation Expenses	Depreciation expenses recognized for each of the years ended December 31, 2021, 2022 and 2023 were included in the following captions: Year ended December 31, 2021 $ 2022 $ 2023 $ Cost of revenue 180,140 261,582 297,406 Sales and marketing expenses 7,960 10,733 8,665 General and administrative expenses 64,187 117,593 93,972 Research and development expenses 8,395 15,019 12,193 260,682 404,927 412,236

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES [Abstract]
Information Pertaining to Lease	Information pertaining to lease amounts recognized in the Company’s consolidated financial statements is summarized as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Lease cost Operating lease cost 138,766 257,359 295,501 Short-term lease cost 14,831 24,507 23,172 153,597 281,866 318,673
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information Operating cash flows from operating leases 128,751 228,604 292,781 ROU assets obtained in exchange for new operating lease liabilities 520,354 596,887 279,526
Weighted-Average Remaining Lease Term	As of December 31, 2022 2023 Weighted-average remaining lease term Operating leases 5.66 years 6.15 years
Weighted-Average Discount Rate	Weighted-average discount rate Operating leases 7.8% 8.3%
Maturities of Lease Liabilities	Maturities of operating lease liabilities as of December 31, 2023 were as follows: $ 2024 298,070 2025 250,365 2026 215,008 2027 156,217 2028 119,121 Thereafter 365,164 Total lease payments 1,403,945 Less: imputed interest (323,643 ) Present value of lease liabilities 1,080,302

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET [Abstract]
Intangible Assets	As of December 31, 2022 $ 2023 $ Licensing fee 18,629 21,802 IP right 42,943 44,894 Trademarks 10,679 10,679 Software, including internal use software under development 66,117 73,231 Others 5,267 5,271 Total intangible assets, gross 143,635 155,877 Accumulated amortization: Licensing fee (15,713 ) (16,280 ) IP right (37,538 ) (40,699 ) Trademarks (5,873 ) (6,941 ) Software (17,203 ) (38,200 ) Others (2,289 ) (2,936 ) Total accumulated amortization (78,616 ) (105,056 ) Total intangible assets, net 65,019 50,821
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: $ 2024 26,642 2025 17,031 2026 5,168 2027 1,669 2028 281 Thereafter 30 50,821

ACCRUED EXPENSES AND OTHER PA_2

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2022 2023 $ $ Current Accrued cost of revenue and operating expenses 768,312 1,066,988 Accrued payroll and welfare expenses 213,369 316,397 Business and other taxes payables 133,636 246,164 Other payables 173,560 116,338 Payables and accruals for long-lived assets 38,473 32,724 Accrued interest for convertible notes 3,917 3,737 Finance lease liabilities 3,138 3,715 Liabilities directly associated with the assets held for sale 12,020 – Others 50,188 48,744 1,396,613 1,834,807 Non-current Finance lease liabilities 11,844 10,828 Others 75,228 68,429 87,072 79,257

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE NOTES [Abstract]
Convertible Debts	As of December 31, 2022 2023 $ $ 2023 Convertible Notes 31,237 – 2024 Convertible Notes 151,459 151,764 2025 Convertible Notes 1,144,794 1,146,369 2026 Convertible Notes 2,042,497 1,803,416 3,369,987 3,101,549
Issuance of Convertible Notes and Terms	The Company issued the following convertible notes and the terms are as follows: 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 $ equivalent 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
Carrying Amount of the Liability Components	The following table presents the carrying amount of the Convertible Notes: As of December 31, 2022 As of December 31, 2023 2023 Convertible Notes 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Total 2024 Convertible Notes 2025 Convertible Notes 2026 Convertible Notes Total $ $ $ $ $ $ $ $ $ Principal 31,300 152,048 1,149,500 2,057,784 3,390,632 152,048 1,149,500 1,813,273 3,114,821 Less: unamortized issuance cost and debt discount (63 ) (589 ) (4,706 ) (15,287 ) (20,645 ) (284 ) (3,131 ) (9,857 ) (13,272 ) Net carrying amount 31,237 151,459 1,144,794 2,042,497 3,369,987 151,764 1,146,369 1,803,416 3,101,549
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, 2023
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, 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 Outstanding, January 1, 2022 46,222,613 37.70 Granted 30,000,000 120.00 Cancelled or forfeited (4,012,516 ) 279.17 Exercised (3,676,911 ) 13.82 Outstanding, December 31, 2022 68,533,186 60.87 7.30 1,433,420 Vested and expected to vest at December 31, 2022 68,533,186 60.87 Exercisable as of December 31, 2022 36,880,548 22.99 5.97 1,274,793 Outstanding, January 1, 2023 68,533,186 Granted 1,925,000 60.00 Cancelled or forfeited (9,292,295 ) 104.02 Exercised (1,336,980 ) 7.19 Outstanding, December 31, 2023 59,828,911 55.34 6.18 944,611 Vested and expected to vest at December 31, 2023 59,828,911 55.34 Exercisable as of December 31, 2023 42,877,386 35.29 5.51 887,174
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 2021 Granted in 2022 Granted in 2023 Risk-free interest rates 0.74% – 1.07% 2.79% – 2.84% 3.60% – 4.10% Expected term 5.6 – 7.5 years 5.1 – 7.5 years 6.5 – 7 years Expected volatility 32.1% – 33.0% 48.7% – 55.9% 60.2% – 62.0% Expected dividend yield – – –
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, 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 2022 8,129,220 137.76 8.47 1,818,588 Granted 7,320,443 99.25 Vested (3,864,257 ) 110.34 Forfeited (1,933,175 ) 133.12 Unvested, December 31, 2022 2023 9,652,231 120.48 8.81 502,206 Granted 7,119,505 63.46 Vested (4,130,583 ) 109.11 Forfeited (1,786,921 ) 116.01 Unvested, December 31, 2023 10,854,232 90.02 8.86 439,596
Total Compensation Expense of Share Options, 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, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 $ $ $ Share options: Cost of revenue 390 – – Sales and marketing expenses 5 – – General and administrative expenses 207,204 313,917 253,408 Research and development expenses 33 254 44 207,632 314,171 253,452 Cash received for the exercise in the respective years 77,639 50,211 10,643 RSAs/ RSUs: Cost of revenue 8,318 11,104 12,727 Sales and marketing expenses 23,350 36,812 35,988 General and administrative expenses 67,421 67,388 99,048 Research and development expenses 148,592 283,747 282,381 247,681 399,051 430,144 SARs: Cost of revenue 3,389 (1,928 ) 383 Sales and marketing expenses 6,850 (1,762 ) 710 General and administrative expenses 3,658 (2,993 ) 200 Research and development expenses 1,114 (643 ) 141 15,011 (7,326 ) 1,434

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2023
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, are as follows: Unrealized fair value gain (loss) on available- for-sale investments Foreign currency translation Total $ $ $ Balance as of January 1, 2021 981 3,700 4,681 Current year other comprehensive loss (1,278 ) (32,263 ) (33,541 ) Transactions with non-controlling interests – 341 341 Balance as of December 31, 2021 (297 ) (28,222 ) (28,519 ) Current year other comprehensive loss (6,263 ) (78,297 ) (84,560 ) Capital contributed by non-controlling interest – 1,864 1,864 Balance as of December 31, 2022 (6,560 ) (104,655 ) (111,215 ) Current year other comprehensive income (loss) 4,512 (1,297 ) 3,215 Balance as of December 31, 2023 (2,048 ) (105,952 ) (108,000 )

RESTRICTED NET ASSETS (Tables)

RESTRICTED NET ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
RESTRICTED NET ASSETS [Abstract]
Changes in Statutory Reserve	The changes in statutory reserve are as follows: Year ended December 31, 2022 $ 2023 $ At the beginning of the financial year 6,144 12,490 Transferred from retained earnings 6,346 4,491 At the end of the financial year 12,490 16,981

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2023
TAXATION [Abstract]
Income Tax Expense	Income tax expense comprises: Year ended December 31, 2021 $ 2022 $ 2023 $ Current income tax 289,998 272,070 317,893 Deferred tax (975 ) (140,553 ) (94,551 ) Withholding tax expense 43,842 36,878 39,338 332,865 168,395 262,680
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, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ (Loss) Income before income tax and share of results of equity investees (1,715,184 ) (1,500,533 ) 432,394 Tax expense computed at tax rate of 17 (291,581 ) (255,091 ) 73,507 Changes in valuation allowance 828,141 389,129 44,491 Non-taxable and non-deductible items 17,586 25,387 (11,306 ) Effect of concessionary tax rate and tax reliefs (183,962 ) (117,558 ) (42,696 ) Withholding tax expense 43,842 36,878 39,338 Foreign tax effects (82,388 ) 85,204 154,756 Changes in unrecognized tax benefits – – 6,000 Others 1,227 4,446 (1,410 ) 332,865 168,395 262,680
Significant Components of Deferred Taxes	The significant components of deferred taxes are as follows: As of December 31, 2022 $ 2023 $ Deferred tax assets Property and equipment 11,039 16,094 Deferred revenue 93,163 161,981 Unutilized tax losses and unused capital allowances 2,049,196 2,197,209 Provision and accrued expenses 58,650 74,330 Allowance for credit losses 41,002 56,308 Others 19,844 19,437 Valuation allowance (2,013,288 ) (2,159,905 ) Total deferred tax assets 259,606 365,454 Deferred tax liabilities Property and equipment (14,456 ) (7,853 ) Deferred payment channel costs (7,111 ) (24,483 ) Others (2,780 ) (4,290 ) Total deferred tax liabilities (24,347 ) (36,626 ) Net deferred tax assets 235,259 328,828

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
(LOSS) EARNINGS PER SHARE [Abstract]
Basic and Diluted (Loss) Earnings per Share	Basic (loss) earnings per share for each of the periods presented is calculated as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Numerator: Net (loss) income attributable to ordinary shareholders (2,046,759 ) (1,651,421 ) 150,726 Denominator: Weighted-average number of shares outstanding – basic 532,705,796 558,119,948 566,612,815 Basic (loss) earnings per share: (3.84 ) (2.96 ) 0.27 Dilutive (loss) earnings per share for each of the periods presented is calculated as follows: Year ended December 31, 2021 $ 2022 $ 2023 $ Numerator: Net (loss) income attributable to ordinary shareholders (2,046,759 ) (1,651,421 ) 150,726 Denominator: Weighted-average number of shares outstanding – basic 532,705,796 558,119,948 566,612,815 Add: share options – – 27,486,226 Add: RSAs and RSUs – – 306,563 Weighted-average number of shares outstanding – diluted 532,705,796 558,119,948 594,405,604 Diluted (loss) earnings per share: (3.84 ) (2.96 ) 0.25
Potential Common Shares were Excluded from Calculation of Diluted Net (Loss) Earnings Per Share	The following potential common shares were excluded from calculation of diluted net (loss) earnings per share because their effect would have been anti-dilutive for the periods presented: Year ended December 31, 2021 2022 2023 Share options 46,225,613 68,800,110 32,342,730 RSAs/RSUs 8,129,220 9,652,231 10,547,669 Convertible notes 23,349,154 21,635,690 20,588,810 77,703,987 100,088,031 63,479,209

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS [Abstract]
Related Party Transactions and Balances	The Company had the following significant related party transactions for the years ended December 31, 2021, 2022 and 2023: Year ended December 31, 2021 $ 2022 $ 2023 $ Services provided by: - Shareholder and its affiliates (1) 164,911 109,422 – - Investee (2) – – 11,327 Services provided to: - Investee (2) – – 8,624 The Company had the following significant related party balances as of December 31, 2022 and 2023: As of December 31, 2022 $ 2023 $ Amounts due from: - Investee (2) – 281,485 Amounts due to: - Investee (2) – 63,419 (1) On September 5, 2022, the director who is an executive officer of Tencent Limited (“Tencent”) resigned from the Board of Directors of the Company and Tencent granted an irrevocable voting proxy with respect to all its shares in the Company to the Board of Directors of the Company to vote on matters that are subject to the vote of shareholders of the Company. Accordingly, Tencent is no longer a related party of the Company. (2) In October 2023, the Company deconsolidated a subsidiary. The Company retained significant influence and the retained investment is accounted for using the equity method. Accordingly, the investee continues to be considered as a related party of the Company. Gain on deconsolidation is not material to the consolidated financial statements.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING [Abstract]
Information about Segments	Information about segments for the years ended December 31, 2021, 2022 and 2023 presented were as follows: Year ended December 31, 2021 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 5,122,959 469,774 4,320,013 42,444 – 9,955,190 Operating (loss) income (2,766,566 ) (640,422 ) 2,500,081 (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 ) Year ended December 31, 2022 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 7,288,677 1,221,996 3,877,163 61,869 – 12,449,705 Operating (loss) income (2,013,360 ) (277,264 ) 1,971,416 (252,162 ) (916,138 ) (1,487,508 ) Non-operating loss, net (13,025 ) Income tax expense (168,395 ) Share of results of equity investees 11,156 Net loss (1,657,772 ) Year ended December 31, 2023 E-Commerce $ Digital Financial Services $ Digital Entertainment $ Other Services $ Unallocated ( 1 $ Consolidated $ Revenue 9,000,848 1,759,422 2,172,009 131,281 – 13,063,560 Operating (loss) income (550,470 ) 490,209 1,177,871 (56,728 ) (836,104 ) 224,778 Non-operating income, net 207,616 Income tax expense (262,680 ) Share of results of equity investees (7,032 ) Net income 162,682 (1) Unallocated expenses are mainly relating to share-based compensation, impairment of goodwill of prior acquisitions that are not under the Company’s reportable segments, and 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, 2021 $ 2022 $ 2023 $ Revenue Southeast Asia 6,316,782 8,321,249 9,179,527 Latin America 1,850,861 2,043,918 2,193,758 Rest of Asia 1,394,342 1,727,187 1,496,433 Rest of the world 393,205 357,351 193,842 Consolidated revenue 9,955,190 12,449,705 13,063,560
Long-Lived Assets	Long-lived assets consist of property and equipment, operating lease ROU As of December 31, 2022 $ 2023 $ Long-lived assets Southeast Asia 1,804,846 1,699,461 Rest of Asia 348,116 258,078 Rest of the world 257,792 316,962 2,410,754 2,274,501

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value of Investments	The significant unobservable input used to determine the fair value of investments carried at fair value or measurement alternative under the market adjusted Option Pricing Model Backsolve is as follows: As of December 31, 2022 As of December 31, 2023 Unobservable input (1) Weighted average (2) Range Weighted average (2) Range Market adjustment (20%) (90%) to 7% (54%) (54%) (1) Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. (2) Input was weighted based on the fair value of the investments included in the range.
Fair Values of Assets and Liabilities	Assets and liabilities measured or reported at fair value on a recurring basis are summarized below: As of December 31, 2022 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 621,346 – 490 621,836 Available-for-sale investments 562,051 – 35,126 597,177 Equity securities 2,008 548 – 2,556 Investments carried at fair value – – 178,233 178,233 Other assets – – 9,668 9,668 Derivative assets (1) – 3 – 3 Derivative liabilities (2) – (2,277 ) – (2,277 ) Share appreciation rights (5,420 ) – – (5,420 ) 2023 Convertible Notes – – (82,666 ) (82,666 ) 2024 Convertible Notes – – (190,646 ) (190,646 ) 2025 Convertible Notes – – (1,148,639 ) (1,148,639 ) 2026 Convertible Notes – – (1,454,421 ) (1,454,421 ) 1,179,985 (1,726 ) (2,652,855 ) (1,474,596 ) As of December 31, 2023 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 1,780,898 – 407 1,781,305 Available-for-sale investments 4,177,564 – 20,442 4,198,006 Equity securities 23,495 87 – 23,582 Other assets – – 9,465 9,465 Derivative assets (1) – 13 – 13 Derivative liabilities (2) – (2,818 ) – (2,818 ) Share appreciation rights (5,522 ) – – (5,522 ) 2024 Convertible Notes – – (168,410 ) (168,410 ) 2025 Convertible Notes – – (1,179,739 ) (1,179,739 ) 2026 Convertible Notes – – (1,556,532 ) (1,556,532 ) 5,976,435 (2,718 ) (2,874,367 ) 3,099,350 (1) Included in prepaid expenses and other assets (2) Included i n accrued expenses and other payables
Reconciliations of Assets and Liabilities Categorized within Level 3	Reconciliations of assets and liabilities measured at fair value on a recurring basis and are categorized within Level 3 of the fair value hierarchy are as follows: $ Available-for-sale investments Balance as of January 1, 2021 21,357 Additions 35,298 Conversion into ordinary shares of investees (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 Additions 3,198 Settlement (1,266 ) Net unrealized loss included in other comprehensive income (1,193 ) Translation gain included in other comprehensive income 11 Balance as of December 31, 2022 35,126 Settlement (278 ) Impairment (3,873 ) Conversion into ordinary shares of investee (9,945 ) Net unrealized loss included in other comprehensive income (588 ) Balance as of December 31, 2023 20,442 Investments carried at fair value Balance as of January 1, 2021 – Additions 151,227 Net investment gain included in earnings 27,071 Balance as of December 31, 2021 178,298 Additions 74,482 Net investment loss included in earnings (74,547 ) Balance as of December 31, 2022 178,233 Transfer out of Level 3 due to change in status (1) (178,233 ) Balance as of December 31, 2023 – (1) See note 2(l) for more information. $ Other assets Balance as of January 1, 2021 19,024 Additions 186 Disposals (3,513 ) Write-down included in earnings (3,627 ) Translation loss included in other comprehensive income (359 ) Balance as of December 31, 2021 11,711 Additions 56 Disposals (679 ) Write-down included in earnings (476 ) Translation loss included in other comprehensive income (944 ) Balance as of December 31, 2022 9,668 Additions 122 Disposals (464 ) Write-down included in earnings 40 Translation gain included in other comprehensive income 99 Balance as of December 31, 2023 9,465

ORGANIZATION, Summary of Signif

ORGANIZATION, Summary of Significant Subsidiaries of Company and its Consolidated Variable Interest Entities (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 08, 2009
Place of incorporation	U0
Percentage of direct ownership by the company	100%	100%
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%	100%
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. 05, 2015
Place of incorporation	U0
Percentage of direct ownership by the company	100%	100%
Principal activities	Online platform
PT Shopee International Indonesia [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Aug. 05, 2015
Place of incorporation	K8
Percentage of direct ownership by the company	100%	100%
Principal activities	Online platform
Sea Services Limited (formally known as Sea Capital Limited) [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Jan. 30, 2020
Place of incorporation	E9
Percentage of direct ownership by the company	100%	100%
Principal activities	Investment holding company
Sea Services Holdings Limited (formally known as SEA Capital C1 Holdings Limited) [Member]
Significant Subsidiaries of Company and its Consolidated VIE's [Abstract]
Date of incorporation/acquisition	Jun. 30, 2021
Place of incorporation	E9
Percentage of direct ownership by the company	100%	100%
Principal activities	Investment holding company

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets [Abstract]
Cash and cash equivalents		$ 2,811,056	$ 6,029,859
Loans receivable, net		2,464,662	2,053,767
Total current assets		11,773,934	12,688,012
Non-current assets [Abstract]
Property and equipment, net		1,207,698	1,387,895
Long-term investments		4,262,562	1,253,593
Deferred tax assets		328,961	245,226
Total non-current assets		7,109,298	4,314,784
Total assets		18,883,232	17,002,796
Current liabilities [Abstract]
Accrued expenses and other payables		1,834,807	1,396,613
Deferred revenue		1,208,892	1,535,083
Total current liabilities		8,168,941	6,935,692
Non-current liabilities [Abstract]
Deferred revenue		72,587	63,566
Borrowings		119,323	0
Total non-current liabilities		4,016,706	4,256,280
Total liabilities		12,185,647	11,191,972
Revenue [Abstract]
Revenue		13,063,560	12,449,705	$ 9,955,190
Net income		162,682	(1,657,772)	(2,043,030)
VIEs [Member]
Current assets [Abstract]
Cash and cash equivalents		63,187	79,922
Loans receivable, net		148,246	0
Amounts due from intercompanies	[1]	241,740	153,070
Others		123,046	85,787
Total current assets		576,219	318,779
Non-current assets [Abstract]
Property and equipment, net		123,094	86,229
Long-term investments		1,475	14,500
Deferred tax assets		35,280	40,561
Others		27,174	18,059
Total non-current assets		187,023	159,349
Total assets		763,242	478,128
Current liabilities [Abstract]
Accrued expenses and other payables		128,917	110,526
Deferred revenue		169,059	192,243
Amounts due to intercompanies	[1]	230,884	88,639
Others		15,864	12,658
Total current liabilities		544,724	404,066
Non-current liabilities [Abstract]
Deferred revenue		16,658	23,886
Amounts due to intercompanies	[1]	61,165	83,958
Borrowings		119,323	0
Others		19,529	4,579
Total non-current liabilities		216,675	112,423
Total liabilities		761,399	516,489
Revenue [Abstract]
Net income		40,776	20,425	22,390
Net cash generated from (used in) operating activities		(21,369)	22,449	61,875
Net cash used in investing activities		(189,617)	(89,160)	(14,847)
Net cash generated from financing activities		232,420	44,442	15,030
VIEs [Member] | Third-Party Customers [Member]
Revenue [Abstract]
Revenue		551,978	722,607	690,383
VIEs [Member] | Intercompanies [Member]
Revenue [Abstract]
Revenue		$ 248,637	$ 176,072	$ 195,639
[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)	Dec. 31, 2023
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] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	3 years
Office Equipment, Furniture and Fittings [Member] | Maximum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	10 years
Leasehold Improvements [Member]
Property and equipment [Abstract]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
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	10 years
Land Use Right [Member]
Property and equipment [Abstract]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Building [Member] | Minimum [Member]
Property and equipment [Abstract]
Property and equipment, useful lives	6 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, Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
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]
Intangible assets [Abstract]
Intangible assets, estimated economic lives	10 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, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Revenue recognition [Abstract]
Deferred revenue recognized | $	$ 1,420,420	$ 2,551,285
Segment reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3
Limited Partnership [Member] | Minimum [Member]
Investments [Abstract]
Equity interest percentage	5%

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Channel Customer Developer	Dec. 31, 2022 Customer Developer	Dec. 31, 2021 Customer Developer
Concentration of risk [Abstract]
Number of third party-logistics services provider, third-party game developer or other third-party business partner | 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	9 years
Credit Concentration Risk [Member]
Concentration of risk [Abstract]
Number of single loan customers | Customer	0	0
Sales Revenue [Member] | Customer Concentration Risk [Member] | Distribution Channel Risk [Member]
Concentration of risk [Abstract]
Concentration of risks	6%	13%	19%

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ReportingUnit	Dec. 31, 2022 USD ($) ReportingUnit	Dec. 31, 2021 USD ($)
Goodwill [Abstract]
Beginning Balance	$ 230,208	$ 539,624
Acquisitions		60,695
Impairment	(117,875)	(354,943)	$ 0
Foreign currency translation	449	(15,168)
Ending Balance	112,782	230,208	539,624
Gross goodwill	112,782	585,151
Accumulated impairment losses on goodwill	0	354,943
Digital Entertainment [Member]
Goodwill [Abstract]
Beginning Balance	0	168,731
Acquisitions		11,715
Impairment	0	(177,663)
Foreign currency translation	0	(2,783)
Ending Balance	$ 0	0	168,731
Number of reporting units in which carrying amount exceeding fair values | ReportingUnit	3
Digital Financial Services [Member]
Goodwill [Abstract]
Beginning Balance	$ 97,214	56,102
Acquisitions		48,980
Impairment	0	0
Foreign currency translation	873	(7,868)
Ending Balance	98,087	97,214	56,102
Other Services [Member]
Goodwill [Abstract]
Beginning Balance	132,994	314,791
Acquisitions		0
Impairment	(117,875)	(177,280)
Foreign currency translation	(424)	(4,517)
Ending Balance	$ 14,695	$ 132,994	$ 314,791
Number of reporting units in which carrying amount exceeding fair values | ReportingUnit	2
Number of reporting units in which fair value was determined using market approach | ReportingUnit	1	1

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current [Abstract]
Other receivables	$ 1,153,627	$ 782,022
Taxes receivable	207,172	168,266
Deferred payment channel costs	197,814	271,194
Securities purchased under agreements to resell	160,289	390,002
Prepaid expenses	111,986	121,049
Security deposits	14,898	16,828
Assets held for sale	0	25,954
Others	16,056	23,336
Total Current	1,861,842	1,798,651
Non-current [Abstract]
Security deposits	41,984	47,314
Prepayment of long-lived assets (including renovation-in-progress)	24,318	61,733
Deferred payment channel costs	12,089	8,476
Other receivables	2,652	6,821
Others	6,662	11,272
Total Non-current	$ 87,705	$ 135,616

LOANS RECEIVABLE, NET, Loan Por

LOANS RECEIVABLE, NET, Loan Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loan Portfolio [Abstract]
Loans receivable, gross	$ 2,806,781	$ 2,314,249
Allowance for credit losses	(321,568)	(238,819)	$ (97,676)
Loans receivable, net	2,485,213	2,075,430
Outstanding borrowings related to transfers of loans receivable	133,578	39,001
Consumer and SME Loans [Member]
Loan Portfolio [Abstract]
Loans receivable, gross	2,656,484	2,268,844
Allowance for credit losses	(317,558)	(237,379)	(89,977)
Other Loans [Member]
Loan Portfolio [Abstract]
Loans receivable, gross	150,297	45,405
Allowance for credit losses	$ (4,010)	$ (1,440)	$ (7,699)

LOANS RECEIVABLE, NET, Summary

LOANS RECEIVABLE, NET, Summary of Delinquency Status of Loans Receivable by Year of Origination (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Delinquency Status, by Year of Origination [Abstract]
Total	$ 2,806,781	$ 2,314,249
Current Period Gross Write-off [Abstract]
Total	546,710	336,173
Consumer and SME Loans [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	2,645,879	2,241,348
2022/2021	10,605	18,487
2021/2020	0	1,977
2020/2019	0	3,539
2019/2018	0	2,389
Prior	0	1,104
Total	2,656,484	2,268,844
Current Period Gross Write-off [Abstract]
2023	182,145
2022	358,503
2021	4,834
2020	0
2019	0
Prior	0
Total	545,482	331,401
Consumer and SME Loans [Member] | Current [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	2,448,363	2,050,721
2022/2021	4,934	641
2021/2020	0	807
2020/2019	0	2,790
2019/2018	0	1,702
Prior	0	786
Total	2,453,297	2,057,447
Consumer and SME Loans [Member] | 1 to 30 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	64,015	70,761
2022/2021	1,054	206
2021/2020	0	143
2020/2019	0	97
2019/2018	0	66
Prior	0	14
Total	65,069	71,287
Consumer and SME Loans [Member] | 31 to 60 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	49,419	49,493
2022/2021	925	341
2021/2020	0	96
2020/2019	0	490
2019/2018	0	560
Prior	0	190
Total	50,344	51,170
Consumer and SME Loans [Member] | 61 to 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	42,239	44,065
2022/2021	2,054	581
2021/2020	0	18
2020/2019	0	16
2019/2018	0	22
Prior	0	0
Total	44,293	44,702
Consumer and SME Loans [Member] | More Than 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	41,843	26,308
2022/2021	1,638	16,718
2021/2020	0	913
2020/2019	0	146
2019/2018	0	39
Prior	0	114
Total	43,481	44,238
Other Loans [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	111,285	928
2022/2021	1,000	6,282
2021/2020	452	31,038
2020/2019	31,143	4,744
2019/2018	3,771	1,448
Prior	2,646	965
Total	150,297	45,405
Current Period Gross Write-off [Abstract]
2023	0
2022	16
2021	12
2020	205
2019	775
Prior	220
Total	1,228	4,772
Other Loans [Member] | Current [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	104,770	918
2022/2021	927	6,159
2021/2020	399	30,778
2020/2019	30,769	4,134
2019/2018	3,132	1,282
Prior	2,214	923
Total	142,211	44,194
Other Loans [Member] | 1 to 30 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	4,660	10
2022/2021	8	37
2021/2020	6	117
2020/2019	98	148
2019/2018	86	13
Prior	17	0
Total	4,875	325
Other Loans [Member] | 31 to 60 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	1,776	0
2022/2021	4	0
2021/2020	30	38
2020/2019	38	249
2019/2018	260	32
Prior	275	0
Total	2,383	319
Other Loans [Member] | 61 to 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	10	0
2022/2021	9	22
2021/2020	0	0
2020/2019	28	1
2019/2018	51	42
Prior	16	2
Total	114	67
Other Loans [Member] | More Than 90 Days [Member]
Delinquency Status, by Year of Origination [Abstract]
2023/2022	69	0
2022/2021	52	64
2021/2020	17	105
2020/2019	210	212
2019/2018	242	79
Prior	124	40
Total	$ 714	$ 500

LOANS RECEIVABLE, NET, Allowanc

LOANS RECEIVABLE, NET, Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 238,819	$ 97,676
Provision for credit losses	627,928	493,613
Write-off of loans receivable	(546,710)	(336,173)
Exchange differences	1,531	(16,297)
Ending balance	321,568	238,819
Consumer and SME Loans [Member]
Allowance for Credit Loss [Roll Forward]
Beginning balance	237,379	89,977
Provision for credit losses	624,143	494,815
Write-off of loans receivable	(545,482)	(331,401)
Exchange differences	1,518	(16,012)
Ending balance	317,558	237,379
Other Loans [Member]
Allowance for Credit Loss [Roll Forward]
Beginning balance	1,440	7,699
Provision for credit losses	3,785	(1,202)
Write-off of loans receivable	(1,228)	(4,772)
Exchange differences	13	(285)
Ending balance	$ 4,010	$ 1,440

INVESTMENTS, Short-term and Lon

INVESTMENTS, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term Investments [Abstract]
Debt securities, Held-to-maturity	$ 1,731,154	$ 557,249
Debt securities, Available-for-sale	792,908	304,453
Equity securities	23,582	2,556
Short-term Investments	2,547,644	864,258
Long-term Investments [Abstract]
Debt securities, Held-to-maturity	49,726	64,790
Debt securities, Available-for-sale	3,405,098	292,724
Equity securities	612,729	521,742
Equity method investments	195,009	196,104
Investments carried at fair value	0	178,233
Long-term Investments	$ 4,262,562	$ 1,253,593

INVESTMENTS, Impairment Losses

INVESTMENTS, Impairment Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impairment Losses [Abstract]
Non-marketable equity securities	$ 86,076	$ 104,645	$ 0
Equity method investments	10,608	4,201	0
Net Investment Loss [Member]
Debt and Equity Securities, Gain (Loss) [Abstract]
Marketable securities, net unrealized fair value (loss) gain	$ (2,069)	$ 146	$ (63,434)

INVESTMENTS, Debt Securities an

INVESTMENTS, Debt Securities and Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost [Abstract]
Held-to-maturity, Cost or Amortized cost, current	$ 1,731,154	$ 557,249
Held-to-maturity, Cost or Amortized cost, noncurrent	49,726	64,790
Held-to-maturity, Gross unrecognized gains, current	9	4
Held-to-maturity, Gross unrecognized gains, noncurrent	632	551
Held-to-maturity, Gross unrecognized losses, current	(23)	(2)
Held-to-maturity, Gross unrecognized losses, noncurrent	(193)	(756)
Held-to-maturity, Fair value, current	1,731,140	557,251
Held-to-maturity, Fair value, noncurrent	50,165	64,585
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale, Cost or amortized cost, current	792,431	304,649
Available-for-sale, Cost or amortized cost, noncurrent	3,407,262	301,020
Available-for-sale, Gross unrealized gains, current	885	26
Available-for-sale, Gross unrealized gains, noncurrent	15,002	151
Available-for-sale, Gross unrealized losses, current	(408)	(222)
Available-for-sale, Gross unrealized losses, noncurrent	(17,166)	(8,447)
Available-for-sale, Fair value, current	792,908	304,453
Available-for-sale, Fair value, noncurrent	3,405,098	292,724
Investments, Fair Value Disclosure [Abstract]
Investments carried at fair value, Cost or Amortized cost		225,709
Investments carried at fair value, Gross unrealized gains		27,071
Investments carried at fair value, Gross unrealized losses		(74,547)
Investments carried at fair value	0	178,233
Available For Sale and Held To Maturity Securities Fair Value To Amortized Cost And Investment At Fair Value [Abstract]
Cost or Amortized cost	5,980,573	1,453,417
Gross unrecognized gains	641	555
Gross unrecognized losses	(216)	(758)
Gross unrealized gains	15,887	27,248
Gross unrealized losses	(17,574)	(83,216)
Fair value	$ 5,979,311	$ 1,397,246

PROPERTY AND EQUIPMENT, NET - P

PROPERTY AND EQUIPMENT, NET - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 2,457,069	$ 2,323,679
Less: accumulated depreciation	(1,249,371)	(935,784)
Property, plant and equipment, net	1,207,698	1,387,895
Computers [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	1,472,199	1,381,797
Office Equipment, Furniture and Fittings [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	65,355	62,262
Leasehold Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	350,194	381,443
Transportation Assets [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	64,022	123,835
Warehouse Equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	140,829	36,023
Land [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	278,756	272,042
Building [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	40,830	14,702
Construction-in-Progress [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 44,884	$ 51,575

PROPERTY AND EQUIPMENT, NET - D

PROPERTY AND EQUIPMENT, NET - Depreciation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation [Abstract]
Depreciation expense	$ 412,236	$ 404,927	$ 260,682
Cost of Revenue [Member]
Depreciation [Abstract]
Depreciation expense	297,406	261,582	180,140
Sales and Marketing Expenses [Member]
Depreciation [Abstract]
Depreciation expense	8,665	10,733	7,960
General and Administrative Expenses [Member]
Depreciation [Abstract]
Depreciation expense	93,972	117,593	64,187
Research and Development Expenses [Member]
Depreciation [Abstract]
Depreciation expense	$ 12,193	$ 15,019	$ 8,395

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease cost [Abstract]
Operating lease cost	$ 295,501	$ 257,359	$ 138,766
Short-term lease cost	23,172	24,507	14,831
Operating lease cost	318,673	281,866	153,597
Supplemental cash flow information [Abstract]
Operating cash flows from operating leases	292,781	228,604	128,751
ROU assets obtained in exchange for new operating lease liabilities	$ 279,526	$ 596,887	$ 520,354
Weighted-average remaining lease term [Abstract]
Operating leases	6 years 1 month 24 days	5 years 7 months 28 days
Weighted-average discount rate [Abstract]
Weighted average discount rate for operating leases	8.30%	7.80%
Maturities of Operating Lease Liabilities [Abstract]
2024	$ 298,070
2025	250,365
2026	215,008
2027	156,217
2028	119,121
Thereafter	365,164
Total lease payments	1,403,945
Less: imputed interest	(323,643)
Present value of lease liabilities	1,080,302
Operating lease that has not yet commenced [Abstract]
Contractual payments	$ 518,265	$ 810,652
Maximum [Member]
Lessee Disclosure [Abstract]
Operating lease term	15 years
Operating lease that has not yet commenced [Abstract]
Lease term	14 years	14 years

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	$ 155,877	$ 143,635
Total accumulated amortization	(105,056)	(78,616)
Total intangible assets, net	50,821	65,019
Licensing Fee [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	21,802	18,629
Total accumulated amortization	(16,280)	(15,713)
IP Right [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	44,894	42,943
Total accumulated amortization	(40,699)	(37,538)
Trademarks [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	10,679	10,679
Total accumulated amortization	(6,941)	(5,873)
Software, Including Internal Use Software under Development [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	73,231	66,117
Software [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total accumulated amortization	(38,200)	(17,203)
Others [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Total intangible assets, gross	5,271	5,267
Total accumulated amortization	$ (2,936)	$ (2,289)

INTANGIBLE ASSETS, NET - Estima

INTANGIBLE ASSETS, NET - Estimated Aggregate Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 26,642
2025	17,031
2026	5,168
2027	1,669
2028	281
Thereafter	30
Total	50,821
Amortization expense related to Intangible Assets	$ 28,609	$ 23,417	$ 18,350

ACCRUED EXPENSES AND OTHER PA_3

ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current [Abstract]
Accrued cost of revenue and operating expenses	$ 1,066,988	$ 768,312
Accrued payroll and welfare expenses	316,397	213,369
Business and other taxes payables	246,164	133,636
Other payables	116,338	173,560
Payables and accruals for long-lived assets	32,724	38,473
Accrued interest for convertible notes	3,737	3,917
Finance lease liabilities	$ 3,715	$ 3,138
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total Current	Total Current
Liabilities directly associated with the assets held for sale	$ 0	$ 12,020
Others	48,744	50,188
Total Current	1,834,807	1,396,613
Non-current [Abstract]
Finance lease liabilities	$ 10,828	$ 11,844
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current	Total non-current
Others	$ 68,429	$ 75,228
Total non-current	$ 79,257	$ 87,072

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Bank Borrowings [Abstract]
Outstanding borrowings	$ 146,661	$ 88,410
Borrowings Under Securitization Transactions [Abstract]
Borrowings	$ 119,323	0
Minimum [Member]
Borrowings Under Securitization Transactions [Abstract]
Borrowings interest rate	5.30%
Borrowings range start	Apr. 30, 2026
Maximum [Member]
Borrowings Under Securitization Transactions [Abstract]
Borrowings interest rate	7.80%
Borrowings range end	Aug. 31, 2026
Revolving Credit Facility [Member]
Bank Borrowings [Abstract]
Line of credit facility borrowing amount	$ 400,000	475,000
Outstanding borrowings	0	49,000
Undrawn revolving credit facilities	400,000	$ 426,000
Weighted average interest rate		3.98%
Secured Debt [Member]
Secured Borrowings [Abstract]
Outstanding borrowings	$ 146,661	$ 39,410

CONVERTIBLE NOTES, Information

CONVERTIBLE NOTES, Information of Convertible Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Convertible Notes Payables [Abstract]
Convertible notes	$ 3,101,549	$ 3,369,987
2023 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	0	31,237
2024 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	151,764	151,459
2025 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	1,146,369	1,144,794
2026 Convertible Notes [Member]
Convertible Notes Payables [Abstract]
Convertible notes	$ 1,803,416	$ 2,042,497

CONVERTIBLE NOTES, 2023, 2024,

CONVERTIBLE NOTES, 2023, 2024, 2025 and 2026 Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	12 Months Ended
	Apr. 26, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount of the Liability Components [Abstract]
Principal		$ 3,114,821	$ 3,390,632
Less: unamortized issuance cost and debt discount		(13,272)	(20,645)
Net carrying amount		3,101,549	3,369,987
Recognized total interest expense for coupon interest		34,309	36,544	$ 36,191
Amortization of debt discount		6,034	7,536	100,141
Repurchase of Convertible Notes [Abstract]
Gain on debt extinguishment		$ 38,550	199,697	$ (2,069)
2023 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date		Jun. 18, 2018
Maturity date		Jul. 01, 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)		$ 19.8
Agreed conversion date		Jan. 01, 2023
Carrying Amount of the Liability Components [Abstract]
Principal			31,300
Less: unamortized issuance cost and debt discount			(63)
Net carrying amount		$ 0	31,237
Amount of if-converted convertible notes exceeding the principal		$ 0	50,968
2024 Convertible Notes [Member]
Issuance of Convertible Notes and Terms [Abstract]
Issuance date		Nov. 18, 2019
Maturity date		Dec. 01, 2024
Principal amount		$ 1,150,000
Interest rate		1%
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. 01, 2024
Carrying Amount of the Liability Components [Abstract]
Principal		$ 152,048	152,048
Less: unamortized issuance cost and debt discount		(284)	(589)
Net carrying amount		151,764	151,459
Amount of if-converted convertible notes exceeding the principal		$ 0	5,758
2024 Convertible Notes [Member] | Capped Call Transactions [Member]
Capped Call Transactions [Abstract]
Capped calls initial strike price (in dollars per share)		$ 50.13
Capped calls initial cap price (in dollars per share)		$ 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. 01, 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. 01, 2025
Carrying Amount of the Liability Components [Abstract]
Principal		$ 1,149,500	1,149,500
Less: unamortized issuance cost and debt discount		(3,131)	(4,706)
Net carrying amount		$ 1,146,369	1,144,794
2025 Convertible Notes [Member] | Capped Call Transactions [Member]
Capped Call Transactions [Abstract]
Capped calls initial strike price (in dollars per share)		$ 90.46
Capped calls initial cap price (in dollars per share)		$ 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
Carrying Amount of the Liability Components [Abstract]
Principal		$ 1,813,273	2,057,784
Less: unamortized issuance cost and debt discount		(9,857)	(15,287)
Net carrying amount		$ 1,803,416	$ 2,042,497
2026 Convertible Notes [Member] | Subsequent Event [Member]
Repurchase of Convertible Notes [Abstract]
Repurchase of convertible notes	$ 171,893
Gain on debt extinguishment	$ 27,112

SHARE-BASED COMPENSATION, Compe

SHARE-BASED COMPENSATION, Compensation Plans (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 17, 2022 $ / shares shares	Apr. 30, 2022 USD ($)	Dec. 31, 2023 Installment $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Share Options [Member]
Share-based Payment Arrangement [Abstract]
Share option granted (in shares)			1,925,000	30,000,000	4,162,121
Weighted average exercise price of options granted (in dollars per share) | $ / shares			$ 60	$ 120	$ 269.09
Options granted contractual term			10 years
SARs [Member]
Share-based Payment Arrangement [Abstract]
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%
SARs [Member] | Vesting in 12 Substantially Equal Quarterly Installments [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage			75%
RSUs [Member]
Share-based Payment Arrangement [Abstract]
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%
RSUs [Member] | Vesting in 12 Substantially Equal Quarterly Installments [Member]
Share-based Payment Arrangement [Abstract]
Vesting percentage			75%
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			3%
2009 Share Incentive Plan [Member] | Share Options [Member]
Share-based Payment Arrangement [Abstract]
Share options cancelled (in shares)	4,000,000
Share option granted (in shares)	4,000,000
Weighted average exercise price of options granted (in dollars per share) | $ / shares	$ 120
Share-based compensation awards vesting period			5 years
Options granted contractual term			10 years
Incremental share-based compensation cost | $		$ 99,198
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)			210,888,606

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options [Abstract]
Outstanding, Beginning of period (in shares)	68,533,186	46,222,613	47,465,720
Granted (in shares)	1,925,000	30,000,000	4,162,121
Cancelled or Forfeited (in shares)	(9,292,295)	(4,012,516)	0
Exercised (in shares)	(1,336,980)	(3,676,911)	(5,405,228)
Outstanding, End of period (in shares)	59,828,911	68,533,186	46,222,613
Vested and expected to vest (in shares)	59,828,911	68,533,186	46,222,613
Exercisable (in shares)	42,877,386	36,880,548	30,707,210
Weighted Average Exercise Price [Abstract]
Outstanding, Beginning of period (in dollars per share)	$ 60.87	$ 37.7	$ 14.76
Granted (in dollars per share)	60	120	269.09
Cancelled or Forfeited (in dollars per share)	104.02	279.17
Exercised (in dollars per share)	7.19	13.82	14.44
Outstanding, End of period (in dollars per share)	55.34	60.87	37.7
Vested and expected to vest (in dollars per share)	55.34	60.87	37.7
Exercisable (in dollars per share)	$ 35.29	$ 22.99	$ 14.13
Additional Disclosures [Abstract]
Weighted average remaining contractual term, Outstanding	6 years 2 months 4 days	7 years 3 months 18 days	6 years 10 months 20 days
Weighted average remaining contractual term, Exercisable	5 years 6 months 3 days	5 years 11 months 19 days	6 years 3 months 25 days
Aggregate intrinsic value, Outstanding	$ 944,611	$ 1,433,420	$ 8,822,987
Aggregate intrinsic value, Exercisable	$ 887,174	$ 1,274,793	$ 6,435,641
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Expected dividend yield	0%	0%	0%
Fair value of share options (in dollars per share)	$ 40.62	$ 57.74	$ 75.83
Fair value of share options vested	$ 325,183	$ 389,734	$ 88,507
Aggregate intrinsic value of options exercised	72,072	$ 143,176	$ 1,361,800
Unrecognized share-based compensation cost	$ 829,528
Unrecognized share-based compensation, weighted-average vesting period	3 years 3 months 21 days
Minimum [Member]
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Risk-free interest rates	3.60%	2.79%	0.74%
Expected term	6 years 6 months	5 years 1 month 6 days	5 years 7 months 6 days
Expected volatility	60.20%	48.70%	32.10%
Maximum [Member]
Estimated Fair Value of Options using the Black-Scholes Option Pricing Model [Abstract]
Risk-free interest rates	4.10%	2.84%	1.07%
Expected term	7 years	7 years 6 months	7 years 6 months
Expected volatility	62%	55.90%	33%

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of RSAs/RSUs [Abstract]
Unvested, Beginning of Period (in shares)	9,652,231	8,129,220	9,341,928
Granted (in shares)	7,119,505	7,320,443	3,551,491
Vested (in shares)	(4,130,583)	(3,864,257)	(4,127,006)
Forfeited (in shares)	(1,786,921)	(1,933,175)	(637,193)
Unvested, End of period (in shares)	10,854,232	9,652,231	8,129,220	9,341,928
Weighted average grant date fair value [Abstract]
Unvested, Beginning of Period (in dollars per share)	$ 120.48	$ 137.76	$ 46.36
Granted (in dollars per share)	63.46	99.25	258.97
Vested (in dollars per share)	109.11	110.34	40.59
Forfeited (in dollars per share)	116.01	133.12	102.92
Unvested, End of period (in dollars per share)	$ 90.02	$ 120.48	$ 137.76	$ 46.36
Additional Disclosures [Abstract]
Weighted average remaining contractual life, Unvested	8 years 10 months 9 days	8 years 9 months 21 days	8 years 5 months 19 days	8 years 7 months 20 days
Aggregate intrinsic value, Unvested	$ 439,596	$ 502,206	$ 1,818,588	$ 1,859,511
Fair value of share options vested	450,703	$ 426,398	$ 167,507
Unrecognized share-based compensation cost	$ 977,151
Unrecognized share-based compensation, weighted-average vesting period	2 years 6 months 18 days

SHARE-BASED COMPENSATION, SARs

SHARE-BASED COMPENSATION, SARs granted to Eligible Persons (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Options [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 253,452	$ 314,171	$ 207,632
Cash received for the exercise in the respective years	10,643	50,211	77,639
Share Options [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	0	0	390
Share Options [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	0	0	5
Share Options [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	253,408	313,917	207,204
Share Options [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 44	$ 254	$ 33
RSAs/RSUs [Member]
Share-based Compensation [Abstract]
Shares granted (in shares)	7,119,505	7,320,443	3,551,491
Compensation expense	$ 430,144	$ 399,051	$ 247,681
RSAs/RSUs [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	12,727	11,104	8,318
RSAs/RSUs [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	35,988	36,812	23,350
RSAs/RSUs [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	99,048	67,388	67,421
RSAs/RSUs [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 282,381	$ 283,747	148,592
SARs [Member]
Share-based Compensation [Abstract]
Shares granted (in shares)	64,295	54,186
Compensation expense	$ 1,434	$ (7,326)	15,011
SARs [Member] | Cost of Revenue [Member]
Share-based Compensation [Abstract]
Compensation expense	383	(1,928)	3,389
SARs [Member] | Sales and Marketing Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	710	(1,762)	6,850
SARs [Member] | General and Administrative Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	200	(2,993)	3,658
SARs [Member] | Research and Development Expenses [Member]
Share-based Compensation [Abstract]
Compensation expense	$ 141	$ (643)	$ 1,114

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) shares	Sep. 30, 2021 Vote	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Ordinary Shares [Abstract]
Authorized share capital | $			$ 7,500,000
Proceeds from issuance shares, net of issuance costs | $			$ 10,643	$ 50,211	$ 4,050,055
Class A Ordinary Shares [Member]
Ordinary Shares [Abstract]
Ordinary shares, authorized (in shares)			14,800,000,000	14,800,000,000
Ordinary shares, par value (in dollars per share) | $ / shares			$ 0.0005	$ 0.0005
Number of votes per share | Vote			1
Ordinary shares converted (in shares)				102,447,910
Issuance of Class A ordinary shares, net of issuance costs (in shares)	12,650,000
Number of ordinary shares represented by ADSs (in shares)	12,650,000
Proceeds from issuance shares, net of issuance costs | $	$ 3,972,416
Class B Ordinary Shares [Member]
Ordinary Shares [Abstract]
Ordinary shares, authorized (in shares)			200,000,000	200,000,000
Ordinary shares, par value (in dollars per share) | $ / shares			$ 0.0005	$ 0.0005
Number of votes per share | Vote			15
Ordinary shares converted (in shares)				102,447,910
Voting power per share | Vote		3	15

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	$ 5,715,705
Current year other comprehensive income (loss)	3,215	$ (84,560)	$ (33,541)
Transactions with non-controlling interests		(14,889)	(8,000)
Capital contributed by non-controlling interest	1,336	70,876	339
Ending Balance	6,593,830	5,715,705
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	(111,215)	(28,519)	4,681
Transactions with non-controlling interests		0	341
Capital contributed by non-controlling interest	0	1,864	0
Ending Balance	(108,000)	(111,215)	(28,519)
Unrealized Fair Value Gain (Loss) on Available-for-sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	(6,560)	(297)	981
Current year other comprehensive income (loss)	4,512	(6,263)	(1,278)
Transactions with non-controlling interests			0
Capital contributed by non-controlling interest		0
Ending Balance	(2,048)	(6,560)	(297)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Beginning Balance	(104,655)	(28,222)	3,700
Current year other comprehensive income (loss)	(1,297)	(78,297)	(32,263)
Transactions with non-controlling interests			341
Capital contributed by non-controlling interest		1,864
Ending Balance	$ (105,952)	$ (104,655)	$ (28,222)

RESTRICTED NET ASSETS (Details)

RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Taiwan [Member]
Restricted Net Assets [Abstract]
Percentage of capital stock	10%
Minimum percentage of paid up capital to be maintained as legal reserve	25%
Thailand [Member] | Minimum [Member]
Restricted Net Assets [Abstract]
Percentage of capital stock	10%
Percentage of retained earnings to legal reserve	5%
Indonesia [Member]
Restricted Net Assets [Abstract]
Percentage of capital stock	20%
Statutory Reserve [Member]
Statutory Reserve [Abstract]
At the beginning of the financial year	$ 12,490	$ 6,144
Transferred from retained earnings	4,491	6,346
At the end of the financial year	$ 16,981	$ 12,490

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2026	Dec. 31, 2021
Income tax expense [Abstract]
Current income tax			$ 317,893	$ 272,070	$ 289,998
Deferred tax			(94,551)	(140,553)	(975)
Withholding tax expense			39,338	36,878	43,842
Income tax expense			262,680	168,395	332,865
Reconciliation of tax [Abstract]
(Loss) Income before income tax and share of results of equity investees			432,394	(1,500,533)	(1,715,184)
Tax expense computed at tax rate of 17%			73,507	(255,091)	(291,581)
Changes in valuation allowance			44,491	389,129	828,141
Non-taxable and non-deductible items			(11,306)	25,387	17,586
Effect of concessionary tax rate and tax reliefs			(42,696)	(117,558)	(183,962)
Withholding tax expense			39,338	36,878	43,842
Foreign tax effects			154,756	85,204	(82,388)
Changes in unrecognized tax benefits			6,000	0	0
Others			(1,410)	4,446	1,227
Income tax expense			$ 262,680	$ 168,395	$ 332,865
Singapore [Member]
Enterprise Income Tax [Abstract]
Statutory corporate income tax rate			17%	17%	17%
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%
Singapore [Member] | Garena Online [Member] | Forecast [Member]
Enterprise Income Tax [Abstract]
Concessionary tax rate						10.50%
Philippines [Member]
Enterprise Income Tax [Abstract]
Statutory corporate income tax rate	25%	30%

TAXATION, Deferred Tax (Details

TAXATION, Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets [Abstract]
Property and equipment	$ 16,094	$ 11,039
Deferred revenue	161,981	93,163
Unutilized tax losses and unused capital allowances	2,197,209	2,049,196
Provision and accrued expenses	74,330	58,650
Allowance for credit losses	56,308	41,002
Others	19,437	19,844
Valuation allowance	(2,159,905)	(2,013,288)
Total deferred tax assets	365,454	259,606
Deferred tax liabilities [Abstract]
Property and equipment	(7,853)	(14,456)
Deferred payment channel costs	(24,483)	(7,111)
Others	(4,290)	(2,780)
Total deferred tax liabilities	(36,626)	(24,347)
Net deferred tax assets	328,828	235,259
Tax losses with expiry date	2,189,029	$ 2,661,916	$ 3,473,098
Deferred tax liability recognized on undistributed earnings	$ 0

(LOSS) EARNINGS PER SHARE (Deta

(LOSS) EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator [Abstract]
Net (loss) income attributable to ordinary shareholders	$ 150,726	$ (1,651,421)	$ (2,046,759)
Denominator [Abstract]
Weighted-average number of shares outstanding - basic (in shares)	566,612,815	558,119,948	532,705,796
Weighted-average number of shares outstanding - diluted (in shares)	594,405,604	558,119,948	532,705,796
Basic loss per share (in dollars per share)	$ 0.27	$ (2.96)	$ (3.84)
Diluted loss per share (in dollars per share)	$ 0.25	$ (2.96)	$ (3.84)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	63,479,209	100,088,031	77,703,987
(Loss) Earnings Per Share [Abstract]
Consideration received for this issuance shares issued to share depositary bank	$ 0	$ 0	$ 0
Share Options [Member]
Denominator [Abstract]
Adjusted weighted average shares outstanding - diluted (in shares)	27,486,226	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	32,342,730	68,800,110	46,225,613
RSAs/RSUs [Member]
Denominator [Abstract]
Adjusted weighted average shares outstanding - diluted (in shares)	306,563	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,547,669	9,652,231	8,129,220
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	20,588,810	21,635,690	23,349,154
Class A Ordinary Shares [Member]
(Loss) Earnings Per Share [Abstract]
Number of shares issued to share depositary bank to settle share incentive awards (in shares)	6,000,000	7,000,000
Consideration received for this issuance shares issued to share depositary bank	$ 0	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Shareholder and its Affiliates [Member]
Related Party Transaction [Abstract]
Services provided by	$ 0		$ 109,422	[1]	$ 164,911
Equity Method Investee [Member]
Related Party Transaction [Abstract]
Services provided by	11,327	[2]	0		0
Services provided to	8,624	[2]	0		$ 0
Related Party Balances [Abstract]
Amounts due from related parties	281,485	[2]	0
Amounts due to related parties	$ 63,419	[2]	$ 0
[1]On September 5, 2022, the director who is an executive officer of Tencent Limited (“Tencent”) resigned from the Board of Directors of the Company and Tencent granted an irrevocable voting proxy with respect to all its shares in the Company to the Board of Directors of the Company to vote on matters that are subject to the vote of shareholders of the Company. Accordingly, Tencent is no longer a related party of the Company.[2]In October 2023, the Company deconsolidated a subsidiary. The Company retained significant influence and the retained investment is accounted for using the equity method. Accordingly, the investee continues to be considered as a related party of the Company. Gain on deconsolidation is not material to the consolidated financial statements.

SEGMENT REPORTING, Information

SEGMENT REPORTING, Information about Segments (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments | Segment		3
Segment Information [Abstract]
Revenue		$ 13,063,560	$ 12,449,705	$ 9,955,190
Operating (loss) income		224,778	(1,487,508)	(1,583,060)
Non-operating income (loss), net		207,616	(13,025)	(132,124)
Income tax expense		(262,680)	(168,395)	(332,865)
Share of results of equity investees		(7,032)	11,156	5,019
Net (loss) income		162,682	(1,657,772)	(2,043,030)
Other Services [Member]
Segment Information [Abstract]
Revenue		131,281	61,869	42,444
Operating (loss) income		(56,728)	(252,162)	(177,633)
Operating Segments [Member] | E-commerce [Member]
Segment Information [Abstract]
Revenue		9,000,848	7,288,677	5,122,959
Operating (loss) income		(550,470)	(2,013,360)	(2,766,566)
Operating Segments [Member] | Digital Financial Services [Member]
Segment Information [Abstract]
Revenue		1,759,422	1,221,996	469,774
Operating (loss) income		490,209	(277,264)	(640,422)
Operating Segments [Member] | Digital Entertainment [Member]
Segment Information [Abstract]
Revenue		2,172,009	3,877,163	4,320,013
Operating (loss) income		1,177,871	1,971,416	2,500,081
Unallocated Expenses [Member]
Segment Information [Abstract]
Revenue	[1]	0	0	0
Operating (loss) income	[1]	$ (836,104)	$ (916,138)	$ (498,520)
[1]Unallocated expenses are mainly relating to share-based compensation, impairment of goodwill of prior acquisitions that are not under the Company’s reportable segments, and 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information [Abstract]
Consolidated revenue	$ 13,063,560	$ 12,449,705	$ 9,955,190
Southeast Asia [Member]
Segment Information [Abstract]
Consolidated revenue	9,179,527	8,321,249	6,316,782
Latin America [Member]
Segment Information [Abstract]
Consolidated revenue	2,193,758	2,043,918	1,850,861
Rest of Asia [Member]
Segment Information [Abstract]
Consolidated revenue	1,496,433	1,727,187	1,394,342
Rest of the World [Member]
Segment Information [Abstract]
Consolidated revenue	$ 193,842	$ 357,351	$ 393,205

SEGMENT REPORTING, Long-lived A

SEGMENT REPORTING, Long-lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Information [Abstract]
Long-lived assets	$ 2,274,501	$ 2,410,754
Southeast Asia [Member]
Segment Information [Abstract]
Long-lived assets	1,699,461	1,804,846
Rest of Asia [Member]
Segment Information [Abstract]
Long-lived assets	258,078	348,116
Rest of the World [Member]
Segment Information [Abstract]
Long-lived assets	$ 316,962	$ 257,792

FAIR VALUE MEASUREMENTS, Fair V

FAIR VALUE MEASUREMENTS, Fair Value of Investments (Details) - Unobservable Inputs (Level 3) [Member]		Dec. 31, 2023	Dec. 31, 2022
Equity, Fair Value Disclosure [Abstract]
Market adjustment	[1]	(0.54)
Weighted Average [Member]
Equity, Fair Value Disclosure [Abstract]
Market adjustment	[1],[2]	(0.54)	(0.20)
Minimum [Member]
Equity, Fair Value Disclosure [Abstract]
Market adjustment	[1]		(0.90)
Maximum [Member]
Equity, Fair Value Disclosure [Abstract]
Market adjustment	[1]		0.07
[1]Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment.[2]Input was weighted based on the fair value of the investments included in the range.

FAIR VALUE MEASUREMENTS, Summar

FAIR VALUE MEASUREMENTS, Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Investments carried at fair value		$ 0	$ 178,233
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations	Prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities and Other Payable, Non Current	Accrued Liabilities and Other Payable, Non Current
Recurring [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held-to-maturity investments		$ 1,781,305	$ 621,836
Available-for-sale investments		4,198,006	597,177
Equity securities		23,582	2,556
Investments carried at fair value			178,233
Other assets		9,465	9,668
Derivative assets	[1]	13	3
Derivative liabilities	[2]	(2,818)	(2,277)
Share appreciation rights		(5,522)	(5,420)
Total assets, net, at fair value		3,099,350	(1,474,596)
Recurring [Member] | 2023 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes			(82,666)
Recurring [Member] | 2024 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		(168,410)	(190,646)
Recurring [Member] | 2025 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		(1,179,739)	(1,148,639)
Recurring [Member] | 2026 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		(1,556,532)	(1,454,421)
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		1,780,898	621,346
Available-for-sale investments		4,177,564	562,051
Equity securities		23,495	2,008
Investments carried at fair value			0
Other assets		0	0
Derivative assets	[1]	0	0
Derivative liabilities	[2]	0	0
Share appreciation rights		(5,522)	(5,420)
Total assets, net, at fair value		5,976,435	1,179,985
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 2023 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes			0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 2024 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 2025 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 2026 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
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		87	548
Investments carried at fair value			0
Other assets		0	0
Derivative assets	[1]	13	3
Derivative liabilities	[2]	(2,818)	(2,277)
Share appreciation rights		0	0
Total assets, net, at fair value		(2,718)	(1,726)
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | 2023 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes			0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | 2024 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | 2025 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | 2026 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		0	0
Recurring [Member] | Unobservable Inputs (Level 3) [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Held-to-maturity investments		407	490
Available-for-sale investments		20,442	35,126
Equity securities		0	0
Investments carried at fair value			178,233
Other assets		9,465	9,668
Derivative assets	[1]	0	0
Derivative liabilities	[2]	0	0
Share appreciation rights		0	0
Total assets, net, at fair value		(2,874,367)	(2,652,855)
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | 2023 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes			(82,666)
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | 2024 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		(168,410)	(190,646)
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | 2025 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		(1,179,739)	(1,148,639)
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | 2026 Convertible Notes [Member]
Fair Values of Assets and Liabilities Measured on a Recurring Basis [Abstract]
Convertible Notes		$ (1,556,532)	$ (1,454,421)
[1]Included in prepaid expenses and other assets n accrued expenses and other payables

FAIR VALUE MEASUREMENTS, Summ_2

FAIR VALUE MEASUREMENTS, Summary of Level 3 Instruments Measured at Fair Value (Details) - Level 3 [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Recurring [Member] | Available-for-Sale Investments [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance		$ 35,126	$ 34,376	$ 21,357
Additions			3,198	35,298
Settlement		(278)	(1,266)
Impairment		(3,873)
Conversion into ordinary shares of investees		(9,945)		(21,340)
Net unrealized loss included in other comprehensive income		(588)	(1,193)	(958)
Translation gain (loss) included in other comprehensive income			11	19
Ending balance		20,442	35,126	34,376
Recurring [Member] | Investments Carried at Fair Value [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance		178,233	178,298	0
Additions			74,482	151,227
Net investment gain (loss) included in earnings			(74,547)	27,071
Transfer out of Level 3 due to change in status	[1]	(178,233)
Ending balance		0	178,233	178,298
Recurring [Member] | Other Assets [Member]
Reconciliations of Assets and Liabilities [Abstract]
Beginning balance		9,668	11,711	19,024
Additions		122	56	186
Disposals		(464)	(679)	(3,513)
Write-down included in earnings		40	(476)	(3,627)
Translation gain (loss) included in other comprehensive income		99	(944)	(359)
Ending balance		9,465	9,668	$ 11,711
Non-Recurring [Member] | Equity Securities [Member]
Assets Remeasured at Fair Value [Abstract]
Assets, fair value		$ 251,232	$ 264,899
[1]See note 2(l) for more information.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Abstract]
Undrawn credit facilities	$ 1,199	$ 233
Commitments to Purchase Property and Equipment [Member]
Other Commitments [Abstract]
Commitments	40,893	99,050
Committed Licensing Fee Payable for Licensing of Game Titles [Member]
Other Commitments [Abstract]
Commitments	6,800	13,677
Commitment to Invest in Certain Companies [Member]
Other Commitments [Abstract]
Commitments	90,100	125,733
Minimum [Member]
Other Commitments [Abstract]
Minimum guarantee commitments	$ 10,400	$ 45,257