Sea Limited (SE) 20-F 1 Mar 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document Information [Line Items]
Entity Registrant Name	Sea Ltd
Entity Central Index Key	1,703,399
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Trading Symbol	SE
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	190,423,065
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	152,175,703

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 1,002,841	$ 1,347,361
Restricted cash	254,100	95,300
Accounts receivable, net	97,782	61,846
Prepaid expenses and other assets	312,387	186,181
Inventories, net	37,689	9,790
Short-term investment	690	18,000
Amounts due from related parties	5,224	2,235
Total current assets	1,710,713	1,720,713
Non-current assets
Property and equipment, net	192,357	74,348
Intangible assets, net	12,887	37,333
Long-term investments	111,022	28,216
Prepaid expenses and other assets	69,065	46,297
Restricted cash	2,371	2,317
Deferred tax assets	63,302	48,104
Goodwill	30,952	30,952
Total non-current assets	481,956	267,567
Total assets	2,192,669	1,988,280
Current liabilities
Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $5,484 and $5,095 as of December 31, 2017 and 2018, respectively)	37,163	8,644
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $89,489 and $236,883 as of December 31, 2017 and 2018, respectively)	636,880	285,248
Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $6,091 and $4,832 as of December 31, 2017 and 2018, respectively)	29,355	27,155
Amount due to related parties (including amount due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of $1,235 and $1,297 as of December 31, 2017 and 2018, respectively)	46,025	36,790
Short-term bank borrowings (including short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of $2,013 and $856 as of December 31, 2017 and 2018, respectively)	856	2,013
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $137,512 and $119,219 as of December 31, 2017 and 2018, respectively)	426,675	268,241
Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $1,673 and $1,785 as of December 31, 2017 and 2018, respectively)	9,539	9,614
Total current liabilities	1,186,493	637,705
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 $4,190 and $1,630 as of December 31, 2017 and 2018, respectively)	7,894	7,547
Long-term bank borrowings (including long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of Nil and $1,026 as of December 31, 2017 and 2018, respectively)	1,026
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $61,571 and $72,439 as of December 31, 2017 and 2018, respectively)	171,262	133,481
Convertible notes (including convertible notes of the Consolidated VIEs without recourse to the primary beneficiaries of Nil and Nil as of December 31, 2017 and 2018, respectively)	1,061,796	726,950
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of Nil and Nil as of December 31, 2017 and 2018, respectively)	679	4,378
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of $2,636 and $2,522 as of December 31, 2017 and 2018, respectively)	2,974	3,088
Total non-current liabilities	1,245,631	875,444
Total liabilities	2,432,124	1,513,149
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	1,809,232	1,564,656
Accumulated other comprehensive income	15,199	10,701
Statutory reserves	46	46
Accumulated deficit	(2,067,786)	(1,106,545)
Total Sea Limited shareholders' equity (deficit)	(243,139)	469,025
Non-controlling interests	3,684	6,106
Total shareholders' equity (deficit)	(239,455)	475,131
Total liabilities and shareholders' equity (deficit)	2,192,669	1,988,280
Class A ordinary shares
Shareholders' equity
Ordinary shares	94	91
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 76	$ 76

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	$ 37,163	$ 8,644
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	636,880	285,248
Advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	29,355	27,155
Amount due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	46,025	36,790
Short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	856	2,013
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	426,675	268,241
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	9,539	9,614
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	7,894	7,547
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	1,026
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	171,262	133,481
Convertible debts of the Consolidated VIEs without recourse to the primary beneficiaries	1,061,796	726,950
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	679	4,378
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	2,974	3,088
VIEs
Accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries	5,095	5,484
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	236,883	89,489
Advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries	4,832	6,091
Amount due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries	1,297	1,235
Short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	856	2,013
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	119,219	137,512
Income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries	1,785	1,673
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	1,630	4,190
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	1,026	0
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	72,439	61,571
Convertible debts of the Consolidated VIEs without recourse to the primary beneficiaries
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	$ 2,522	$ 2,636
Class A ordinary shares
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)	190,423,065	182,009,760
Ordinary shares, Outstanding (in shares)	190,423,065	182,009,760
Class B ordinary shares
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)	152,175,703	152,956,453
Ordinary shares, Outstanding (in shares)	152,175,703	152,956,453

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue
Total revenue	$ 826,968	$ 414,190	$ 345,670
Cost of revenue
Total cost of revenue	(812,210)	(326,878)	(232,598)
Gross profit	14,758	87,312	113,072
Operating income (expenses):
Other operating income	9,799	3,497	2,103
Sales and marketing expenses	(705,015)	(425,974)	(187,372)
General and administrative expenses	(240,781)	(137,868)	(112,383)
Research and development expenses	(67,529)	(29,323)	(20,809)
Total operating expenses	(1,003,526)	(589,668)	(318,461)
Operating loss	(988,768)	(502,356)	(205,389)
Interest income	11,520	2,922	741
Interest expense	(31,295)	(26,501)	(23)
Investment gain, net	8,603	33,591	9,434
Changes in fair value of convertible notes	41,259	(51,950)
Foreign exchange (loss) gain	4,801	(4,215)	(1,649)
Loss before income tax and share of results of equity investees	(953,880)	(548,509)	(196,886)
Income tax expense	(4,088)	(10,745)	(8,546)
Share of results of equity investees	(3,066)	(1,912)	(19,523)
Net loss	(961,034)	(561,166)	(224,955)
Net loss (profit) attributable to non-controlling interests	(207)	681	2,088
Net loss attributable to Sea Limited's ordinary shareholders	$ (961,241)	$ (560,485)	$ (222,867)
Loss per share:
Basic and diluted	$ (2.84)	$ (2.72)	$ (1.30)
Weighted average shares used in loss per share computation:
Basic and diluted	338,472,987	205,727,195	171,127,788
Digital entertainment
Revenue
Total revenue	$ 462,464	$ 365,167	$ 327,985
Cost of revenue
Total cost of revenue	(267,359)	(217,986)	(185,314)
E-commerce and other services
Revenue
Total revenue	270,049	47,444	17,675
Cost of revenue
Total cost of revenue	(446,281)	(107,260)	(47,284)
Sales of goods
Revenue
Total revenue	94,455	1,579	$ 10
Cost of revenue
Total cost of revenue	$ (98,570)	$ (1,632)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (961,034)	$ (561,166)	$ (224,955)
Foreign currency translation adjustments:
Translation gain (loss)	(13,858)	1,973	515
Reclassification adjustment for net translation adjustments realized in net income		144	(762)
Net change	(13,858)	2,117	(247)
Available-for-sale securities:
Change in unrealized gain	18,269		16,136
Reclassification adjustment for net loss realized in net income			(13,787)
Net change	18,269		2,349
Total other comprehensive income, net of tax	4,411	2,117	2,102
Less: total comprehensive income (loss) attributable to non-controlling interests	(120)	678	2,023
Total comprehensive loss attributable to Sea Limited's ordinary shareholders	$ (956,743)	$ (558,371)	$ (220,830)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net loss		$ (961,034)	$ (561,166)	$ (224,955)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets		23,826	17,569	21,598
Depreciation of property and equipment		54,902	23,353	17,956
Gain on disposal of investments		(7,685)	(23,857)	(14,660)
Gain on re-measurement of previously held equity interests			(10,881)
Impairment loss on intangible assets		5,166	922	5,568
Impairment loss on investments		3,416	1,147	5,226
Intangible assets written-off				120
Prepaid licensing fees written-off		4,544		7,062
Share of results of equity investees		3,066	1,912	19,523
Share-based compensation		58,121	28,636	28,841
Unrecognized tax benefits			2,334	50
Deferred income tax		(19,797)	(8,753)	(2,281)
Changes in fair value of convertible notes		(41,259)	51,950
Amortization of discounts on convertible notes		14,154
Net foreign exchange differences		(10,230)	5,214	507
Others		4,778	2,571	3,202
Operating cash flows before changes in working capital:		(868,032)	(469,049)	(132,243)
Inventories		(28,465)	(5,970)	93
Accounts receivable		(38,524)	(24,547)	4,659
Prepaid expenses and other assets		(159,025)	(107,847)	(25,251)
Amounts due from related parties		(3,306)	(1,835)	(239)
Accounts payable		29,733	1,822	(3,052)
Accrued expenses and other payables		354,946	183,436	47,162
Advances from customers		2,727	9,967	(2,048)
Deferred revenue		204,161	125,102	5,935
Income tax payable		(75)	2,599	(2,145)
Amounts due to related parties		10,640	27,094	5,308
Net cash used in operating activities		(495,220)	(259,228)	(101,821)
Cash flows from investing activities
Purchase of property and equipment		(177,343)	(67,361)	(16,977)
Purchase of intangible assets		(1,142)	(12,385)	(7,562)
Purchase of non-marketable equity and other investments		(36,641)	(5,428)	(16,140)
Purchase of available-for-sale investments		(33,000)	(18,000)	(3,796)
Acquisition of businesses, net of cash acquired			(18,094)
Loan to related parties			(402)	(8,524)
Repayment of loans from related parties			2,737	4,946
Loans to a third party				(885)
Proceeds from disposal of property and equipment		668	314	507
Proceeds from disposal of intangible assets		245	5
Sales of available-for-sale investments				16,867
Sales of non-marketable equity and other investments		22,685		1,633
Net cash used in investing activities		(224,528)	(118,614)	(29,931)
Cash flows from financing activities
Proceeds from issuance of convertible notes, net		564,938	674,300
Proceeds from bank borrowings		2,055	3,888	4,329
Repayment of bank borrowings		(2,698)	(3,888)	(2,492)
Proceeds from issuance of ordinary shares, net		4,574	960,924	3,210
Proceeds from issuance of Series B contingently redeemable convertible preference shares, net of issuance costs				194,575
Acquisition of non-controlling interests		(25,768)	(11,381)
Proceeds from partial disposal of a subsidiary without a loss in control		3,527
Net cash generated from financing activities		546,628	1,623,843	199,622
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash*	[1]	(12,546)	8,153	(1,410)
Net increase (decrease) in cash, cash equivalents and restricted cash*	[1]	(185,666)	1,254,154	66,460
Cash, cash equivalents and restricted cash* at beginning of the year	[1]	1,444,978	190,824	124,364
Cash, cash equivalents and restricted cash* at end of the year	[1]	1,259,312	1,444,978	190,824
Supplement disclosures of cash flow information:
Income taxes paid		(23,961)	(13,999)	(13,033)
Interest paid		(42,901)	(741)	(23)
Interest received		11,520	2,922	741
Supplement disclosures of non-cash activities:
Purchase of property and equipment included in accrued expenses and other payables		7,579	2,549	579
Purchase of intangible assets included in accrued expenses and other payables		(444)	867
Purchase of property and equipment included in prepayments		(6,104)	(4,913)	(318)
Purchase of intangible assets included in prepayments		4,547	(353)	(1,542)
Payable for acquisition of non-controlling interests				$ 8,780
Conversion of a mezzanine equity into ordinary shares			$ (205,075)
Conversion of convertible notes		$ (48,975)
[1]	Upon the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, restricted cash was included within cash and cash equivalents in the consolidated statement of cash flows for the year ended December 31, 2018 and the comparative disclosure had been restated to conform to the current year presentation.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive income	Statutory reserve	Accumulated deficit	Total Sea Limited shareholders' equity (deficit)	Non-controlling interests	Total
Beginning Balance at Dec. 31, 2015	$ 87	$ 347,111	$ 6,550	$ 33	$ (282,126)	$ 71,655	$ 2,043	$ 73,698
Beginning Balance, shares at Dec. 31, 2015	173,592,300
Comprehensive loss:
Net loss for the year					(222,867)	(222,867)	(2,088)	(224,955)
Foreign currency translation adjustments			(312)			(312)	65	(247)
Net change in unrealized gain on available-for-sale investment			2,349			2,349		2,349
Acquisition of non-controlling interest		(8,546)				(8,546)		(8,546)
Appropriation of statutory reserves				13	(13)
Exercise of share options	$ 1	3,209				3,210		3,210
Exercise of share options (in shares)	2,750,350
Restricted share awards and restricted share units issued (in shares)	250,000
Share-based compensation		28,841				28,841		28,841
Ending Balance at Dec. 31, 2016	$ 88	370,615	8,587	46	(505,006)	(125,670)	20	(125,650)
Ending Balance, shares at Dec. 31, 2016	176,592,650
Comprehensive loss:
Net loss for the year					(560,485)	(560,485)	(681)	(561,166)
Foreign currency translation adjustments			2,114			2,114	3	2,117
Acquisition of subsidiaries							8,787	8,787
Acquisition of non-controlling interest		(546)				(546)	(2,055)	(2,601)
Cancellation of ordinary shares	$ (1)				(41,054)	(41,055)		(41,055)
Cancellation of ordinary shares (in shares)	(2,777,780)
Disposal of interest in a subsidiary without change in control		32				32	32	64
Exercise of share options	$ 4	25,387				25,391		25,391
Exercise of share options (in shares)	7,288,275
Restricted share awards and restricted share units issued (in shares)	1,572,500
Share-based compensation		28,636				28,636		28,636
Issuance of Class A ordinary shares, net of issuance costs	$ 33	935,500				935,533		935,533
Issuance of Class A ordinary shares, net of issuance costs (in shares)	65,954,538
Conversion of convertible preference shares into Class A and Class B ordinary shares	$ 43	205,032				205,075		205,075
Conversion of convertible preference shares into Class A and Class B ordinary shares (in shares)	86,336,030
Ending Balance at Dec. 31, 2017	$ 167	1,564,656	10,701	46	(1,106,545)	469,025	6,106	475,131
Ending Balance, shares at Dec. 31, 2017	334,966,213
Comprehensive loss:
Net loss for the year					(961,241)	(961,241)	207	(961,034)
Foreign currency translation adjustments			(13,771)			(13,771)	(87)	(13,858)
Net change in unrealized gain on available-for-sale investment			18,269			18,269		18,269
Acquisition of non-controlling interest		(21,047)				(21,047)	(4,721)	(25,768)
Disposal of interest in a subsidiary without change in control		1,348				1,348	2,179	3,527
Conversion of convertible notes into Class A ordinary shares	$ 2	48,973				48,975		48,975
Conversion of convertible notes into Class A ordinary shares (in shares)	3,592,415
Equity component of conversion option of convertible notes		152,714				152,714		152,714
Shares issued to depositary bank	$ 0
Shares issued to depositary bank (in shares)	3,200,000
Exercise of share options	$ 1	4,573				4,574		4,574
Exercise of share options (in shares)	1,705,147
Restricted share awards and restricted share units issued	$ 0
Restricted share awards and restricted share units issued (in shares)	68,000
Share-based compensation		58,015				58,015		58,015
Settlement of share incentives with shares held by depositary bank (in shares)	(933,007)
Ending Balance at Dec. 31, 2018	$ 170	$ 1,809,232	$ 15,199	$ 46	$ (2,067,786)	$ (243,139)	$ 3,684	$ (239,455)
Ending Balance, shares at Dec. 31, 2018	342,598,768

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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 in markets including Singapore, Thailand, Taiwan, Vietnam, Indonesia, Malaysia and the Philippines. The Company is principally engaged in the digital entertainment, e-commerce and digital financial service businesses in the region. (a) As of December 31, 2018, significant subsidiaries of the Company and its consolidated variable interest entities (the “VIEs”) where the Company or its wholly-owned subsidiaries, namely Garena Limited, Shopee Southeast Asia Limited (formerly known as Shopee Limited) or Airpay Limited is the primary beneficiary (collectively refers to as the “Primary Beneficiary”) include the following entities: Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal activities 2017 2018 Subsidiaries held by the Company: Garena Limited (“Garena Cayman”) March 4, 2015 Cayman Islands 100 100 Investment holding company Shopee Southeast Asia Limited (“Shopee Cayman”) January 16, 2015 Cayman Islands 100 100 Investment holding company Airpay Limited (“Airpay Cayman”) March 27, 2015 Cayman Islands 100 100 Investment holding company Garena Online Private Limited (“Garena Online”) May 8, 2009 Singapore 100 100 Game operations and software development Garena Ventures Private Limited (“Garena Ventures”) February 23, 2015 Singapore 100 100 Investment holding company PT. Garena Indonesia (“PT. Garena”) December 6, 2012 Indonesia 100 100 Game operations Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal activities 2017 2018 Subsidiary held by Garena Cayman: Garena Online (Thailand) Co., Ltd. (“Garena Online (Thailand)”) <4 August 18, 2011 Thailand 100 100 Game operations Garena Technology Private Limited, Taiwan branch (“Garena Technology Taiwan”) July 31, 2017 Taiwan 100 100 Game operations Variable interest entities held by Garena Cayman: Garena (Taiwan) Co., Ltd (“Garena Taiwan”) <1 March 8, 2010 Taiwan – – Game operations Vietnam Esports and Entertainment Joint Stock Company (“VEE”) <1, <5 May 10, 2011 Vietnam 30 30 Game operations Subsidiaries held by Shopee Cayman: Shopee (Thailand) Co., Ltd. (“Shopee (Thailand)”) <4 February 2, 2015 Thailand 100 100 Online platform PT Shopee International Indonesia (“PT Shopee”) August 5, 2015 Indonesia 100 100 Online platform Shopee Singapore Private Limited (“Shopee Singapore”) February 5, 2015 Singapore 100 100 Online platform Shopee Company Limited (“Shopee Company”) <6 February 10, 2015 Vietnam 100 100 Online platform Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal 2017 2018 Variable interest entity held by Shopee Cayman: Shopee (Taiwan) Co., Ltd (“Shopee Taiwan”) <2 March 4, 2015 Taiwan – – Online platform Subsidiary held by Airpay Cayman: Airpay (Thailand) Co., Ltd. (“Airpay (Thailand)”) <4 June 16, 2014 Thailand 100 100 Electronic payment services Variable interest entity held by Airpay Cayman: Vietnam Esports Development Joint Stock Company (“VED”) <3, <5 June 9, 2009 Vietnam 30 30 Electronic payment services <1 Collectively, the “Digital Entertainment VIEs” <2 The “E-Commerce VIE” <3 The “Digital Financial Service VIE” <4 Effective ownership in the case of Thailand entities <5 In 2017, the VIE Shareholders of VEE and VED transferred 30% equity interest in each of these companies to Garena Cayman and Airpay Cayman, respectively <6 In 2017, the VIE Shareholder of Shopee Company transferred its 100% equity interest in Shopee Company to Shopee Cayman (b) VIE structure The Company operates in various markets in the region that have certain restrictions on foreign ownership of local companies. In Vietnam, foreign ownership in companies engaging in the online game business shall not exceed 49%, and foreign ownership in companies engaging in e-payment business is restricted unless certain government approvals are obtained. In Taiwan, PRC individuals, juristic persons, organizations and other institutions and PRC invested companies from other jurisdictions (collectively “PRC investors”) are prohibited from investing in companies that operate business in statutory business categories including computer recreational activities, software publication, third party payment and general advertising services, that are not listed as permitted in the Positive Listings promulgated by Taiwan authorities and prior approval from Taiwan authorities is required for their investment in companies that operate business in statutory categories listed as permitted in the Positive Listings. “PRC invested companies from other jurisdictions” refer to those entities incorporated outside of the PRC and Taiwan and invested by PRC individuals, juristic persons, organizations and other institutions that: (i) directly or indirectly hold more than 30% of the shares or capital of such entities, and/or (ii) have the ability to control such entities. For the purpose of the VIE structure disclosure only, the PRC does not include Taiwan, Hong Kong and Macau. To comply with the foreign ownership restrictions in Vietnam, the Company conducts certain businesses in Vietnam through the VIEs The following is a summary of the key terms of the VIE Agreements that were signed amongst the Primary Beneficiary (and Garena Online, Shopee Singapore or Airpay Private Limited (“Airpay Singapore”) in the case of the exclusive business cooperation agreements) and the respective shareholders of the Digital Entertainment VIEs, the E-Commerce VIEs and the Digital Financial Services VIE (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, has entered into loan agreements with each VIE Shareholder. Pursuant to the loan agreements, has granted loans to the VIE Shareholders that may only be used for the purpose of acquiring equity interests in or contributing to the registered capital of these VIEs. The loans may be repaid only by transferring all of the VIE Shareholders equity interests in the VIE to or their respective designee upon exercise of the option under the exclusive option agreement. The loan agreements also prohibit the VIE Shareholders from assigning or transferring to any third party, or from creating or causing any security interest to be created on, any part of their equity interests in these entities. In the event that the respective VIE Shareholders sell their equity interests to or their respective designee at a price which is equal to or lower than the principal amount of the loan, the loan will be interest-free. If the price is higher than the principal amount of the loans, the excess amount will be deemed to be interest on the loans payable by the VIE Shareholders to . 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 has entered into exclusive option agreements with the respective VIE Shareholders. Each option is exercisable by at any time, provided that doing so is not prohibited by law. The exercise price under each option is the minimum amount required by law and any proceeds obtained by the respective VIE Shareholders through the transfer of their equity interests in these VIEs shall be used for the repayment of the loan provided in accordance with the loan agreements. During the terms of the exclusive option agreements, the VIE Shareholders will not grant a similar right or transfer any of the equity interests in these VIEs to any party other than or their respective designee, nor will it pledge, create or permit any security interest or similar encumbrance to be created on any of the equity interests. The VIEs cannot declare any profit distributions or grant loans in any form without the prior consent of . The VIE Shareholders must remit in full any funds received from the VIEs to 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 or their respective designee. Powers of Attorney Pursuant to the powers of attorney, each VIE Shareholder has irrevocably appointed as their attorney-in-fact to act for all matters pertaining to such shareholding in these VIEs and to exercise all of their rights as shareholders, including but not limited to attending shareholders meetings and designating and appointing directors, supervisors, the chief executive officer and other senior management members of these entities, and selling, transferring, pledging or disposing the shares of these entities. T may authorize or assign its rights to any other person or entity at its sole discretion without prior notice to or prior consent from the VIE Shareholders of these VIEs. Each power of attorney remains in effect until the VIE Shareholder ceases to hold any equity interest in the respective VIE. Equity Interest Pledge Agreements In order to secure the performance of the VIEs and the VIE Shareholders under the contractual arrangements, each of the VIE Shareholders of the VIEs has pledged all of their shares to . These pledges secure the contractual obligations and indebtedness of the VIE Shareholders, including all penalties, damages and expenses incurred by in connection with the contractual arrangements, and all other payments due and payable to Garena Online, Shopee Singapore or Airpay Singapore 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, has the right to require the transfer of the respective VIE Shareholders’ pledged equity interests in the VIEs to or their respective designee, to the extent permitted by laws, or require an auction or sale of the pledged equity interests and has priority in any proceeds from the auction or sale of such pledged interests. Moreover, 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 or their respective designee in accordance with the exclusive option agreements and the loan agreements, the equity interest pledge agreements will continue to remain in effect. Spousal Consent Letters Under the spousal consent letters, each spouse of the married VIE Shareholders of the VIEs unconditionally and irrevocably agreed that the equity interest in the respective VIE held by and registered in the name of their spouse will be disposed of pursuant to the contractual arrangements. Each spouse agreed not to assert any rights over the equity interest in these VIEs held by their spouse. In addition, in the event that the spouses obtain any equity interest in these VIEs held by their spouse for any reason, they agreed to be bound by the contractual arrangements. Exclusive Business Cooperation Agreements In order to ensure that the Company receive the economic benefits of the VIEs, the Company s wholly-owned subsidiaries, Garena Online, Shopee Singapore or Airpay Singapore has entered into exclusive business cooperation agreements with these VIEs under which Garena Online, Shopee Singapore or Airpay Singapore 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 Garena Online, Shopee Singapore or Airpay Singapore or their respective designee. Without Garena Online s, Shopee Singapore s or Airpay Singapore 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, Garena Online, Shopee Singapore or Airpay Singapore 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 Garena Online, Shopee Singapore or Airpay Singapore at an amount determined at Garena Online s, Shopee Singapore s or Airpay Singapore s sole discretion after taking into account factors including the nature of the contract or services, the title of and time consumed by its employees or third party service providers designated by Garena Online, Shopee Singapore or Airpay Singapore providing the services, the content and value of services provided and the market price of the similar type of contracts or services. The exclusive business cooperation agreements will remain effective unless terminated in accordance with their provisions or terminated in writing by Garena Online, Shopee Singapore or Airpay Singapore. Unless otherwise required by applicable laws, these VIEs do not have any right to terminate the exclusive business cooperation agreements in any event. The total fee billed for the years ended December 31, 2016, 2017 and 2018 were $35,001, $62,477 and $74,875, respectively. 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, has entered into financial support confirmation letters with each of these VIEs. Under the financial support confirmation letters, pledges to provide continuous financial support to these VIEs by itself or their respective designee and agreed to forego its right to seek repayment in the event these entities are unable to repay such financial support or becomes liable for the liabilities of these VIEs. These VIEs agree to accept such financial support and pledge to only use such support to develop their respective businesses. To the extent permitted by law, the financial support provides to these VIEs may take the form of loans, borrowings or guarantees. 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 via Garena Online, Shopee Singapore and Airpay Singapore through the exclusive business cooperation agreements. Thus, each of the Primary Beneficiary is the primary beneficiary of the respective VIEs and consolidates these VIEs and their subsidiaries under SEC Regulation SX-3A-02 and ASC 810-10, Consolidation: Overall. In the opinion of the Company’s management and local counsels as to Taiwan and Vietnam laws, • the ownership structures of our material VIEs in Taiwan and Vietnam, currently in effect (or, with respect to Shopee Taiwan, as such structure was in effect before 100% ownership acquired by the Company), do not and will not result in any violation of the laws or regulations currently in effect in Taiwan and Vietnam; and • the contractual arrangements among the Company, the VIEs and/or the VIE shareholders governed by the laws of Taiwan and Vietnam, currently in effect (or, with respect to Shopee Taiwan, as such structure was in effect before 100% ownership acquired by the Company), are valid, binding and enforceable, and do not result in any violation of such laws or regulations currently in effect. However, there are substantial uncertainties regarding the interpretation and application of current and future Taiwan and Vietnam laws and regulations. Accordingly, the Company cannot be assured that the Taiwan and Vietnam 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 Taiwan and Vietnam laws and regulations, the Company may be required to restructure its ownership structure and operations in Taiwan and Vietnam to comply with the changing and new Taiwan and Vietnam laws and regulations. To the extent that changes and new Taiwan and Vietnam laws and regulations prohibit the Company’s VIE arrangements from complying with the principles of consolidation, the Company would have to deconsolidate the financial position and results of operations of its VIEs. In the opinion of management, the likelihood of loss in respect of the Company’s current ownership structure or the contractual arrangements with the VIEs is remote based on current facts and circumstances. (c) VIE disclosures The aggregate carrying amounts of the total assets and total liabilities of the VIEs as of December 31, 2018 were $479,255 and $789,694, respectively (2017: $292,441 and $547,753). There were no pledges or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the primary beneficiaries of the VIEs, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The VIEs hold certain assets, including data servers and related equipment for use in their operations. The VIEs do not own any facilities except for the rental of certain office premises and data centers from third parties under operating lease arrangements. They also hold certain value-added technology licenses, registered copyrights, trademarks and registered domain names, including the official website, which are also considered as revenue-producing assets. However, none of such assets was recorded on the Company’s consolidated balance sheets as such assets were all acquired or internally developed with insignificant cost and expensed as incurred. In addition, the Company also hires a sales and marketing as well as a research and development workforce for its daily operations and such costs are expensed when incurred. 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 as of December 31, 2017 and 2018 and for the years ended December 31, 2016, 2017 and 2018 before eliminating the intercompany balances and transactions between the VIEs and other entities within the group: As of December 31, 2017 2018 $ $ ASSETS: Current assets: Cash and cash equivalents 92,678 144,155 Restricted cash 28,426 111,433 Accounts receivable, net 16,353 5,635 Prepaid expenses and other assets 58,648 74,954 Inventories, net 7,570 8,635 Short-term investment - 690 Amount due from related parties 4 - Amounts due from inter-companies (1) 15,431 40,209 Total current assets 219,110 385,711 Non-current assets: Property and equipment, net 24,715 29,404 Intangible assets, net 954 438 Long-term investments 4,974 12,131 Prepaid expenses and other assets 12,535 17,869 Restricted cash - 100 Deferred tax assets 30,153 33,602 Total non-current assets 73,331 93,544 TOTAL ASSETS (2) 292,441 479,255 As of December 31, 2017 2018 $ $ LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable 5,484 5,095 Accrued expenses and other payables 89,489 236,883 Advances from customers 6,091 4,832 Amount due to related parties 1,235 1,297 Short-term bank borrowings 2,013 856 Deferred revenue 137,512 119,219 Income taxes payable 1,673 1,785 Amounts due to inter-companies (1) 55,509 83,927 Total current liabilities 299,006 453,894 Non-current liabilities: Accrued expenses and other payables 4,190 1,630 Long-term bank borrowings - 1,026 Deferred revenue 61,571 72,439 Amounts due to inter-companies (1) 180,350 258,183 Unrecognized tax benefits 2,636 2,522 Total non-current liabilities 248,747 335,800 Total liabilities 547,753 789,694 For the Years Ended December 31, 2016 2017 2018 $ $ $ Revenue - Third party customers 157,519 201,413 342,800 - Inter-companies 16,651 27,038 52,325 Net loss (56,304 ) (91,124 ) (67,816 ) For the Years Ended December 31, 2016 2017 2018 $ $ $ Net cash (used in) generated from operating activities (36,804 ) (42,446 ) 67,275 Net cash used in investing activities (1,343 ) (22,509 ) (27,434 ) Net cash generated from financing activities 55,478 149,435 97,398 (1) Amounts due from or to inter-companies consist of inter-company receivables or payables to the other companies within the group arising from inter-company transactions, and funds advanced for working capital purpose. (2) These assets can be used only to settle the obligations of the respective VIEs. (3) Upon the adoption of ASU No. 2016-18, Statement of Cash Flows

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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 inter-company transactions and balances between the Company, its subsidiaries and the VIEs are eliminated upon consolidation. (c) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, revenue recognition, estimating the useful lives and impairment assessment of long-lived assets and goodwill, accounting for and impairment assessment of investments, impairment assessment of accounts receivable and other receivables, accounting for deferred income taxes, accounting for share-based compensation arrangements and accounting for the Company’s financial instruments where the Company is the issuer. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (d) Foreign currency The functional currency of the Company is the United States dollar (“$” or “USD”), whereas the functional currency of the Company’s subsidiaries and its VIEs are the respective local currencies as determined based on the criteria of ASC 830, Foreign Currency Matters Assets and liabilities of the Company’s subsidiaries and its VIEs that has functional currencies other than USD are translated into USD at fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded in other comprehensive loss, a component of shareholders’ equity. Exchange differences arising on monetary items that form part of the Company’s net investment in foreign operations are recognized initially in other comprehensive loss and accumulated under accumulated other comprehensive loss in equity. The other comprehensive gain or loss arising from exchange differences is reclassified from equity to profit or loss of the Company on disposal of the foreign operation. (e) Cash and cash equivalents The Company considers cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposits and money market funds placed with banks and other financial institutions which are unrestricted as to withdrawal and use. (f) Restricted cash Restricted cash comprise deposits pledged with banks as security in relation to utilization of the banks’ payment gateway and corporate cards, performance guarantees, monies received held in escrow in connection with the Company’s e-commerce business and advances received from customers in connection with the Company’s digital financial services business that are restricted and not available for the Company’s use. (g) Accounts receivable and allowance for doubtful accounts Accounts receivable are carried at net realizable value. An allowance for doubtful accounts is recorded in the period when loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging and other factors. An account receivable is written off after all collection effort has ceased. (h) Inventories Inventories which comprise mainly of (i) merchandise products sold through the Company’s e-commerce business platform and (ii) prepaid telecommunication cards sold through the Company’s digital financial service platform are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted at purchase cost on first-in-first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. (i) Property and equipment Property and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: - Computers 3 years - Office equipment 3 years - Furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Motor vehicles 6 to 10 years The useful lives and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Property and equipment that are purchased or constructed which require a period of time before the property and equipment are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these property and equipment are ready for their intended use. (j) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company's acquisitions of interests in its subsidiary and consolidated VIEs. 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. The Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. No impairment of goodwill was recorded in the year ended December 31, 2018. (k) Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. All costs that are incurred in connection with the planning and implementation phases of the development of software for internal use are expensed. Costs incurred in the development phase are capitalized and amortized over the estimated useful life. No costs were capitalized for any of the periods presented. Costs incurred internally in researching and developing a software product to be sold, leased or marketed 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. No costs were capitalized for any of periods presented. Intangible assets with finite useful lives are amortized using the straight-line method 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 Trademarks 10 years IP right 1 to 6 years Software 3 to 6 years Customer relationships 3 years Software platforms 3 years The useful lives and methods of amortization of intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate. Software, customer relationships and software platforms are included in ‘Others’ in the note 8 to the consolidated financial statements. (l) Investments On January 1, 2018, the Company adopted ASU No. 2016-01, Financial Instruments – Overall In accordance with ASC 320, Investments - Debt Securities In accordance with ASC 321, Investments – Equity Securities 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 statement of operations, to the extent of and as an adjustment to the adjusted basis of the other investments in the investee. The order in which the equity losses are applied to the other investments follows the seniority of the other investments in the same investee. (m) Impairment of long-lived assets The Company evaluates its long-lived assets or asset groups, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a company of long-lived assets may not be recoverable. When these events occur, the Company evaluates for impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available for the long-lived assets. (n) Fair value of financial instruments The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, restricted cash (current), accounts receivable, other receivables within prepaid expenses and other current assets, accounts payable, short term bank borrowings, balances with related parties and other payables, approximate their fair values because of the short maturity of these instruments. The carrying amounts of restricted cash (non-current) and long term bank borrowings approximate their fair value since they bear interest rates which approximate market interest rates. Available-for-sale debt securities are initially recognized at acquisition cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in accumulated other comprehensive income (loss). Convertible notes consist of 2017 Convertible Notes and 2018 Convertible Notes as defined in Note 12 of the consolidated financial statements. The 2017 Convertible Notes are initially recognized at cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in the current period earnings. For the 2018 Convertible Notes, the liability component of the convertible notes was initially measured at fair value and subsequently amortized to its redemption amount using the effective interest rate method. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of its available-for-sale debt securities and convertible notes that are recognized in the consolidated financial statements. (o) Revenue recognition On January 1, 2018, the Company adopted Topic 606 Revenue from contracts with customers 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 virtual items, including the Airpay and Shopee platform, other online payment gateways, bank transfers, credit cards, mobile phone billing and prepaid cards, including its own prepaid cards, which are sold through agents. As the Company controls the service of providing games to the users, and it has a direct contractual arrangement with the paying users and has the right to determine the price to be paid by such users, the gross proceeds collected from these channels represent revenue to be recognized by the Company and the amounts retained by these channels based on a predetermined percentage represent cost of revenue to be recognized by the Company. Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable. Deferred revenue as of December 31, 2017 recognized as revenue during the year ended December 31, 2018 was $246,278. 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 when services are provided to the users. For purposes of determining when the services are provided to the users, the Company has determined that an implied obligation exists to the paying users to continue providing access to the purchased virtual goods within the online games over an estimated delivery obligation period. Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold, estimated average lifespan of the paying users or the estimated game licensing periods of the said games or similar games. a) Item-based revenue model Virtual items have different lifespan patterns: time-based, consumable and durable. Time-based virtual items are items with a stated expiration time, for which revenue is recognized ratably over the period based on the time unit of the virtual items. Consumable virtual items are items that can be consumed by a specific user action and have limitations on repeated use. Revenue attributable to consumable virtual items is recognized upon consumption. Durable virtual items are items that provide the user with continuing benefits over an extended period of time. Revenue attributable to durable virtual items is recognized ratably over their average lifespan, which are estimated based on the historical users’ usage pattern and playing behaviors for the virtual items. The Company assesses the estimated average lifespan of the durable virtual items on a quarterly basis. b) User-based revenue model The Company tracks paying users’ activeness within each game where the user-based revenue model is used to estimate paying users’ average lifespan. Paying users are defined as inactive when they have reached a period of inactivity for which it is reasonable to believe that these users will not return to a specific game. The Company determines the inactive rate of these paying users and revises the estimated average paying users lifespan on a quarterly basis. c) Game-based revenue model Revenue is recognized ratably over the estimated game licensing periods if there is no better estimation alternatives. The Company believes the current revenue models provide reasonable depiction of the service transferred patterns to the customers and they represent the best estimation of the time period the customers are likely to play the respective games. Determining the estimated service period is subjective and requires management's judgment. Future users’ usage patterns and playing behavior may change and differ from the historical usage patterns and playing behaviour and therefore the estimated service period may change accordingly in the future. (ii) E-commerce The Company’s e-commerce business (“Shopee”) charges its sellers on its marketplace a fixed rate commission fee based on gross merchandise value in selected markets. Fees are charged when the transactions are completed and settled. Such commission fees charged is recognized on a net basis. The Company also provides logistic services to end customers. Revenue from logistic services are recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Shopee operates a customer loyalty program, where end users who purchase merchandises and participate in activities through Shopee’s platform are given Shopee coins which entitle them to offset future purchases, participate in activities and redeem vouchers through Shopee’s platform. A portion of the revenue attributable to Shopee coins is deferred until they are redeemed, used or expired. The Company charges its sellers advertising fees through its paid ads service on Shopee platform. The paid ads service allows the sellers to bid for keywords that match their product or service listing appearing in search or browser results on Shopee marketplace. Their product or service listing will show higher in search rankings when users search for their bid keywords. Sellers prepay for paid ads services and the advertising income is recognized based on the number of clicks on the product or service listings during the service period. (iii) Digital financial services The Company earns commission from merchants when transactions are completed and settled through its digital financial services platform. Such commission are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commission is recognized in the consolidated statements of operations at the time when the underlying transaction is completed. (iv) Rendering of services The Company also recognizes revenue from other services when the services are rendered. (v) Sales of goods The Company recognizes revenue from sales of goods at the point in time that the customer obtains control of the goods, which generally occurs upon delivery to the customer. (p) Cost of revenue Cost of revenue consists primarily of purchase price of inventories, depreciation of the Company’s long-lived assets, amortization of intangible assets, channel costs, royalty expenses, hosting charges, payroll related costs, bank transaction fees and the other overhead expenses. (q) Advertising expenditure Advertising expenditure are expensed as incurred and are included in sales and marketing expenses. As part of the advertising expenditure, sales incentives given to end users as a result of a concurrent sale are recognized as reductions of the corresponding consideration that the Company expects to receive. To the extent the sales incentives exceed the corresponding consideration that the Company expects to receive, the excess will be recorded in sales and marketing expenses. (r) Research and development expenses Research and development expenses consist primarily of payroll and related personnel costs related to product development. Research and development expenses are expensed as incurred. (s) Leases Leases are classified at the inception date as either a capital lease or an operating lease. The Company did not enter into any leases whereby it is the lessor for any of the periods presented. As the lessee, a lease is a capital 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 property’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 property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. 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. The Company leases office space, apartments and equipment under operating lease agreements. Certain of the lease agreements contain rent holidays and escalating rent. Rent holidays and escalating rent are considered in determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives. (t) Income taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies ASC 740, Accounting for Income Taxes The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax” in the consolidated statements of operations. (u) Share-based compensation All share-based compensation, including share options, restricted share awards, restricted share units and share appreciation rights under share incentive plan are accounted for under ASC 718, Compensation - Stock Compensation On January 1, 2017, the Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of the share options using the Black-Scholes pricing model (Note 13). (v) Loss per share In accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Prior to the IPO, ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s contingently redeemable convertible preference shares and the convertible notes using the if-converted method and ordinary shares, including partially paid shares, issuable upon the exercise of the share options, using the treasury stock method. Subsequent to the IPO, ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the convertible notes using the if-converted method and ordinary shares, including partially paid shares, issuable upon the exercise of the share options, using the treasury stock method, when the impact is dilutive. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. (w) Comprehensive Ioss Comprehensive loss is defined as the decrease in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss of the Company includes foreign currency translation adjustments related to the Company’s overseas subsidiaries and change in fair value of available-for-sale investments. (x) Segment reporting The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Company has three operating and reportable segments: digital entertainment, e-commerce and digital financial services. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting (y) 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. (z) Share Repurchase When the Company decides to cancel shares that are repurchased, the difference between the original issuance price and the repurchase price is debited into accumulated deficit. (za) Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows In October 2016, the FASB issued ASU No. 2016-16, Income Taxes In July 2018, the FASB issued ASU 2018-09, Codification Improvements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [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, available-for-sale investments, and amounts due from related parties. As of December 31, 2016, 2017 and 2018, substantially all of the Company’s cash and cash equivalents were held at major financial institutions in the respective locations of our region. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. (b) Business, supplier, customer and economic risk The Company participates in a relatively dynamic and competitive industries that are heavily reliant on operational excellence. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, result of operations or cash flows: (i) Business risk - The Company derives a significant portion of its net revenues from its digital entertainment operations for the three years ended December 31, 2016, 2017 and 2018. If competitors introduce new online games that compete with, or surpass the online games operated by the Company, the Company’s operating performance in its digital entertainment operations will be affected. (ii) Supplier risk - The Company’s digital entertainment operations are dependent upon online games licensed from game developers. The term of the game license agreements with the game developers varies and is renewable upon both parties’ consent. There is no assurance that the Company will be able to renew these game licenses. There is also no assurance that the Company will be able to source for new popular games. Even if new popular games were successfully sourced, there is no assurance that the Company will be able to enter into commercially acceptable terms. The top five licensed games contributed 75.6%, 76.6% and 78.0% of digital entertainment revenue of the Company for the years ended December 31, 2016, 2017 and 2018, respectively. (iii) Customer risk - No individual customer accounted for more than 10% of net revenues for the three years ended December 31, 2016, 2017 and 2018. (iv) Political, economic and social uncertainties - The Company’s businesses could be adversely affected by the varying political, economic and social uncertainties in the diverse markets that it operates in. In addition, there is no assurance that the Company is able to operate seamlessly across the borders as a single market. (v) Regulatory restrictions - Certain laws, rules and regulations currently prohibit foreign ownership of companies in markets like Taiwan and Vietnam, two of the Company’s significant markets. As a result, the Company consolidates these entities through the use of VIE agreements. (c) Currency convertibility risk A large majority of the Company’s revenue and expenses are denominated in the Thai Baht, New Taiwan Dollar, Vietnamese Dong and Indonesian Rupiah. If there are foreign currency requirements, the Company may need to convert a portion of its net revenues into other currencies to meet its foreign currency obligations, including, among others, payment of dividends declared. Currently, conversion of Thai Baht to another currency is subject to regulations promulgated by the Ministry of Finance and Bank of Thailand. In Taiwan, a single remittance by a company for an amount over $1 million or remittances by a company whose annual aggregate amount exceeds $50 million 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 Indonesian Rupiah into any foreign currency that exceeds certain specific threshold is required to have an underlying transaction and supported by underlying transaction documents. There is no assurance that the Company will be able 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 jurisdictions, which exposes it to the effects of fluctuations in currency exchange rates. The Company earns revenue denominated in Indonesian Rupiah, New Taiwan Dollar, Vietnamese Dong, Thai Baht, Philippine Pesos, Malaysian Ringgit, Singapore Dollars, and U.S. Dollars, among other currencies. Whereas it generally pays license fees to game developers in U.S. Dollars and incur expenses for employee compensation and other operating expenses in the local currencies in the jurisdictions in which it operates. Fluctuations in the exchange rates between the various currencies that the Company uses could result in expenses being higher and revenue being lower than would be the case if exchange rates were stable.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS	4. ACQUISITIONS Business combinations The Company completed acquisitions of certain subsidiaries in July 2017 for an aggregate consideration of $19,875. The following table summarizes the estimated fair values of the net assets acquired as of the date of acquisition: $ Net assets acquired 11,043 Fulfilled by: Purchase consideration 19,875 Remeasurement of previously held interests* 13,333 Fair value of non-controlling interests 8,787 41,995 Goodwill 30,952 * The Company previously held 33.33% equity interest in one of the companies acquired. A gain of $10,881 as a result of the remeasurement of previously held interests is recognized as an investment gain in the consolidated statements of operations for the year ended December 31, 2017. The revenue and net loss since the acquisition dates included in the consolidated statement of comprehensive loss for the year ended December 31, 2017 were $2,620 and $5,528, respectively. The goodwill, which is not tax deductible, is primarily attributable to synergies expected to be achieved from the acquisition. The financial results of the acquired companies prior to the acquisition were not material to the Company’s consolidated results. The Company further acquired the remaining equity interest of these subsidiaries in 2017 and 2018.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET Accounts receivable and allowance for doubtful accounts consist of the following: December 31, 2017 2018 $ $ Accounts receivable 63,676 100,182 Allowance for doubtful accounts (1,830 ) (2,400 ) 61,846 97,782 As of December 31, 2017 and 2018, all accounts receivable were due from third party customers. An analysis of the allowance for doubtful accounts is as follows: For the year ended December 31, 2016 2017 2018 $ $ $ Balance at the beginning of the year 186 195 1,830 Charged to expenses 172 1,867 2,205 Reversal (58 ) (245 ) (47 ) Write-off of accounts receivable (103 ) (26 ) (1,588 ) Exchange differences (2 ) 39 – Balance at the end of the year 195 1,830 2,400 Additions to the Company’s allowance for doubtful accounts were recorded within general and administrative expenses for each of the three years ended December 31, 2016, 2017 and 2018.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2018
Prepaid Expense and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	6. PREPAID EXPENSES AND OTHER ASSETS December 31, 2017 2018 $ $ Current: Deferred channel costs 39,107 71,707 Employee loans and advances 4,295 2,394 Other receivables 92,527 171,459 Prepaid cost of revenue, sales and 22,565 23,669 Security deposits 1,755 2,144 Tax receivable 24,409 41,014 Others 1,523 – 186,181 312,387 Non-current: Deferred channel costs 22,665 29,956 Other receivables 2,000 7,852 Prepaid licensing fee 4,603 56 Prepayment for purchase of property and equipment 5,753 11,857 Security deposits 10,892 19,344 Others 384 – 46,297 69,065

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	7. PROPERTY AND EQUIPMENT, NET December 31, 2017 2018 $ $ Computers 97,637 208,435 Office equipment, furniture and fittings 9,077 15,451 Leasehold improvements 32,251 63,781 Motor vehicles 2,211 5,074 Construction-in-progress 2,227 – 143,403 292,741 Less: accumulated depreciation (69,055 ) (100,384 ) 74,348 192,357 Depreciation expenses recognized for each of the three years ended December 31, 2016, 2017 and 2018 were $17,956, $23,353 and $54,902, respectively, and were included in the following captions: For the year ended December 31, 2016 2017 2018 $ $ $ Cost of revenue 11,347 12,407 31,203 Sales and marketing expenses 740 1,198 3,712 General and administrative expenses 5,598 9,248 19,009 Research and development expenses 271 500 978 17,956 23,353 54,902

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	8. INTANGIBLE ASSETS, NET The following table presents the Company’s intangible assets as of the respective balance sheet dates: Licensing fee IP right Trademarks Others Total $ $ $ $ $ Intangible assets, net January 1, 2017 17,883 11,587 – 493 29,963 Additions 11,110 779 – 1,010 12,899 Acquisition of a subsidiary (Note 4) – – 10,679 677 11,356 Amortization expense (12,452 ) (3,976 ) (534 ) (607 ) (17,569 ) Impairment (922 ) – – – (922 ) Disposal – – – (5 ) (5 ) Exchange differences 693 858 – 60 1,611 Intangible assets, net January 1, 2018 16,312 9,248 10,145 1,628 37,333 Additions 3,221 406 – 1,618 5,245 Amortization expense (17,573 ) (4,348 ) (1,068 ) (837 ) (23,826 ) Impairment (112 ) (5,054 ) – – (5,166 ) Disposal – – – (245 ) (245 ) Exchange differences (280 ) (128 ) – (46 ) (454 ) Intangible assets, net December 31, 2018 1,568 124 9,077 2,118 12,887 The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Licensing fee IP right Trademarks Others Total $ $ $ $ $ 2019 1,131 124 1,068 811 3,134 2020 437 – 1,068 609 2,114 2021 – – 1,068 363 1,431 2022 – – 1,068 264 1,332 2023 – – 1,068 71 1,139 Thereafter – – 3,737 – 3,737 1,568 124 9,077 2,118 12,887 During the year ended December 31, 2018, the Company determined that the carrying amount related to an intellectual property right (“IP right”) was not recoverable due to changes in market environment and therefore, recorded an impairment loss of $5,054.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2018
Investments Schedule [Abstract]
INVESTMENTS	9. INVESTMENTS The Company’s short-term investments comprise of available-for-sale debt security investments and time deposit placed with financial institutions with maturity of more than three months. The carrying amount of Company’s short-term available-for-sale debt security investments was $18,000 and nil as of December 31, 2017 and 2018, respectively. The carrying amount of the Company’s time deposit was nil and $690 as of December 31, 2017 and 2018 respectively. The Company’s long-term investments comprise of the following: Available-for-sale debt securities The carrying amount of Company’s long-term available-for-sale debt security investments was $1,249 and $70,374 as of December 31, 2017 and 2018, respectively. An impairment loss of $4,226, $1,147 and $144 had been recognized during the years ended December 31, 2016, 2017 and 2018, respectively. The net unrealized fair value gain related to the available-for-sale debt security investment of $16,136 nil and $18,269 had been recognized in the consolidated statements of comprehensive loss as “other comprehensive income” during the years ended December 31, 2016, 2017 and 2018, respectively. Equity securities The carrying amount of Company’s equity security investments was $18,227 and $14,339 as of December 31, 2017 and 2018, respectively. An impairment loss of $1,000, nil and $710 had been recognized during the years ended December 31, 2016, 2017 and 2018, respectively. Set out below are movement of equity investments during the years ended December 31, 2017 and 2018. $ Balance at January 1, 2016 26,052 Additions 2,999 Share of results (1,246 ) Share of other comprehensive loss (450 ) Less: disposals and transfers (1,522 ) Balance at December 31, 2016 25,833 Additions 4,101 Share of results (1,912 ) Share of other comprehensive income 303 Less: disposals and transfers (17,198 ) Less: transfer upon acquisition of controlling interest in an associated company (Note 4) (2,387 ) Balance at December 31, 2017 8,740 Additions 24,872 Share of results (3,066 ) Share of other comprehensive loss (1,097 ) Distribution from investment (578 ) Impairment (2,562 ) Balance at December 31, 2018 26,309 In August 2017, the Company disposed its entire 45.18% equity interests in one of the equity investees in exchange for the Company’s 1,173,520 voting ordinary shares and 1,604,260 non-voting ordinary shares before the share conversion exercise as further disclosed in Note 14 to the consolidated financial statements. All the repurchased shares were cancelled subsequently. The difference between the fair value of the repurchased shares and the carrying amount of the equity method investment, which amounted to $23,857 was recognized as an investment gain in the consolidated statements of operations.

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	10. ACCRUED EXPENSES AND OTHER PAYABLES The components of accrued expenses and other payables are as follows: December 31, 2017 2018 $ $ Current: Accrued cost of revenue and sales and marketing expenses 49,179 122,679 Accrued interest for convertible notes 21,607 - Accrued office-related operating expenses 9,652 15,134 Business and other taxes payables 5,277 8,687 Other payables 163,483 410,310 Payroll and welfare payable 22,131 36,592 Payable for property and equipment 6,239 28,246 Others 7,680 15,232 285,248 636,880 Non-current: Other payables 2,050 - Others 5,497 7,894 7,547 7,894

BANK BORROWINGS

BANK BORROWINGS	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
BANK BORROWINGS	11. BANK BORROWINGS December 31, 2017 2018 $ $ Current 2,013 856 Non-current - 1,026 2,013 1,882 The loans are unsecured and bears the following interest rate and repayment term: 2017 2018 Interest rate (%) per annum TAIBOR+1.05 9.00 to 12.29 Repayment date February 2018 From October 2020 to August 2021

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2018
Convertible Debt [Abstract]
CONVERTIBLE DEBTS	12. CONVERTIBLE NOTES December 31, 2017 2018 $ $ 2017 Convertible Notes 726,950 636,716 2018 Convertible Notes – 425,080 726,950 1,061,796 (a) 2017 Convertible Notes During the year ended December 31, 2017, the Company issued the convertible promissory notes (the 2017 Convertible Notes ) The 2017 Convertible Notes will mature on their respective third anniversary dates, subject to a further extension by the noteholders if the Company’s public offering does not occur within the first three years. The noteholders may elect to extend the term of the 2017 Convertible Notes for an additional two years if no IPO closing date has occurred on or before the respective third anniversary date. The noteholders have the right, at their option, to convert the outstanding principal amount of the 2017 Convertible Notes, (i) in whole or in part of a minimum of 50%, into fully paid and non-assessable ordinary shares of the Company at any time following the IPO closing date up to the maturity date if an IPO occurs, at a conversion price ranging from $13.13 to $14.26 calculated according to an agreed-upon formula which stipulates a discount to the IPO price based on a discount rate and the time period between the issuance dates of the relevant 2017 Convertible Notes and the IPO pricing date, subject to certain anti-dilution adjustments; or (ii) in whole or in part of a minimum of 50%, on the date of closing of the first change in control event up to the maturity date or in whole but not in part on the maturity date if no IPO occurs, at a conversion price initially set at $14.807, subject to certain anti-dilution adjustments (the “Conversion Option”). Notwithstanding the repayment on the maturity date as described above, if no IPO occurs, the 2017 Convertible Notes may be prepaid, in whole or in an amount equal to the outstanding unconverted and unpaid principal amount multiplied by 1.31, plus interest accrued and unpaid, on 18-month anniversary of the issuance dates, or if the noteholders elect to effect two years’ extension, the 2017 Convertible Notes may be prepaid in whole in the amount as described above on the 18-month anniversary of the respective third anniversary dates. Both the extension feature and prepayment feature are collectively referred to the “Embedded Call Option” hereafter. If an event of default as defined in the 2017 Convertible Notes were to occur, the outstanding obligation under the 2017 Convertible Notes would be immediately due and payable (“Contingent Redemption Option”). If the event of default is related to any failure by the Company to pay amounts due under the 2017 Convertible Notes for more than three days after the original due date of such payment, an interest of 20% in lieu of the original interest will accrue on the principal or interest that is overdue (“Contingent Interest Feature”). The initial carrying value of the Convertible Note is the consideration received from the Investors. The Company evaluated and determined if there were any embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The Embedded Call Option, Contingent Redemption Option and Contingent Interest Feature did not qualify for derivative accounting because those were clearly and closely related to the host instrument. BCF exists when the conversion price of the convertible note is lower than the fair value of the ordinary share at the commitment date. When a BCF exists as of the commitment date, its intrinsic value is bifurcated from the carrying value of the convertible note as a contribution to additional paid-in capital. The resulting discount to the convertible note is then accreted to the redemption value using the effective interest method as an interest expense recorded in the consolidated statements of operations. The Company determined the estimated fair value of the ordinary share with the assistance from an independent third party valuation firm. On the respective commitment dates, the most favourable conversion price used to measure the BCF for the 2017 Convertible Notes was the effective conversion price of $14.807 before IPO according to the terms. No BCF was recognized for the 2017 Convertible Notes as the fair values per ordinary share at each of the commitment dates were less than the favourable conversion price. Following the closing of the IPO on October 20, 2017, the American Depository Shares (“ADSs”) representing the During the year ended December 31, 2018, certain noteholders had converted the outstanding principal amount of the 2017 Convertible Notes totalling $50,000 into 3,592,415 Class A ordinary shares. the Company recorded a loss of $51,950 and a gain of $41,259, respectively, as changes in fair value of 2017 Convertible Notes (inclusive of extinguishment gain/loss) in the consolidated statement of operations. Subsequent to December 31, 2018, the Company received conversion notifications from certain noteholders to convert a total of $417,500 outstanding principal amount of the 2017 Convertible Notes according to the agreed conversion price. (b) 2018 Convertible Notes On June 18, 2018, the Company issued 2.25% convertible notes due July 1, 2023 (the “maturity date”), in an aggregate principal amount of $575,000 (the “2018 Convertible Notes”) The 2018 Convertible Notes holders have the right, at their option, to convert the outstanding principal amount of the 2018 Convertible Notes, in whole or in part in integral multiples of $1 principal amount (i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2018 Convertible Notes prior to the close of business day immediately preceding January 1, 2023; or (ii) anytime on or after January 1, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date (the “Conversion Option”). The initial conversion rate for the 2018 Convertible Notes is 50.5165 ADSs per $1 principal amount, equivalent to $19.80 per ADS, 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 2018 Convertible Notes holders (the “Holders”). If certain events of default, changes in tax laws of the relevant taxing jurisdiction or fundamental change as defined in the indenture for the 2018 Convertible Notes were to occur, the outstanding obligations under the 2018 Convertible Notes could be immediately due and payable (the “Contingent Redemption Options”). The Company will pay additional interest, at its election, as the sole remedy relating to the failure to comply with certain reporting obligations as defined in the indenture of the 2018 Convertible Notes. In addition, the 2018 Convertible Notes provide its holders with additional interest equal to the fair value of any cash dividends received by the holders of the Company’s ordinary shares. These features that potentially trigger additional interest payments are collectively referred to as the “Contingent Interest Features” hereinafter. The Company evaluated the embedded conversion features contained in the 2018 Convertible Notes in accordance with ASC 815-40-15 and ASC 815-40-25-7 to ASC 815-40-25-35 to determine if the conversion options require bifurcation. The conversion option was not required to be bifurcated because the conversion option is indexed to the Company’s ADSs and meets all additional conditions for equity classification. The Company also evaluated the embedded Contingent Redemption Options and Contingent Interest Features contained in the 2018 Convertible Notes in accordance with ASC 815 to determine if these features require bifurcation. The Contingent Redemption Options were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the 2018 Convertible Notes were not issued at a substantial discount and are redeemable at par. The Embedded Contingent Interest Features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. Accordingly, the Contingent Interest Features were not bifurcated from the 2018 Convertible Notes on the issuance date as they were insignificant. For the embedded contingent interest features not bifurcated from the 2018 Convertible Notes, the Company determined whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of occurrence of such default events is remote, the Company determined that a liability was not probable and no accrual was made as of December 31, 2018. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. The Company has accounted for the 2018 Convertible Notes under ASC 470-20 Cash Conversion Subsections. In accordance to ASC 470-20-30-27 to 28 , he liability component of $410,926 was initially measured at its fair value, with the residual value of $152,714 allocated to the equity component and classified within Additional Paid-up Capital. The debt issuance costs of $11,360 were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. The liability component is subsequently amortized to its redemption amount using the effective interest method with an effective interest rate of 9.38% and the equity component is not remeasured. During the year ended December 31, 2018, the Company recognized total interest expense for coupon interest and amortization of discount on the liability component amounted to $6,936 and $14,154, respectively.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
Share-based Compensation [Abstract]
SHARE BASED COMPENSATION	13. SHARE BASED COMPENSATION The Company amended its 2009 share incentive plan (the “Plan”) in February 2018. Under the Plan, the Company may grant options, restricted share awards (“RSA”), restricted share units (“RSU”) or share appreciation rights (“SAR”) to its officers, employees, directors and other eligible persons (collectively known as “Eligible Persons”) of up to 83,000,000 Class A ordinary shares. The Plan is administered by an authorized administrator appointed by the Board of Directors of the Company set forth in the Plan (the “Plan Administrator”). The maximum number of shares which may be issued pursuant to all awards under the Plan will increase on January 1 of each of 2019, 2020, 2021 and 2022 by 5% of the total number of ordinary shares of all classes of the Company outstanding on that day immediately before such annual increase pursuant to the Plan. With effect on January 1, 2019, the maximum number of shares which may be issued pursuant to all awards under the Plan increased to 100,129,938 Class A ordinary shares. During the year ended December 31, 2018, the Company granted 26,500,000 options, 4,983,162 RSAs and RSUs and 52,079 SARs to the Eligible Persons. All options granted have a contractual term of ten years. Except for 500,000 options vested immediately and 5,000,000 options vest on the first anniversary year from the vesting commencement date, the options vest 25% on the first anniversary year from the stated vesting commencement date in the grantee’s option agreement and the remaining 75% will vest in 12 substantially equal quarterly instalments. The RSAs, 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 except for 68,000 RSAs and RSUs vested immediately and 85,021 RSUs which vest 25% in nine to ten months from the stated vesting commencement date and the remaining 75% will vest in 12 substantially equal quarterly instalments. (a) Option granted to Eligible Persons The following table summarizes the Company’s employee share option activity under the Plan: Number of Weighted Weighted Aggregate $ Years $ Outstanding, January 1, 2016 20,681,080 2.87 Granted 245,000 10.80 Exercised (2,750,350 ) 2.08 Forfeited (228,750 ) 6.93 Outstanding, December 31, 2016 17,946,980 3.05 Vested and expected to vest at December 31, 2016 17,946,980 3.05 Exercisable as of December 31, 2016 9,280,320 2.62 Outstanding, January 1, 2017 17,946,980 3.05 Granted 1,915,000 14.19 Exercised (7,288,275 ) 2.57 Forfeited (920,192 ) 4.01 Outstanding, December 31, 2017 11,653,513 5.11 6.90 97,415 Vested and expected to vest at December 31, 2017 11,653,513 5.11 Exercisable as of December 31, 2017 7,136,252 3.02 6.28 73,599 Outstanding, January 1, 2018 11,653,513 5.11 Granted 26,500,000 15.00 Exercised (2,117,647 ) 2.16 Forfeited (328,984 ) 14.03 Outstanding, December 31, 2018 35,706,882 12.54 8.38 58,007 Vested and expected to vest at December 31, 2018 35,706,882 12.54 Exercisable as of December 31, 2018 8,748,351 5.25 6.03 56,918 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 2016 Granted in 2017 Granted in 2018 Risk-free interest rates 1.18% ~ 1.76% 1.99% ~ 2.25% 2.75% ~ 2.92% Expected term 5.5 ~ 7 years 5.5 ~ 7 years 5 ~ 7 years Expected volatility 39.4% ~ 41.2% 34.3% ~ 37.0% 33.3% ~ 35.2% Expected dividend yield – – – Fair value of share options $4.54 ~ $5.31 $4.84 ~ $6.57 $2.52 ~ $3.52 The Black-Scholes option pricing model was applied in determining the estimated fair value of the share options granted Eligible Persons. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and the expected term of the option for which employees are likely to exercise their share options. The risk-free rate for periods within the contractual life of the option is based on the USD swap curve at the time of grant. The Company has used the simplified method to determine the expected term due to insufficient historical exercise data to provide a reasonable basis to estimate expected term. Prior to the IPO, the estimated fair value of the ordinary shares, at the option grant dates prior to the IPO, was determined with assistance from an independent third party valuation firm. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. The aggregate grant date fair value of the outstanding options was determined to be $133,851 as of December 31, 2018 and such amount shall be recognized as compensation expenses using the straight-line method for all employee share options granted. The weighted-average grant-date fair value of share options granted during the years of December 31, 2016, 2017 and 2018 were $5.25, $5.26 and $3.02, respectively. The total fair value of share options vested during the years ended December 31, 2016, 2017 and 2018 was $34,243, $20,322 and $22,390, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2017 and 2018 was $31,012, $84,560 and $20,660, respectively. As of December 31, 2018, there were $84,281 total unrecognized share-based compensation cost related to unvested options which is expected to be recognized over a weighted-average period of 2.84 years. Total unrecognized compensation cost may be adjusted for future changes in estimated 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, 2016 50,000 10.85 9.62 544 Granted 880,000 12.69 Vested (616,670 ) 12.40 Unvested, December 31, 2016 and January 1, 2017 313,330 12.97 9.80 4,184 Granted 950,000 15.15 Vested (435,623 ) 14.96 Forfeited (7,500 ) 13.05 Unvested, December 31, 2017 and January 1, 2018 820,207 14.43 9.60 10,933 Granted 4,983,162 12.30 Vested (309,644 ) 13.93 Forfeited (738,753 ) 13.75 Unvested, December 31, 2018 4,754,972 12.34 9.17 53,826 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 estimated fair value of the ordinary shares, at the grant dates prior to the IPO, was determined with assistance from an independent third party valuation firm using the discounted cash flows method and adjusted for discount due to lack of marketability at 14%. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. The aggregate grant date fair value of the unvested RSAs and RSUs as of December 31, 2016, 2017 and 2018 was $4,064, $11,836 and $58,665, respectively. These amounts are recognized as compensation expense using the straight-line method for the RSAs and RSUs. The weighted-average grant-date fair value of RSAs and RSUs granted during the years ended December 31, 2016, 2017 and 2018 was $12.69, $15.15 and $12.30, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2016, 2017 and 2018 was $7,648, $6,517 and $4,314, respectively. As of December 31, 2018, there was $58,665 of unrecognized share-based compensation cost related to RSAs and RSUs which is expected to be recognized over a weighted-average vesting period of 3.17 years. Total unrecognized compensation may be adjusted for future changes in estimated forfeitures. 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, 2016, 2017 and 2018 is as follows: For the year ended December 31, 2016 2017 2018 $ $ $ Share options: Cost of revenue 730 1,213 1,292 Sales and marketing expenses 197 689 795 General and administrative expenses 19,507 18,512 39,654 Research and development expenses 764 1,407 1,142 21,198 21,821 42,883 Cash received for the exercise in the respective years 3,210 18,708 4,574 RSAs/ RSUs: Cost of revenue 136 446 2,018 Sales and marketing expenses – – 1,899 General and administrative expenses 7,507 6,369 7,670 Research and development expenses – – 3,545 7,643 6,815 15,132 For the year ended December 31, 2016 2017 2018 $ $ $ SARs: Cost of revenue – – 24 Sales and marketing expenses – – 52 General and administrative expenses – – 30 – – 106

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
ORDINARY SHARES	14. ORDINARY SHARES In September 2017, the Company’s shareholders adopted a resolution to approve the Eighth Amended and Restated Memorandum and Articles of Association (the “Post-IPO Memorandum and Articles of Association”), which became effective and replaced the existing memorandum and articles of association in its entirety immediately prior to the completion of qualified IPO. The Post-IPO Memorandum and Articles of Association provided that, immediately prior to the completion of the qualified IPO, the Company’s authorized share capital would be $7,500,000 divided into (i) 14,800,000,000 Class A ordinary shares with a par value of $0.0005 each and (ii) 200,000,000 Class B ordinary shares with par value of $0.0005 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 Post-IPO 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 three votes, on all matters subject to the vote at general meetings of the Company. Immediately prior to the completion of the IPO, any of the (i) issued and outstanding ordinary shares, including issued and outstanding non-voting ordinary shares, and (ii) Series A Preference Shares and Series B Preference Shares which were automatically converted into ordinary shares on a one-to-one basis, that were held by the founder of the Company and Tencent and their respective affiliates will be re-designated as Class B ordinary shares on a one-for-one basis. All of the remaining issued and outstanding ordinary shares, including issued and outstanding non-voting ordinary shares, Seed Preference Shares, Series A Preference Shares and Series B Preference Shares which were automatically converted into ordinary shares on a one-to-one basis, were re-designated as Class A ordinary shares on a one-for-one basis. A total of 86,336,030 Class A ordinary shares and Class B ordinary shares were issued as a result of the conversion of convertible preference shares. On October 20, 2017, the Company listed on the New York Stock Exchange under the symbol of “SE”. The Company issued an aggregate 65,954,538 ADSs, representing 65,954,538 Class A ordinary shares for a total proceeds, net of issuance costs of $935,533.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	15. ACCUMULATED OTHER COMPREHENSIVE INCOME The changes in accumulated other comprehensive income (loss) by component, net of tax of nil, are as follows: Unrealized Foreign Total $ $ $ Balance as of January 1, 2016 (2,349 ) 8,899 6,550 Current year other comprehensive income 16,136 450 16,586 Reclassification adjustments for net gain and translation adjustments realized in net income (13,787 ) (762 ) (14,549 ) Balance as of December 31, 2016 – 8,587 8,587 Current year other comprehensive income – 1,970 1,970 Reclassification adjustments for net gain and translation adjustments realized in net income – 144 144 Balance as of December 31, 2017 – 10,701 10,701 Current year other comprehensive income (loss) 18,269 (13,771 ) 4,498 Balance as of December 31, 2018 18,269 (3,070 ) 15,199

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2018
Restricted Net Assets [Abstract]
RESTRICTED NET ASSETS	16. 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. As of December 31, 2018, the Company’s restricted net assets primarily consist of the net assets of certain of its VIEs of $123,574. In addition, certain jurisdictions where the Company has subsidiaries or VIEs require those subsidiaries or VIEs to establish and fund statutory reserves, details of which are listed below: Statutory reserve The movement of statutory reserve during the years ended December 31, are as follows: December 31, 2017 2018 $ $ At the beginning of the financial year 46 46 Transferred from retained earnings – – At the end of the financial year 46 46 Taiwan The subsidiary in Taiwan is required to set aside 10% of its profit after tax to legal reserve in accordance with Taiwanese regulations until the legal reserve amount equals to its total paid-up capital. In the event that the subsidiary incurred no loss, the portion of legal reserve exceeding 25% of the paid-up capital can be used for distribution to shareholders in the form of new shares or cash. As of December 31, 2016, 2017 and 2018, the subsidiary in Taiwan had an accumulated reserve of $33, $33 and $33, respectively. Thailand The Thailand regulations require that a private limited liability company shall allocate not less than 5% of its retained earnings to a legal reserve, until this account reaches an amount not less than 10% of the registered authorized capital. The legal reserve is not available for dividend distribution. As of December 31, 2016, 2017 and 2018, the subsidiary in Thailand had an accumulated reserve of $13, $13 and $13, respectively. The PRC The PRC subsidiaries of the Company are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. As of December 31, 2016, 2017 and 2018, the Company’s PRC subsidiaries are in accumulated losses position and has not appropriated any funds into the statutory reserve account. Indonesia The Indonesian regulations require a limited liability company to reserve a certain amount from its net profit each year as a reserve fund until such fund amounts to at least 20% of its issued and paid up capital. As of December 31, 2016, 2017 and 2018, the Company’s Indonesia subsidiaries are in accumulated losses position and has not appropriated any funds into the statutory reserve account.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
TAXATION	17. 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, 2016, 2017 and 2018. Garena Online was granted a five-year Development and Expansion Incentive (“DEI”) by the Singapore Economic Development Board (the “EDB”) commencing from January 1, 2012, which grants a concessionary tax rate of 10% on qualifying income, subject to certain terms and conditions imposed by the EDB. Upon the expiry of the DEI in 2016, Garena Online was awarded an additional 5-year DEI starting from January 1, 2017, subject to the terms and conditions and amendments thereof. Others Subsidiaries incorporated in other countries are subject to the respective statutory corporate income tax rates of the countries where they are resident. Domestic statutory corporate income tax rates in Malaysia and Vietnam were reduced from 25% to 24% and from 22% to 20%, respectively, with effect from the financial year 2016. Domestic statutory corporate income tax rate in Taiwan was increased from 17% to 20% with effect from the financial year 2018. Income tax expense comprises: For the year ended December 31, 2016 2017 2018 $ $ $ Current income tax 2,376 6,903 7,949 Deferred tax (2,281 ) (8,753 ) (19,797 ) Withholding tax expense 8,451 12,595 15,936 8,546 10,745 4,088 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, 2016, 2017 and 2018 is as follows: For the year ended December 31, 2016 2017 2018 $ $ $ Loss before income tax and share of results of equity investees (196,886 ) (548,509 ) (953,880 ) Tax expense computed at tax rate of 17% (33,471 ) (93,247 ) (162,160 ) Changes in valuation allowance 38,025 91,017 197,257 Non-deductible expenses 1,699 2,211 1,797 Preferential tax rate (439 ) (3,072 ) (6,139 ) Withholding tax expense 8,451 12,595 15,936 Foreign earnings at different tax rates (4,284 ) 4,104 (38,099 ) Others (1,435 ) (2,863 ) (4,504 ) 8,546 10,745 4,088 Deferred tax The significant components of deferred taxes are as follows: December 31, 2017 2018 $ $ Deferred tax assets: Property and equipment 569 1,291 Advances from customers 455 283 Deferred revenue 58,652 72,970 Unutilized tax losses and unused capital allowances 149,859 346,369 Others 4,869 6,681 Valuation allowance (157,463 ) (354,462 ) Total deferred tax assets 56,941 73,132 Property and equipment (1,293 ) (954 ) Intangible assets (3,804 ) (1,998 ) Deferred channel costs (6,584 ) (7,300 ) Others (1,534 ) (257 ) Total deferred tax liabilities (13,215 ) (10,509 ) Net deferred tax assets 43,726 62,623 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 $186,587, $520,523 and $1,131,293 as of December 31, 2016, 2017 and 2018, respectively. The tax losses of $1,131,293 as of December 31, 2018 will expire from 2019 to 2029. 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, 2018, the Company intends to permanently reinvest the undistributed earnings from its foreign subsidiaries to fund future operations.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
LOSS PER SHARE	18. LOSS PER SHARE Basic and diluted loss per share for each of the periods presented is calculated as follows: For the year ended December 31, 2016 2017 2018 $ $ $ Numerator: Net loss attributable to ordinary shareholders (222,867 ) (560,485 ) (961,241 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 171,127,788 205,727,195 338,472,987 Basic and diluted loss per share: (1.30 ) (2.72 ) (2.84 ) The potentially dilutive securities such as share based payments, convertible notes and preference shares were not included in the calculation of dilutive loss per share because of their anti-dilutive effect. During the year ended December 31, 2018, the Company issued 3,200,000 Class A ordinary shares to its share depository bank which will be used to settle share incentive awards upon their exercise. No consideration was received by the Company for this issuance of Class A ordinary shares. These Class A ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of loss per share. Any Class A ordinary shares not used in the settlement of share incentive awards will be returned to the Company. During the year ended December 31, 2018, 933,007 issued Class A ordinary shares were used to settle the exercise of share incentive awards.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	19. RELATED PARTY TRANSACTIONS (a) Related parties (1) Name of related parties Relationship with the Company i) Tencent Limited (“Tencent”) A shareholder of the Company ii) Riot Games, Inc An affiliate company of Tencent iii) Tencent Technology (Shenzhen) Company Limited An affiliate company of Tencent iv) Shenzhen Tencent Computer System Company Limited An affiliate company of Tencent v) Tencent Cloud Computing (Beijing) Company Limited An affiliate company of Tencent vi) Proxima Beta Pte Ltd An affiliate company of Tencent vii) Aceville Pte. Ltd An affiliate company of Tencent viii) Tencent Mobility Limited An affiliate company of Tencent ix) Riot Games Services Pte. Ltd An affiliate company of Tencent x) Grinding Gear Games Ltd An affiliate company of Tencent xi) Vietnam Payment Solutions JSC (“VN Pay”) (3) An associated company xii) Shanghai Zhuopai Information Technology Co., Ltd. (“Zhuopai”) (2) An associated company xiii) Redmart Limited (“Redmart”) (2) An associated company xiv) Shanghai Wuju Information Technology Co., Ltd. (“Wuju”) An associated company xv) Nox Limited (formerly known as Beijing Duodian Online Technology Co., Ltd.) (“Duodian”) An associated company xvi) Shanghai Caili Internet Co., Ltd. (“Caili”) An associated company xvii) Directors and the key management Key Management (1) These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2016, 2017 and 2018. (2) These companies ceased to be related parties to the Company as of December 31, 2016. (3) VN Pay ceased to be a related party of the Company as of August 31, 2017. Tencent and its affiliate companies are collectively known as “Tencent group of companies”. (b) The Company had the following related party transactions for the years ended December 31, 2016, 2017 and 2018: 2016 2017 2018 $ $ $ Royalty fee and license fee to: - Tencent group of companies 36,469 70,470 96,713 Royalty fee and license fee from: - Tencent group of companies 2,000 262 3,629 Rack rental income from: - Tencent group of companies 1,338 1,007 677 Services provided by: - VN Pay 181 149 – - Tencent group of companies 43 1,012 13,066 - Caili – – 16 Purchase of merchandise goods from: - VN Pay 5,736 2,898 – Sales of goods to: - VN Pay 390 679 – Investment in convertible loans in: - Redmart 3,778 – – Loans provided to: - Redmart 4,458 – – - VN Pay 1,794 – – - Zhuopai 1,000 – – - Duodian 755 – – - Wuju 520 422 – Repayment of loans from: - Duodian 755 – – - Wuju – 953 – - VN Pay – 1,784 – Interest income received from: - Redmart 109 – – Issuance of convertible notes to: - Tencent – 100,000 50,000 Interest expense to: - Tencent – 4,153 2,092 2016 2017 2018 $ $ $ Promissory notes extended to: - Key management 4,044 9,768 – Repayment of promissory notes from: - Key management 581 16,178 – Interest income received from: - Key management – 774 – (c) The Company had the following related party balances for the years ended December 31, 2017 and 2018: December 31, 2017 2018 $ $ Amounts due from related parties: Current: - Tencent group of companies 2,235 5,224 Convertible notes (principal amount) due to: Non-current: - Tencent 100,000 150,000 Amounts due to related parties: Current: - Tencent group of companies 36,790 46,025

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	20. SEGMENT REPORTING The Company has three reportable segments, namely digital entertainment, e-commerce and digital financial services. The Chief Operation Decision Maker (“CODM”) reviews the performance of each segment based on revenue and certain key operating metrics of the operations and uses these results for the purposes of allocating resources to and evaluating financial performance of each segment. Description of Reportable Segments Digital entertainment – Garena platform offers mobile and PC online games across the region and develops mobile games for the global market. Garena is the region’s leader in eSports, it also provides access to other entertainment content and social features, such as live streaming of gameplay, user chat and online forums. E-commerce – Shopee platform is a mobile-centric, social-focused marketplace. It provides users with a convenient, safe, and trusted shopping environment with integrated payment, logistics infrastructure and comprehensive seller services. Products from manufacturers and third parties are also purchased and sold directly to buyers on Shopee platform. Digital financial services – AirPay provides a variety of payment services to individuals and businesses. It is an important payment infrastructure supporting the Company’s digital entertainment and e-commerce businesses. In addition, AirPay also integrates with third-party merchant partners and covers a broad set of consumption use cases. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other services”. Information about segments for the years ended December 31, 2016, 2017 and 2018 presented were as follows: For the Year ended December 31, 2018 Digital Entertainment E-Commerce Digital Financial Other Services Unallocated expenses (1) Consolidated $ $ $ $ $ $ Revenue 462,464 269,578 11,458 83,468 – 826,968 Operating income (loss) 69,449 (893,489 ) (34,056 ) (62,548 ) (68,124 ) (988,768 ) Non-operating income, net 34,888 Income tax expense (4,088 ) Share of results of equity investees (3,066 ) Net loss (961,034 ) For the Year ended December 31, 2017 Digital Entertainment E-Commerce Digital Financial Other Services Unallocated (1) Consolidated $ $ $ $ $ $ Revenue 365,167 9,034 16,270 23,719 – 414,190 Operating income (loss) 45,637 (452,233 ) (38,038 ) (21,199 ) (36,523 ) (502,356 ) Non-operating loss, net (46,153 ) Income tax expense (10,745 ) Share of results of equity investees (1,912 ) Net loss (561,166 ) For the Year ended December 31, 2016 Digital Entertainment E-Commerce Digital Financial Other Services Unallocated (1) Consolidated $ $ $ $ $ $ Revenue 327,985 – 5,892 11,793 – 345,670 Operating income (loss) 45,525 (172,409 ) (34,407 ) (12,320 ) (31,778 ) (205,389 ) Non-operating income, net 8,503 Income tax expense (8,546 ) Share of results of equity investees (19,523 ) Net loss (224,955 ) (1) Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance. Revenue from external customers is classified based on the geographical locations where the services were provided. For the Year Ended December 31, 2016 2017 2018 $ $ $ Revenue Indonesia 23,023 24,120 99,043 Taiwan 109,652 122,647 218,249 Thailand 119,969 133,782 194,612 Vietnam 61,354 98,009 193,169 Rest of the world 31,672 35,632 121,895 Consolidated revenue 345,670 414,190 826,968 Long-lived assets consist of property and equipment and intangible assets. As at December 31, 2017 2018 $ $ Long-lived assets Indonesia 9,906 23,899 Singapore 46,009 88,663 Taiwan 9,530 18,504 Thailand 12,668 17,586 Vietnam 26,874 38,887 Rest of the world 6,694 17,705 111,681 205,244 No single customer accounted for 10 percent or more of the Company’s total revenue for the years ended December 31, 2016, 2017 and 2018.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	21. FAIR VALUE MEASUREMENTS The Company applies ASC topic 820, Fair Value Measurements and Disclosures ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. In accordance with ASC 820, the Company measures cash equivalents, available-for-sale investments and 2017 Convertible Notes at fair value. The liability component of the 2018 Convertible Notes is measured at fair value on its issuance date. Cash equivalents are classified within Level 1 or Level 2 because they are valued using a quoted market prices or alternative pricing sources and model utilizing market direct or indirect observable inputs, such as the risk-free interest rate. As of December 31, 2017 and 2018, Level 3 assets and liabilities of the Company included investments in convertible loans and preference shares of investees and 2017 Convertible Notes. Investments in debt securities of investees 2017 Convertible Notes The valuation model requires the Company to make complex and subjective judgments on certain underlying inputs applied to the valuation models including and December 31, 2018. 2018 Convertible Notes Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Unobservable inputs (Level 3) Total $ $ $ $ Cash equivalents 3,133 – – 3,133 Available-for-sale investments – non-current – – 1,249 1,249 Available-for-sale investments – current – – 18,000 18,000 2017 Convertible Notes – – (726,950 ) (726,950 ) 3,133 – (707,701 ) (704,568 ) Fair value measurement at December 31, 2018 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Unobservable inputs (Level 3) Total $ $ $ $ Cash equivalents 10,137 – – 10,137 Money market funds 304,335 – – 304,335 Short-term investments 690 – – 690 Available-for-sale investments – non-current – – 70,374 70,374 2017 Convertible Notes – – (636,716 ) (636,716 ) Share appreciation rights (106 ) – – (106 ) 315,056 – (566,342 ) (251,286 ) Level 3 $ Assets: Available-for-sale debt securities Balance at January 1, 2016 18,804 Investment during 2016 3,796 Cost adjustment included in share of results of equity investees (16,006 ) Unrealized fair value gain included in other comprehensive loss 16,136 Impairment loss included in investment gain, net (4,226 ) Disposal during 2016 (16,866 ) Exchange differences 750 Balance at December 31, 2016 2,388 Investment during 2017 18,000 Impairment loss (1,147 ) Exchange differences 8 Balance at December 31, 2017 19,249 Investment during 2018 33,000 Impairment loss (144 ) Unrealized fair value gain included in other comprehensive loss 18,269 Balance at December 31, 2018 70,374 Liabilities: Convertible notes Convertible notes issued during the year (675,000 ) Fair value loss (51,950 ) Balance at December 31,2017 (726,950 ) Fair value gain 41,259 Conversion into Class A ordinary shares (Note 12(a)) 48,975 Balance at December 31,2018 (636,716 ) The Company’s valuation techniques used to measure the fair value were derived from management’s assumptions of estimations. Impairment loss of the available-for-sale investment is recorded in the current period expense. Changes in the fair value of the available-for-sale investment is recorded in the accumulated other comprehensive loss. Changes in the fair value of the 2017 Convertible Notes are recorded in the consolidated statement of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	22. COMMITMENTS AND CONTINGENCIES Purchase commitments The Company has commitments to purchase property and equipment of $12,318 and $50,857, committed licensing fee payable for the licensing of game titles of $9,400 and $7,400 and commitment to invest in certain companies of $400 and $8,473 as of December 31, 2017 and 2018, 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, 2017 and 2018, the minimum guarantee commitment amounted to $77,044 and $60,271, respectively, for its launched games and licensed but yet launched games. Operating lease commitments The Company has entered into commercial leases for the use of offices, apartments, warehouses and equipment as lessee. The tenure of these leases ranges from one to ten years. These leases have varying terms, escalation clauses and renewal rights. For the years ended December 31, 2017 and 2018, total rental expenses for all operating leases amounted to $23,028 and $43,659, respectively. Future minimum lease payments payable under operating leases as at December 31 are as follows:- 2017 2018 $ $ No later than 1 year 30,384 62,921 Later than 1 year but no later than 5 years 86,726 224,394 More than 5 years 11,155 41,234 128,265 328,549

PARENT COMPANY ONLY CONDENSED F

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS	23. PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS Condensed balance sheets As of December 31, 2017 $ 2018 $ ASSETS Current assets Cash and cash equivalents 1,045,496 519,107 Prepaid expenses and other assets 25,293 24,329 Amounts due from subsidiaries 1,005,190 2,052,292 Total current assets 2,075,979 2,595,728 Non-current assets Prepaid expenses and other assets 2,000 – Total non-current assets 2,000 – Total assets 2,077,979 2,595,728 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other payables 33,394 8,467 Amounts due to subsidiaries 41,171 41,638 Amounts due to related parties 4,153 – Total current liabilities 78,718 50,105 Non-current liabilities Loss in excess of investments 803,286 1,726,966 Convertible notes 726,950 1,061,796 Total non-current liabilities 1,530,236 2,788,762 Total liabilities 1,608,954 2,838,867 Shareholders’ equity Class A Ordinary shares (Par value of US$0.0005 per share; Authorized: 14,800,000,000 and 14,800,000,000 shares as of December 31, 2017 and 2018, respectively; Issued and outstanding: 182,009,760 and 190,423,065 shares as of December 31, 2017 and 2018, respectively) 91 94 Class B Ordinary shares (Par value of US$0.0005 per share; Authorized: 200,000,000 and 200,000,000 shares as of December 31, 2017 and 2018, respectively; Issued and outstanding: 152,956,453 and 152,175,703 shares as of December 31, 2017 and 2018, respectively) 76 76 Additional paid-in capital 1,564,656 1,809,232 Accumulated other comprehensive loss 10,701 15,199 Statutory reserves 46 46 Accumulated deficit (1,106,545 ) (2,067,786 ) Total shareholders’ equity (deficit) 469,025 (243,139 ) Total liabilities and shareholders’ equity (deficit) 2,077,979 2,595,728 Condensed statements of operations Year ended December 31, 2016 $ 2017 $ 2018 $ Operating expenses: General and administrative expenses (29,890 ) (41,369 ) (62,671 ) Operating loss (29,890 ) (41,369 ) (62,671 ) Interest income 836 1,538 7,447 Other income – 983 1,797 Interest expense – (26,460 ) (31,142 ) Foreign exchange (loss) gain (553 ) 1,072 (45 ) Investment gain 13,987 3,374 4,335 Fair value (loss) gain on convertible notes – (51,950 ) 41,259 Loss before income tax and share of results of equity investees (15,620 ) (112,812 ) (39,020 ) Income tax expense – – – Share of results of equity investees (207,247 ) (447,673 ) (922,221 ) Net loss (222,867 ) (560,485 ) (961,241 ) Condensed statements of comprehensive loss Year ended December 31, 2016 $ 2017 $ 2018 $ Net loss (222,867 ) (560,485 ) (961,241 ) Other comprehensive income (loss) , net of tax: Foreign currency translation adjustments: Translation gain (loss) 450 1,970 (13,771 ) Reclassification adjustment for net translation adjustments realized in net income (762 ) 144 - Net change (312 ) 2,114 (13,771 ) Available-for-sale securities: Change in unrealized gain 16,136 – 18,269 Reclassification adjustment for net loss realized in net income (13,787 ) – – Net change 2,349 – 18,269 Total comprehensive loss, net of tax (220,830 ) (558,371 ) (956,743 ) Condensed statements of cash flows Year ended December 31, 2016 $ 2017 $ 2018 $ Net cash (used in) generated from operating activities (876 ) 6,845 (34,930 ) Net cash used in investing activities (150,564 ) (664,483 ) (1,060,969 ) Net cash generated from financing activities 197,786 1,635,224 569,510 Net increase (decrease) in cash 46,346 977,586 (526,389 ) Cash at beginning of the year 21,564 67,910 1,045,496 Cash at end of the year 67,910 1,045,496 519,107 (a) Basis of preparation In the Company-only financial statements, the Company’s investment in subsidiaries and other equity investees is stated at cost plus equity in undistributed earnings of subsidiaries since inception. The Company records its investment in its subsidiaries and other equity investees under the equity method of accounting as prescribed in ASC 323-10, Investment-Equity Method and Joint Ventures The subsidiaries and other equity investees did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Company’s consolidated financial statements. (b) Convertible notes December 31, 2017 2018 $ $ 2017 Convertible Notes 726,950 636,716 2018 Convertible Notes – 425,080 726,950 1,061,796 The Company issued convertible notes with principal amount of $100,000 and $50,000 to Tencent during the year ended December 31, 2017 and 2018. (i) 2017 Convertible Notes During the year ended December 31, 2017, the Company issued the convertible promissory notes (the 2017 Convertible Notes ) The 2017 Convertible Notes will mature on their respective third anniversary dates, subject to a further extension by the noteholders if the Company’s public offering does not occur within the first three years. The noteholders may elect to extend the term of the 2017 Convertible Notes for an additional two years if no IPO closing date has occurred on or before the respective third anniversary date. The noteholders have the right, at their option, to convert the outstanding principal amount of the 2017 Convertible Notes, (i) in whole or in part of a minimum of 50%, into fully paid and non-assessable ordinary shares of the Company at any time following the IPO closing date up to the maturity date if an IPO occurs, at a conversion price ranging from $13.13 to $14.26 calculated according to an agreed-upon formula which stipulates a discount to the IPO price based on a discount rate and the time period between the issuance dates of the relevant 2017 Convertible Notes and the IPO pricing date, subject to certain anti-dilution adjustments; or (ii) in whole or in part of a minimum of 50%, on the date of closing of the first change in control event up to the maturity date or in whole but not in part on the maturity date if no IPO occurs, at a conversion price initially set at $14.807, subject to certain anti-dilution adjustments (the “Conversion Option”). Notwithstanding the repayment on the maturity date as described above, if no IPO occurs, the 2017 Convertible Notes may be prepaid, in whole or in an amount equal to the outstanding unconverted and unpaid principal amount multiplied by 1.31, plus interest accrued and unpaid, on 18-month anniversary of the issuance dates, or if the noteholders elect to effect two years’ extension, the 2017 Convertible Notes may be prepaid in whole in the amount as described above on the 18-month anniversary of the respective third anniversary dates. Both the extension feature and prepayment feature are collectively referred to the “Embedded Call Option” hereafter. If an event of default as defined in the 2017 Convertible Notes were to occur, the outstanding obligation under the 2017 Convertible Notes would be immediately due and payable (“Contingent Redemption Option”). If the event of default is related to any failure by the Company to pay amounts due under the 2017 Convertible Notes for more than three days after the original due date of such payment, an interest of 20% in lieu of the original interest will accrue on the principal or interest that is overdue (“Contingent Interest Feature”). The initial carrying value of the Convertible Note is the consideration received from the Investors. The Company evaluated and determined if there were any embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The Embedded Call Option, Contingent Redemption Option and Contingent Interest Feature did not qualify for derivative accounting because those were clearly and closely related to the host instrument. BCF exists when the conversion price of the convertible note is lower than the fair value of the ordinary share at the commitment date. When a BCF exists as of the commitment date, its intrinsic value is bifurcated from the carrying value of the convertible note as a contribution to additional paid-in capital. The resulting discount to the convertible note is then accreted to the redemption value using the effective interest method as an interest expense recorded in the consolidated statements of operations. The Company determined the estimated fair value of the ordinary share with the assistance from an independent third party valuation firm. On the respective commitment dates, the most favourable conversion price used to measure the BCF for the 2017 Convertible Notes was the effective conversion price of $14.807 before IPO according to the terms. No BCF was recognized for the 2017 Convertible Notes as the fair values per ordinary share at each of the commitment dates were less than the favourable conversion price. Following the closing of the IPO on October 20, 2017, the American Depository Shares (“ADSs”) representing the During the year ended December 31, 2018, certain noteholders had converted the outstanding principal amount of the 2017 Convertible Notes totalling $50,000 into 3,592,415 Class A ordinary shares. the Company recorded a loss of $51,950 and a gain of $41,259, respectively, as changes in fair value of 2017 Convertible Notes (inclusive of extinguishment gain/loss) in the statement of operations. Subsequent to December 31, 2018, the Company received conversion notifications from certain noteholders to convert a total of $417,500 outstanding principal amount of the 2017 Convertible Notes according to the agreed conversion price. (ii) 2018 Convertible Notes On June 18, 2018, the Company issued 2.25% convertible notes due July 1, 2023 (the “maturity date”), in an aggregate principal amount of $575,000 (the “2018 Convertible Notes”) The 2018 Convertible Notes holders have the right, at their option, to convert the outstanding principal amount of the 2018 Convertible Notes, in whole or in part in integral multiples of $1 principal amount (i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2018 Convertible Notes prior to the close of business day immediately preceding January 1, 2023; or (ii) anytime on or after January 1, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date (the “Conversion Option”). The initial conversion rate for the 2018 Convertible Notes is 50.5165 ADSs per $1 principal amount, equivalent to $19.80 per ADS, 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 2018 Convertible Notes holders (the “Holders”). If certain events of default, changes in tax laws of the relevant taxing jurisdiction or fundamental change as defined in the indenture for the 2018 Convertible Notes were to occur, the outstanding obligations under the 2018 Convertible Notes could be immediately due and payable (the “Contingent Redemption Options”). The Company will pay additional interest, at its election, as the sole remedy relating to the failure to comply with certain reporting obligations as defined in the indenture of the 2018 Convertible Notes. In addition, the 2018 Convertible Notes provide its holders with additional interest equal to the fair value of any cash dividends received by the holders of the Company’s ordinary shares. These features that potentially trigger additional interest payments are collectively referred to as the “Contingent Interest Features” hereinafter. The Company evaluated the embedded conversion features contained in the 2018 Convertible Notes in accordance with ASC 815-40-15 and ASC 815-40-25-7 to ASC 815-40-25-35 to determine if the conversion options require bifurcation. The conversion option was not required to be bifurcated because the conversion option is indexed to the Company’s ADSs and meets all additional conditions for equity classification. The Company also evaluated the embedded Contingent Redemption Options and Contingent Interest Features contained in the 2018 Convertible Notes in accordance with ASC 815 to determine if these features require bifurcation. The Contingent Redemption Options were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the 2018 Convertible Notes were not issued at a substantial discount and are redeemable at par. The Embedded Contingent Interest Features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. Accordingly, the Contingent Interest Features were not bifurcated from the 2018 Convertible Notes on the issuance date as they were insignificant. For the embedded contingent interest features not bifurcated from the 2018 Convertible Notes, the Company determined whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of occurrence of such default events is remote, the Company determined that a liability was not probable and no accrual was made as of December 31, 2018. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. The Company has accounted for the 2018 Convertible Notes under ASC 470-20 Cash Conversion Subsections. In accordance to ASC 470-20-30-27 to 28 , he liability component of $410,926 was initially measured at its fair value, with the residual value of $152,714 allocated to the equity component and classified within Additional Paid-up Capital. The debt issuance costs of $11,360 were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. The liability component is subsequently amortized to its redemption amount using the effective interest method with an effective interest rate of 9.38% and the equity component is not remeasured. During the years ended December 31, 2018, the Company recognized total interest expense for coupon interest and amortization of discount on the liability component amounted to $6,936 and $14,154, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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 inter-company transactions and balances between the Company, its subsidiaries and the VIEs are eliminated upon consolidation.
Use of estimates	(c) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, revenue recognition, estimating the useful lives and impairment assessment of long-lived assets and goodwill, accounting for and impairment assessment of investments, impairment assessment of accounts receivable and other receivables, accounting for deferred income taxes, accounting for share-based compensation arrangements and accounting for the Company’s financial instruments where the Company is the issuer. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Foreign currency	(d) Foreign currency The functional currency of the Company is the United States dollar (“$” or “USD”), whereas the functional currency of the Company’s subsidiaries and its VIEs are the respective local currencies as determined based on the criteria of ASC 830, Foreign Currency Matters Assets and liabilities of the Company’s subsidiaries and its VIEs that has functional currencies other than USD are translated into USD at fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded in other comprehensive loss, a component of shareholders’ equity. Exchange differences arising on monetary items that form part of the Company’s net investment in foreign operations are recognized initially in other comprehensive loss and accumulated under accumulated other comprehensive loss in equity. The other comprehensive gain or loss arising from exchange differences is reclassified from equity to profit or loss of the Company on disposal of the foreign operation.
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 comprise deposits pledged with banks as security in relation to utilization of the banks’ payment gateway and corporate cards, performance guarantees, monies received held in escrow in connection with the Company’s e-commerce business and advances received from customers in connection with the Company’s digital financial services business that are restricted and not available for the Company’s use.
Accounts receivable and allowance for doubtful accounts	(g) Accounts receivable and allowance for doubtful accounts Accounts receivable are carried at net realizable value. An allowance for doubtful accounts is recorded in the period when loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging and other factors. An account receivable is written off after all collection effort has ceased.
Inventories	(h) Inventories Inventories which comprise mainly of (i) merchandise products sold through the Company’s e-commerce business platform and (ii) prepaid telecommunication cards sold through the Company’s digital financial service platform are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted at purchase cost on first-in-first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
Property and equipment	(i) Property and equipment Property and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: - Computers 3 years - Office equipment 3 years - Furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Motor vehicles 6 to 10 years The useful lives and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Property and equipment that are purchased or constructed which require a period of time before the property and equipment are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these property and equipment are ready for their intended use.
Goodwill	(j) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company's acquisitions of interests in its subsidiary and consolidated VIEs. 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. The Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. No impairment of goodwill was recorded in the year ended December 31, 2018.
Intangible assets	(k) Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. All costs that are incurred in connection with the planning and implementation phases of the development of software for internal use are expensed. Costs incurred in the development phase are capitalized and amortized over the estimated useful life. No costs were capitalized for any of the periods presented. Costs incurred internally in researching and developing a software product to be sold, leased or marketed 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. No costs were capitalized for any of periods presented. Intangible assets with finite useful lives are amortized using the straight-line method 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 Trademarks 10 years IP right 1 to 6 years Software 3 to 6 years Customer relationships 3 years Software platforms 3 years The useful lives and methods of amortization of intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate. Software, customer relationships and software platforms are included in ‘Others’ in the note 8 to the consolidated financial statements.
Investments	(l) Investments On January 1, 2018, the Company adopted ASU No. 2016-01, Financial Instruments – Overall In accordance with ASC 320, Investments - Debt Securities In accordance with ASC 321, Investments – Equity Securities 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 statement of operations, to the extent of and as an adjustment to the adjusted basis of the other investments in the investee. The order in which the equity losses are applied to the other investments follows the seniority of the other investments in the same investee.
Impairment of long-lived assets	(m) Impairment of long-lived assets The Company evaluates its long-lived assets or asset groups, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a company of long-lived assets may not be recoverable. When these events occur, the Company evaluates for impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available for the long-lived assets.
Fair value of financial instruments	(n) Fair value of financial instruments The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, restricted cash (current), accounts receivable, other receivables within prepaid expenses and other current assets, accounts payable, short term bank borrowings, balances with related parties and other payables, approximate their fair values because of the short maturity of these instruments. The carrying amounts of restricted cash (non-current) and long term bank borrowings approximate their fair value since they bear interest rates which approximate market interest rates. Available-for-sale debt securities are initially recognized at acquisition cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in accumulated other comprehensive income (loss). Convertible notes consist of 2017 Convertible Notes and 2018 Convertible Notes as defined in Note 12 of the consolidated financial statements. The 2017 Convertible Notes are initially recognized at cost and subsequently remeasured at the end of each reporting period with the change in fair value recognized in the current period earnings. For the 2018 Convertible Notes, the liability component of the convertible notes was initially measured at fair value and subsequently amortized to its redemption amount using the effective interest rate method. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of its available-for-sale debt securities and convertible notes that are recognized in the consolidated financial statements.
Revenue recognition	(o) Revenue recognition On January 1, 2018, the Company adopted Topic 606 Revenue from contracts with customers 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 virtual items, including the Airpay and Shopee platform, other online payment gateways, bank transfers, credit cards, mobile phone billing and prepaid cards, including its own prepaid cards, which are sold through agents. As the Company controls the service of providing games to the users, and it has a direct contractual arrangement with the paying users and has the right to determine the price to be paid by such users, the gross proceeds collected from these channels represent revenue to be recognized by the Company and the amounts retained by these channels based on a predetermined percentage represent cost of revenue to be recognized by the Company. Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable. Deferred revenue as of December 31, 2017 recognized as revenue during the year ended December 31, 2018 was $246,278. 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 when services are provided to the users. For purposes of determining when the services are provided to the users, the Company has determined that an implied obligation exists to the paying users to continue providing access to the purchased virtual goods within the online games over an estimated delivery obligation period. Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold, estimated average lifespan of the paying users or the estimated game licensing periods of the said games or similar games. a) Item-based revenue model Virtual items have different lifespan patterns: time-based, consumable and durable. Time-based virtual items are items with a stated expiration time, for which revenue is recognized ratably over the period based on the time unit of the virtual items. Consumable virtual items are items that can be consumed by a specific user action and have limitations on repeated use. Revenue attributable to consumable virtual items is recognized upon consumption. Durable virtual items are items that provide the user with continuing benefits over an extended period of time. Revenue attributable to durable virtual items is recognized ratably over their average lifespan, which are estimated based on the historical users’ usage pattern and playing behaviors for the virtual items. The Company assesses the estimated average lifespan of the durable virtual items on a quarterly basis. b) User-based revenue model The Company tracks paying users’ activeness within each game where the user-based revenue model is used to estimate paying users’ average lifespan. Paying users are defined as inactive when they have reached a period of inactivity for which it is reasonable to believe that these users will not return to a specific game. The Company determines the inactive rate of these paying users and revises the estimated average paying users lifespan on a quarterly basis. c) Game-based revenue model Revenue is recognized ratably over the estimated game licensing periods if there is no better estimation alternatives. The Company believes the current revenue models provide reasonable depiction of the service transferred patterns to the customers and they represent the best estimation of the time period the customers are likely to play the respective games. Determining the estimated service period is subjective and requires management's judgment. Future users’ usage patterns and playing behavior may change and differ from the historical usage patterns and playing behaviour and therefore the estimated service period may change accordingly in the future. (ii) E-commerce The Company’s e-commerce business (“Shopee”) charges its sellers on its marketplace a fixed rate commission fee based on gross merchandise value in selected markets. Fees are charged when the transactions are completed and settled. Such commission fees charged is recognized on a net basis. The Company also provides logistic services to end customers. Revenue from logistic services are recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Shopee operates a customer loyalty program, where end users who purchase merchandises and participate in activities through Shopee’s platform are given Shopee coins which entitle them to offset future purchases, participate in activities and redeem vouchers through Shopee’s platform. A portion of the revenue attributable to Shopee coins is deferred until they are redeemed, used or expired. The Company charges its sellers advertising fees through its paid ads service on Shopee platform. The paid ads service allows the sellers to bid for keywords that match their product or service listing appearing in search or browser results on Shopee marketplace. Their product or service listing will show higher in search rankings when users search for their bid keywords. Sellers prepay for paid ads services and the advertising income is recognized based on the number of clicks on the product or service listings during the service period. (iii) Digital financial services The Company earns commission from merchants when transactions are completed and settled through its digital financial services platform. Such commission are generally determined as a percentage based on the value of the merchandise being sold by the merchants. Commission is recognized in the consolidated statements of operations at the time when the underlying transaction is completed. (iv) Rendering of services The Company also recognizes revenue from other services when the services are rendered. (v) Sales of goods The Company recognizes revenue from sales of goods at the point in time that the customer obtains control of the goods, which generally occurs upon delivery to the customer.
Cost of revenue	(p) Cost of revenue Cost of revenue consists primarily of purchase price of inventories, depreciation of the Company’s long-lived assets, amortization of intangible assets, channel costs, royalty expenses, hosting charges, payroll related costs, bank transaction fees and the other overhead expenses.
Advertising expenditure	(q) Advertising expenditure Advertising expenditure are expensed as incurred and are included in sales and marketing expenses. As part of the advertising expenditure, sales incentives given to end users as a result of a concurrent sale are recognized as reductions of the corresponding consideration that the Company expects to receive. To the extent the sales incentives exceed the corresponding consideration that the Company expects to receive, the excess will be recorded in sales and marketing expenses.
Research and development expenses	(r) Research and development expenses Research and development expenses consist primarily of payroll and related personnel costs related to product development. Research and development expenses are expensed as incurred.
Leases	(s) Leases Leases are classified at the inception date as either a capital lease or an operating lease. The Company did not enter into any leases whereby it is the lessor for any of the periods presented. As the lessee, a lease is a capital 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 property’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 property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. 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. The Company leases office space, apartments and equipment under operating lease agreements. Certain of the lease agreements contain rent holidays and escalating rent. Rent holidays and escalating rent are considered in determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives.
Income taxes	(t) Income taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies ASC 740, Accounting for Income Taxes The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax” in the consolidated statements of operations.
Share-based compensation	(u) Share-based compensation All share-based compensation, including share options, restricted share awards, restricted share units and share appreciation rights under share incentive plan are accounted for under ASC 718, Compensation - Stock Compensation On January 1, 2017, the Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of the share options using the Black-Scholes pricing model (Note 13).
Loss per share	(v) Loss per share In accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Prior to the IPO, ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s contingently redeemable convertible preference shares and the convertible notes using the if-converted method and ordinary shares, including partially paid shares, issuable upon the exercise of the share options, using the treasury stock method. Subsequent to the IPO, ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the convertible notes using the if-converted method and ordinary shares, including partially paid shares, issuable upon the exercise of the share options, using the treasury stock method, when the impact is dilutive. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive.
Comprehensive Ioss	(w) Comprehensive Ioss Comprehensive loss is defined as the decrease in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss of the Company includes foreign currency translation adjustments related to the Company’s overseas subsidiaries and change in fair value of available-for-sale investments.
Segment reporting	(x) Segment reporting The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Company has three operating and reportable segments: digital entertainment, e-commerce and digital financial services. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting
Employee benefits	(y) 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.
Share Repurchase	(z) Share Repurchase When the Company decides to cancel shares that are repurchased, the difference between the original issuance price and the repurchase price is debited into accumulated deficit.
Recent accounting pronouncements	(za) Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows In October 2016, the FASB issued ASU No. 2016-16, Income Taxes In July 2018, the FASB issued ASU 2018-09, Codification Improvements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606

ORGANIZATION (Tables)

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of significant subsidiaries of company and its consolidated variable interest entities	Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal activities 2017 2018 Subsidiaries held by the Company: Garena Limited (“Garena Cayman”) March 4, 2015 Cayman Islands 100 100 Investment holding company Shopee Southeast Asia Limited (“Shopee Cayman”) January 16, 2015 Cayman Islands 100 100 Investment holding company Airpay Limited (“Airpay Cayman”) March 27, 2015 Cayman Islands 100 100 Investment holding company Garena Online Private Limited (“Garena Online”) May 8, 2009 Singapore 100 100 Game operations and software development Garena Ventures Private Limited (“Garena Ventures”) February 23, 2015 Singapore 100 100 Investment holding company PT. Garena Indonesia (“PT. Garena”) December 6, 2012 Indonesia 100 100 Game operations Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal activities 2017 2018 Subsidiary held by Garena Cayman: Garena Online (Thailand) Co., Ltd. (“Garena Online (Thailand)”) <4 August 18, 2011 Thailand 100 100 Game operations Garena Technology Private Limited, Taiwan branch (“Garena Technology Taiwan”) July 31, 2017 Taiwan 100 100 Game operations Variable interest entities held by Garena Cayman: Garena (Taiwan) Co., Ltd (“Garena Taiwan”) <1 March 8, 2010 Taiwan – – Game operations Vietnam Esports and Entertainment Joint Stock Company (“VEE”) <1, <5 May 10, 2011 Vietnam 30 30 Game operations Subsidiaries held by Shopee Cayman: Shopee (Thailand) Co., Ltd. (“Shopee (Thailand)”) <4 February 2, 2015 Thailand 100 100 Online platform PT Shopee International Indonesia (“PT Shopee”) August 5, 2015 Indonesia 100 100 Online platform Shopee Singapore Private Limited (“Shopee Singapore”) February 5, 2015 Singapore 100 100 Online platform Shopee Company Limited (“Shopee Company”) <6 February 10, 2015 Vietnam 100 100 Online platform Entity Date of Place of incorporation Percentage of direct ownership by the Company Principal 2017 2018 Variable interest entity held by Shopee Cayman: Shopee (Taiwan) Co., Ltd (“Shopee Taiwan”) <2 March 4, 2015 Taiwan – – Online platform Subsidiary held by Airpay Cayman: Airpay (Thailand) Co., Ltd. (“Airpay (Thailand)”) <4 June 16, 2014 Thailand 100 100 Electronic payment services Variable interest entity held by Airpay Cayman: Vietnam Esports Development Joint Stock Company (“VED”) <3, <5 June 9, 2009 Vietnam 30 30 Electronic payment services <1 Collectively, the “Digital Entertainment VIEs” <2 The “E-Commerce VIE” <3 The “Digital Financial Service VIE” <4 Effective ownership in the case of Thailand entities <5 In 2017, the VIE Shareholders of VEE and VED transferred 30% equity interest in each of these companies to Garena Cayman and Airpay Cayman, respectively <6 In 2017, the VIE Shareholder of Shopee Company transferred its 100% equity interest in Shopee Company to Shopee Cayman
Schedule of financial information of VIEs before eliminating intercompany balances and transactions between VIEs and other entities within group	As of December 31, 2017 2018 $ $ ASSETS: Current assets: Cash and cash equivalents 92,678 144,155 Restricted cash 28,426 111,433 Accounts receivable, net 16,353 5,635 Prepaid expenses and other assets 58,648 74,954 Inventories, net 7,570 8,635 Short-term investment - 690 Amount due from related parties 4 - Amounts due from inter-companies (1) 15,431 40,209 Total current assets 219,110 385,711 Non-current assets: Property and equipment, net 24,715 29,404 Intangible assets, net 954 438 Long-term investments 4,974 12,131 Prepaid expenses and other assets 12,535 17,869 Restricted cash - 100 Deferred tax assets 30,153 33,602 Total non-current assets 73,331 93,544 TOTAL ASSETS (2) 292,441 479,255 As of December 31, 2017 2018 $ $ LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable 5,484 5,095 Accrued expenses and other payables 89,489 236,883 Advances from customers 6,091 4,832 Amount due to related parties 1,235 1,297 Short-term bank borrowings 2,013 856 Deferred revenue 137,512 119,219 Income taxes payable 1,673 1,785 Amounts due to inter-companies (1) 55,509 83,927 Total current liabilities 299,006 453,894 Non-current liabilities: Accrued expenses and other payables 4,190 1,630 Long-term bank borrowings - 1,026 Deferred revenue 61,571 72,439 Amounts due to inter-companies (1) 180,350 258,183 Unrecognized tax benefits 2,636 2,522 Total non-current liabilities 248,747 335,800 Total liabilities 547,753 789,694 For the Years Ended December 31, 2016 2017 2018 $ $ $ Revenue - Third party customers 157,519 201,413 342,800 - Inter-companies 16,651 27,038 52,325 Net loss (56,304 ) (91,124 ) (67,816 ) For the Years Ended December 31, 2016 2017 2018 $ $ $ Net cash (used in) generated from operating activities (36,804 ) (42,446 ) 67,275 Net cash used in investing activities (1,343 ) (22,509 ) (27,434 ) Net cash generated from financing activities 55,478 149,435 97,398 (1) Amounts due from or to inter-companies consist of inter-company receivables or payables to the other companies within the group arising from inter-company transactions, and funds advanced for working capital purpose. (2) These assets can be used only to settle the obligations of the respective VIEs. (3) Upon the adoption of ASU No. 2016-18, Statement of Cash Flows

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of estimated useful lives of assets	- Computers 3 years - Office equipment 3 years - Furniture and fittings 3 years - Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets - Motor vehicles 6 to 10 years
Schedule of estimated economic lives of intangible assets	Licensing fee Over the shorter of licensing period or the estimated useful lives of the intangible assets Trademarks 10 years IP right 1 to 6 years Software 3 to 6 years Customer relationships 3 years Software platforms 3 years

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of estimated fair values of the net assets acquired	$ Net assets acquired 11,043 Fulfilled by: Purchase consideration 19,875 Remeasurement of previously held interests* 13,333 Fair value of non-controlling interests 8,787 41,995 Goodwill 30,952 * The Company previously held 33.33% equity interest in one of the companies acquired. A gain of $10,881 as a result of the remeasurement of previously held interests is recognized as an investment gain in the consolidated statements of operations for the year ended December 31, 2017.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Schedule of accounts receivable and allowance for doubtful accounts	December 31, 2017 2018 $ $ Accounts receivable 63,676 100,182 Allowance for doubtful accounts (1,830 ) (2,400 ) 61,846 97,782
Schedule of allowances for doubtful accounts	For the year ended December 31, 2016 2017 2018 $ $ $ Balance at the beginning of the year 186 195 1,830 Charged to expenses 172 1,867 2,205 Reversal (58 ) (245 ) (47 ) Write-off of accounts receivable (103 ) (26 ) (1,588 ) Exchange differences (2 ) 39 – Balance at the end of the year 195 1,830 2,400

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Prepaid Expense and Other Assets [Abstract]
Schedule of prepaid expenses and other assets	December 31, 2017 2018 $ $ Current: Deferred channel costs 39,107 71,707 Employee loans and advances 4,295 2,394 Other receivables 92,527 171,459 Prepaid cost of revenue, sales and 22,565 23,669 Security deposits 1,755 2,144 Tax receivable 24,409 41,014 Others 1,523 – 186,181 312,387 Non-current: Deferred channel costs 22,665 29,956 Other receivables 2,000 7,852 Prepaid licensing fee 4,603 56 Prepayment for purchase of property and equipment 5,753 11,857 Security deposits 10,892 19,344 Others 384 – 46,297 69,065

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	December 31, 2017 2018 $ $ Computers 97,637 208,435 Office equipment, furniture and fittings 9,077 15,451 Leasehold improvements 32,251 63,781 Motor vehicles 2,211 5,074 Construction-in-progress 2,227 – 143,403 292,741 Less: accumulated depreciation (69,055 ) (100,384 ) 74,348 192,357
Schedule of depreciation expenses	For the year ended December 31, 2016 2017 2018 $ $ $ Cost of revenue 11,347 12,407 31,203 Sales and marketing expenses 740 1,198 3,712 General and administrative expenses 5,598 9,248 19,009 Research and development expenses 271 500 978 17,956 23,353 54,902

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Licensing fee IP right Trademarks Others Total $ $ $ $ $ Intangible assets, net January 1, 2017 17,883 11,587 – 493 29,963 Additions 11,110 779 – 1,010 12,899 Acquisition of a subsidiary (Note 4) – – 10,679 677 11,356 Amortization expense (12,452 ) (3,976 ) (534 ) (607 ) (17,569 ) Impairment (922 ) – – – (922 ) Disposal – – – (5 ) (5 ) Exchange differences 693 858 – 60 1,611 Intangible assets, net January 1, 2018 16,312 9,248 10,145 1,628 37,333 Additions 3,221 406 – 1,618 5,245 Amortization expense (17,573 ) (4,348 ) (1,068 ) (837 ) (23,826 ) Impairment (112 ) (5,054 ) – – (5,166 ) Disposal – – – (245 ) (245 ) Exchange differences (280 ) (128 ) – (46 ) (454 ) Intangible assets, net December 31, 2018 1,568 124 9,077 2,118 12,887
Schedule of estimated aggregate amortization expenses	Licensing fee IP right Trademarks Others Total $ $ $ $ $ 2019 1,131 124 1,068 811 3,134 2020 437 – 1,068 609 2,114 2021 – – 1,068 363 1,431 2022 – – 1,068 264 1,332 2023 – – 1,068 71 1,139 Thereafter – – 3,737 – 3,737 1,568 124 9,077 2,118 12,887

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Investments Schedule [Abstract]
Schedule of movement of equity investments	$ Balance at January 1, 2016 26,052 Additions 2,999 Share of results (1,246 ) Share of other comprehensive loss (450 ) Less: disposals and transfers (1,522 ) Balance at December 31, 2016 25,833 Additions 4,101 Share of results (1,912 ) Share of other comprehensive income 303 Less: disposals and transfers (17,198 ) Less: transfer upon acquisition of controlling interest in an associated company (Note 4) (2,387 ) Balance at December 31, 2017 8,740 Additions 24,872 Share of results (3,066 ) Share of other comprehensive loss (1,097 ) Distribution from investment (578 ) Impairment (2,562 ) Balance at December 31, 2018 26,309

ACCRUED EXPENSES AND OTHER PA_2

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Schedule of components of accrued expenses and other payables	December 31, 2017 2018 $ $ Current: Accrued cost of revenue and sales and marketing expenses 49,179 122,679 Accrued interest for convertible notes 21,607 - Accrued office-related operating expenses 9,652 15,134 Business and other taxes payables 5,277 8,687 Other payables 163,483 410,310 Payroll and welfare payable 22,131 36,592 Payable for property and equipment 6,239 28,246 Others 7,680 15,232 285,248 636,880 Non-current: Other payables 2,050 - Others 5,497 7,894 7,547 7,894

BANK BORROWINGS (Tables)

BANK BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of bank borrowing interest rate and repayment term	December 31, 2017 2018 $ $ Current 2,013 856 Non-current - 1,026 2,013 1,882 The loans are unsecured and bears the following interest rate and repayment term: 2017 2018 Interest rate (%) per annum TAIBOR+1.05 9.00 to 12.29 Repayment date February 2018 From October 2020 to August 2021

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2018
Convertible Debt [Abstract]
Schedule of convertible debts	December 31, 2017 2018 $ $ 2017 Convertible Notes 726,950 636,716 2018 Convertible Notes – 425,080 726,950 1,061,796

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of employee share option activity	Number of Weighted Weighted Aggregate $ Years $ Outstanding, January 1, 2016 20,681,080 2.87 Granted 245,000 10.80 Exercised (2,750,350 ) 2.08 Forfeited (228,750 ) 6.93 Outstanding, December 31, 2016 17,946,980 3.05 Vested and expected to vest at December 31, 2016 17,946,980 3.05 Exercisable as of December 31, 2016 9,280,320 2.62 Outstanding, January 1, 2017 17,946,980 3.05 Granted 1,915,000 14.19 Exercised (7,288,275 ) 2.57 Forfeited (920,192 ) 4.01 Outstanding, December 31, 2017 11,653,513 5.11 6.90 97,415 Vested and expected to vest at December 31, 2017 11,653,513 5.11 Exercisable as of December 31, 2017 7,136,252 3.02 6.28 73,599 Outstanding, January 1, 2018 11,653,513 5.11 Granted 26,500,000 15.00 Exercised (2,117,647 ) 2.16 Forfeited (328,984 ) 14.03 Outstanding, December 31, 2018 35,706,882 12.54 8.38 58,007 Vested and expected to vest at December 31, 2018 35,706,882 12.54 Exercisable as of December 31, 2018 8,748,351 5.25 6.03 56,918
Schedule of assumptions used for calculating estimated fair value of options on respective grant dates using black-scholes option pricing model	Granted in 2016 Granted in 2017 Granted in 2018 Risk-free interest rates 1.18% ~ 1.76% 1.99% ~ 2.25% 2.75% ~ 2.92% Expected term 5.5 ~ 7 years 5.5 ~ 7 years 5 ~ 7 years Expected volatility 39.4% ~ 41.2% 34.3% ~ 37.0% 33.3% ~ 35.2% Expected dividend yield – – – Fair value of share options $4.54 ~ $5.31 $4.84 ~ $6.57 $2.52 ~ $3.52
Schedule of RSAs/RSUs activity	Number of Weighted Weighted Aggregate $ Years $ Unvested, January 1, 2016 50,000 10.85 9.62 544 Granted 880,000 12.69 Vested (616,670 ) 12.40 Unvested, December 31, 2016 and January 1, 2017 313,330 12.97 9.80 4,184 Granted 950,000 15.15 Vested (435,623 ) 14.96 Forfeited (7,500 ) 13.05 Unvested, December 31, 2017 and January 1, 2018 820,207 14.43 9.60 10,933 Granted 4,983,162 12.30 Vested (309,644 ) 13.93 Forfeited (738,753 ) 13.75 Unvested, December 31, 2018 4,754,972 12.34 9.17 53,826
Schedule of compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized	For the year ended December 31, 2016 2017 2018 $ $ $ Share options: Cost of revenue 730 1,213 1,292 Sales and marketing expenses 197 689 795 General and administrative expenses 19,507 18,512 39,654 Research and development expenses 764 1,407 1,142 21,198 21,821 42,883 Cash received for the exercise in the respective years 3,210 18,708 4,574 RSAs/ RSUs: Cost of revenue 136 446 2,018 Sales and marketing expenses – – 1,899 General and administrative expenses 7,507 6,369 7,670 Research and development expenses – – 3,545 7,643 6,815 15,132 For the year ended December 31, 2016 2017 2018 $ $ $ SARs: Cost of revenue – – 24 Sales and marketing expenses – – 52 General and administrative expenses – – 30 – – 106

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component	Unrealized Foreign Total $ $ $ Balance as of January 1, 2016 (2,349 ) 8,899 6,550 Current year other comprehensive income 16,136 450 16,586 Reclassification adjustments for net gain and translation adjustments realized in net income (13,787 ) (762 ) (14,549 ) Balance as of December 31, 2016 – 8,587 8,587 Current year other comprehensive income – 1,970 1,970 Reclassification adjustments for net gain and translation adjustments realized in net income – 144 144 Balance as of December 31, 2017 – 10,701 10,701 Current year other comprehensive income (loss) 18,269 (13,771 ) 4,498 Balance as of December 31, 2018 18,269 (3,070 ) 15,199

RESTRICTED NET ASSETS (Tables)

RESTRICTED NET ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Restricted Net Assets [Abstract]
Schedule of movement of statutory reserve	December 31, 2017 2018 $ $ At the beginning of the financial year 46 46 Transferred from retained earnings – – At the end of the financial year 46 46

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense	For the year ended December 31, 2016 2017 2018 $ $ $ Current income tax 2,376 6,903 7,949 Deferred tax (2,281 ) (8,753 ) (19,797 ) Withholding tax expense 8,451 12,595 15,936 8,546 10,745 4,088
Schedule of reconciliation of income tax at statutory corporate income tax rate	For the year ended December 31, 2016 2017 2018 $ $ $ Loss before income tax and share of results of equity investees (196,886 ) (548,509 ) (953,880 ) Tax expense computed at tax rate of 17% (33,471 ) (93,247 ) (162,160 ) Changes in valuation allowance 38,025 91,017 197,257 Non-deductible expenses 1,699 2,211 1,797 Preferential tax rate (439 ) (3,072 ) (6,139 ) Withholding tax expense 8,451 12,595 15,936 Foreign earnings at different tax rates (4,284 ) 4,104 (38,099 ) Others (1,435 ) (2,863 ) (4,504 ) 8,546 10,745 4,088
Schedule of significant components of deferred taxes	December 31, 2017 2018 $ $ Deferred tax assets: Property and equipment 569 1,291 Advances from customers 455 283 Deferred revenue 58,652 72,970 Unutilized tax losses and unused capital allowances 149,859 346,369 Others 4,869 6,681 Valuation allowance (157,463 ) (354,462 ) Total deferred tax assets 56,941 73,132 Property and equipment (1,293 ) (954 ) Intangible assets (3,804 ) (1,998 ) Deferred channel costs (6,584 ) (7,300 ) Others (1,534 ) (257 ) Total deferred tax liabilities (13,215 ) (10,509 ) Net deferred tax assets 43,726 62,623

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	For the year ended December 31, 2016 2017 2018 $ $ $ Numerator: Net loss attributable to ordinary shareholders (222,867 ) (560,485 ) (961,241 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 171,127,788 205,727,195 338,472,987 Basic and diluted loss per share: (1.30 ) (2.72 ) (2.84 )

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	(a) Related parties (1) Name of related parties Relationship with the Company i) Tencent Limited (“Tencent”) A shareholder of the Company ii) Riot Games, Inc An affiliate company of Tencent iii) Tencent Technology (Shenzhen) Company Limited An affiliate company of Tencent iv) Shenzhen Tencent Computer System Company Limited An affiliate company of Tencent v) Tencent Cloud Computing (Beijing) Company Limited An affiliate company of Tencent vi) Proxima Beta Pte Ltd An affiliate company of Tencent vii) Aceville Pte. Ltd An affiliate company of Tencent viii) Tencent Mobility Limited An affiliate company of Tencent ix) Riot Games Services Pte. Ltd An affiliate company of Tencent x) Grinding Gear Games Ltd An affiliate company of Tencent xi) Vietnam Payment Solutions JSC (“VN Pay”) (3) An associated company xii) Shanghai Zhuopai Information Technology Co., Ltd. (“Zhuopai”) (2) An associated company xiii) Redmart Limited (“Redmart”) (2) An associated company xiv) Shanghai Wuju Information Technology Co., Ltd. (“Wuju”) An associated company xv) Nox Limited (formerly known as Beijing Duodian Online Technology Co., Ltd.) (“Duodian”) An associated company xvi) Shanghai Caili Internet Co., Ltd. (“Caili”) An associated company xvii) Directors and the key management Key Management (1) These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2016, 2017 and 2018. (2) These companies ceased to be related parties to the Company as of December 31, 2016. (3) VN Pay ceased to be a related party of the Company as of August 31, 2017. Tencent and its affiliate companies are collectively known as “Tencent group of companies”. (b) The Company had the following related party transactions for the years ended December 31, 2016, 2017 and 2018: 2016 2017 2018 $ $ $ Royalty fee and license fee to: - Tencent group of companies 36,469 70,470 96,713 Royalty fee and license fee from: - Tencent group of companies 2,000 262 3,629 Rack rental income from: - Tencent group of companies 1,338 1,007 677 Services provided by: - VN Pay 181 149 – - Tencent group of companies 43 1,012 13,066 - Caili – – 16 Purchase of merchandise goods from: - VN Pay 5,736 2,898 – Sales of goods to: - VN Pay 390 679 – Investment in convertible loans in: - Redmart 3,778 – – Loans provided to: - Redmart 4,458 – – - VN Pay 1,794 – – - Zhuopai 1,000 – – - Duodian 755 – – - Wuju 520 422 – Repayment of loans from: - Duodian 755 – – - Wuju – 953 – - VN Pay – 1,784 – Interest income received from: - Redmart 109 – – Issuance of convertible notes to: - Tencent – 100,000 50,000 Interest expense to: - Tencent – 4,153 2,092 2016 2017 2018 $ $ $ Promissory notes extended to: - Key management 4,044 9,768 – Repayment of promissory notes from: - Key management 581 16,178 – Interest income received from: - Key management – 774 – (c) The Company had the following related party balances for the years ended December 31, 2017 and 2018: December 31, 2017 2018 $ $ Amounts due from related parties: Current: - Tencent group of companies 2,235 5,224 Convertible notes (principal amount) due to: Non-current: - Tencent 100,000 150,000 Amounts due to related parties: Current: - Tencent group of companies 36,790 46,025

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of information about segments	For the Year ended December 31, 2018 Digital E-Commerce Digital Financial Other Services Unallocated expenses (1) Consolidated $ $ $ $ $ $ Revenue 462,464 269,578 11,458 83,468 – 826,968 Operating income (loss) 69,449 (893,489 ) (34,056 ) (62,548 ) (68,124 ) (988,768 ) Non-operating income, net 34,888 Income tax expense (4,088 ) Share of results of equity investees (3,066 ) Net loss (961,034 ) For the Year ended December 31, 2017 Digital E-Commerce Digital Financial Other Services Unallocated expenses (1) Consolidated $ $ $ $ $ $ Revenue 365,167 9,034 16,270 23,719 – 414,190 Operating income (loss) 45,637 (452,233 ) (38,038 ) (21,199 ) (36,523 ) (502,356 ) Non-operating loss, net (46,153 ) Income tax expense (10,745 ) Share of results of equity investees (1,912 ) Net loss (561,166 ) For the Year ended December 31, 2016 Digital Entertainment E-Commerce Digital Financial Services Other Services Unallocated expenses (1) Consolidated $ $ $ $ $ $ Revenue 327,985 – 5,892 11,793 – 345,670 Operating income (loss) 45,525 (172,409 ) (34,407 ) (12,320 ) (31,778 ) (205,389 ) Non-operating income, net 8,503 Income tax expense (8,546 ) Share of results of equity investees (19,523 ) Net loss (224,955 ) Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance.
Schedule of revenue from external customers is classified based on the geographical locations	For the Year Ended December 31, 2016 2017 2018 $ $ $ Revenue Indonesia 23,023 24,120 99,043 Taiwan 109,652 122,647 218,249 Thailand 119,969 133,782 194,612 Vietnam 61,354 98,009 193,169 Rest of the world 31,672 35,632 121,895 Consolidated revenue 345,670 414,190 826,968
Schedule of long-lived assets	As at December 31, 2017 2018 $ $ Long-lived assets Indonesia 9,906 23,899 Singapore 46,009 88,663 Taiwan 9,530 18,504 Thailand 12,668 17,586 Vietnam 26,874 38,887 Rest of the world 6,694 17,705 111,681 205,244

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of Level 3 instruments measured at fair value on recurring basis	Level 3 $ Assets: Available-for-sale debt securities Balance at January 1, 2016 18,804 Investment during 2016 3,796 Cost adjustment included in share of results of equity investees (16,006 ) Unrealized fair value gain included in other comprehensive loss 16,136 Impairment loss included in investment gain, net (4,226 ) Disposal during 2016 (16,866 ) Exchange differences 750 Balance at December 31, 2016 2,388 Investment during 2017 18,000 Impairment loss (1,147 ) Exchange differences 8 Balance at December 31, 2017 19,249 Investment during 2018 33,000 Impairment loss (144 ) Unrealized fair value gain included in other comprehensive loss 18,269 Balance at December 31, 2018 70,374 Liabilities: Convertible notes Convertible notes issued during the year (675,000 ) Fair value loss (51,950 ) Balance at December 31,2017 (726,950 ) Fair value gain 41,259 Conversion into Class A ordinary shares (Note 12(a)) 48,975 Balance at December 31,2018 (636,716 )
Fair Value, Measurements, Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair value measurement at December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Unobservable inputs (Level 3) Total $ $ $ $ Cash equivalents 3,133 – – 3,133 Available-for-sale investments – non-current – – 1,249 1,249 Available-for-sale investments – current – – 18,000 18,000 2017 Convertible Notes – – (726,950 ) (726,950 ) 3,133 – (707,701 ) (704,568 ) Fair value measurement at December 31, 2018 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Unobservable inputs (Level 3) Total $ $ $ $ Cash equivalents 10,137 – – 10,137 Money market funds 304,335 – – 304,335 Short-term investments 690 – – 690 Available-for-sale investments – non-current – – 70,374 70,374 2017 Convertible Notes – – (636,716 ) (636,716 ) Share appreciation rights (106 ) – – (106 ) 315,056 – (566,342 ) (251,286 )

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments payable under operating leases	2017 2018 $ $ No later than 1 year 30,384 62,921 Later than 1 year but no later than 5 years 86,726 224,394 More than 5 years 11,155 41,234 128,265 328,549

PARENT COMPANY ONLY CONDENSED_2

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Balance Sheets	Condensed balance sheets As of December 31, 2017 $ 2018 $ ASSETS Current assets Cash and cash equivalents 1,045,496 519,107 Prepaid expenses and other assets 25,293 24,329 Amounts due from subsidiaries 1,005,190 2,052,292 Total current assets 2,075,979 2,595,728 Non-current assets Prepaid expenses and other assets 2,000 – Total non-current assets 2,000 – Total assets 2,077,979 2,595,728 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other payables 33,394 8,467 Amounts due to subsidiaries 41,171 41,638 Amounts due to related parties 4,153 – Total current liabilities 78,718 50,105 Non-current liabilities Loss in excess of investments 803,286 1,726,966 Convertible notes 726,950 1,061,796 Total non-current liabilities 1,530,236 2,788,762 Total liabilities 1,608,954 2,838,867 As of December 31, 2017 $ 2018 Shareholders’ equity Class A Ordinary shares (Par value of US$0.0005 per share; Authorized: 14,800,000,000 and 14,800,000,000 shares as of December 31, 2017 and 2018, respectively; Issued and outstanding: 182,009,760 and 190,423,065 shares as of December 31, 2017 and 2018, respectively) 91 94 Class B Ordinary shares (Par value of US$0.0005 per share; Authorized: 200,000,000 and 200,000,000 shares as of December 31, 2017 and 2018, respectively; Issued and outstanding: 152,956,453 and 152,175,703 shares as of December 31, 2017 and 2018, respectively) 76 76 Additional paid-in capital 1,564,656 1,809,232 Accumulated other comprehensive loss 10,701 15,199 Statutory reserves 46 46 Accumulated deficit (1,106,545 ) (2,067,786 ) Total shareholders’ equity (deficit) 469,025 (243,139 ) Total liabilities and shareholders’ equity (deficit) 2,077,979 2,595,728
Schedule of Condensed Statement of Operations	Condensed statements of operations Year ended December 31, 2016 $ 2017 $ 2018 $ Operating expenses: General and administrative expenses (29,890 ) (41,369 ) (62,671 ) Operating loss (29,890 ) (41,369 ) (62,671 ) Interest income 836 1,538 7,447 Other income – 983 1,797 Interest expense – (26,460 ) (31,142 ) Foreign exchange (loss) gain (553 ) 1,072 (45 ) Investment gain 13,987 3,374 4,335 Fair value (loss) gain on convertible notes – (51,950 ) 41,259 Loss before income tax and share of results of equity investees (15,620 ) (112,812 ) (39,020 ) Income tax expense – – – Share of results of equity investees (207,247 ) (447,673 ) (922,221 ) Net loss (222,867 ) (560,485 ) (961,241 )
Schedule of Condensed Statements of Comprehensive Income	Condensed statements of comprehensive loss Year ended December 31, 2016 $ 2017 $ 2018 $ Net loss (222,867 ) (560,485 ) (961,241 ) Other comprehensive income (loss) , net of tax: Foreign currency translation adjustments: Translation gain (loss) 450 1,970 (13,771 ) Reclassification adjustment for net translation adjustments realized in net income (762 ) 144 - Net change (312 ) 2,114 (13,771 ) Available-for-sale securities: Change in unrealized gain 16,136 – 18,269 Reclassification adjustment for net loss realized in net income (13,787 ) – – Net change 2,349 – 18,269 Total comprehensive loss, net of tax (220,830 ) (558,371 ) (956,743 )
Schedule of Condensed Statements of Cash Flows	Condensed statements of cash flows Year ended December 31, 2016 $ 2017 $ 2018 $ Net cash (used in) generated from operating activities (876 ) 6,845 (34,930 ) Net cash used in investing activities (150,564 ) (664,483 ) (1,060,969 ) Net cash generated from financing activities 197,786 1,635,224 569,510 Net increase (decrease) in cash 46,346 977,586 (526,389 ) Cash at beginning of the year 21,564 67,910 1,045,496 Cash at end of the year 67,910 1,045,496 519,107
Schedule of Convertible notes	December 31, 2017 2018 $ $ 2017 Convertible Notes 726,950 636,716 2018 Convertible Notes – 425,080 726,950 1,061,796

ORGANIZATION - Summary of Signi

ORGANIZATION - Summary of Significant Subsidiaries of Company and its Consolidated Variable Interest Entities (Detail)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Garena Limited ("Garena Cayman")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Mar. 4, 2015
Entity Incorporation, State Country Name		Cayman Islands
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Investment holding company
Garena Limited ("Garena Cayman") | Garena Online (Thailand) Co., Ltd. ("Garena Online (Thailand)")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[1]	Aug. 18, 2011
Entity Incorporation, State Country Name	[1]	Thailand
Percentage of direct ownership by the company	[1]	100.00%	100.00%
Principal activities	[1]	Game operations
Garena Limited ("Garena Cayman") | Garena Technology Private Limited, Taiwan branch (Garena Technology Taiwan)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Jul. 31, 2017
Entity Incorporation, State Country Name		Taiwan
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Game operations
Garena Limited ("Garena Cayman") | Garena (Taiwan) Co., Ltd ("Garena Taiwan")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[2]	Mar. 8, 2010
Percentage of direct ownership by the company	[2]	0.00%	0.00%
Entity Incorporation, State Country Name	[2]	Taiwan
Principal activities	[2]	Game operations
Garena Limited ("Garena Cayman") | Vietnam Esports and Entertainment Joint Stock Company ("VEE")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[2],[3]	May 10, 2011
Percentage of direct ownership by the company	[2],[3]	30.00%	30.00%
Entity Incorporation, State Country Name	[2],[3]	Vietnam
Principal activities	[2],[3]	Game operations
Shopee Southeast Asia Limited ("Shopee Cayman")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Jan. 16, 2015
Entity Incorporation, State Country Name		Cayman Islands
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Investment holding company
Shopee Southeast Asia Limited ("Shopee Cayman") | Shopee (Thailand) Co., Ltd. ("Shopee (Thailand")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[1]	Feb. 2, 2015
Entity Incorporation, State Country Name	[1]	Thailand
Percentage of direct ownership by the company	[1]	100.00%	100.00%
Principal activities	[1]	Online platform
Shopee Southeast Asia Limited ("Shopee Cayman") | PT Shopee International Indonesia ("PT Shopee")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Aug. 5, 2015
Entity Incorporation, State Country Name		Indonesia
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Online platform
Shopee Southeast Asia Limited ("Shopee Cayman") | Shopee Singapore Private Limited ("Shopee Singapore")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Feb. 5, 2015
Entity Incorporation, State Country Name		Singapore
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Online platform
Shopee Southeast Asia Limited ("Shopee Cayman") | Shopee Company Limited ("Shopee Company")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[4]	Feb. 10, 2015
Entity Incorporation, State Country Name	[4]	Vietnam
Percentage of direct ownership by the company	[4]	100.00%	100.00%
Principal activities	[4]	Online platform
Shopee Southeast Asia Limited ("Shopee Cayman") | Shopee (Taiwan) Co., Ltd ("Shopee Taiwan")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[5]	Mar. 4, 2015
Percentage of direct ownership by the company	[5]	0.00%	0.00%
Entity Incorporation, State Country Name	[5]	Taiwan
Principal activities	[5]	Online platform
Airpay Limited ("Airpay Cayman")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Mar. 27, 2015
Entity Incorporation, State Country Name		Cayman Islands
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Investment holding company
Airpay Limited ("Airpay Cayman") | Airpay (Thailand) Co., Ltd. ("Airpay (Thailand)")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[1]	Jun. 16, 2014
Entity Incorporation, State Country Name	[1]	Thailand
Percentage of direct ownership by the company	[1]	100.00%	100.00%
Principal activities	[1]	Electronic payment services
Airpay Limited ("Airpay Cayman") | Vietnam Esports Development Joint Stock Company ("VED")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation	[3],[6]	Jun. 9, 2009
Entity Incorporation, State Country Name	[3],[6]	Vietnam
Percentage of direct ownership by the company	[3],[6]	30.00%	30.00%
Principal activities	[3],[6]	Electronic payment services
Garena Online Private Limited ("Garena Online")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		May 8, 2009
Entity Incorporation, State Country Name		Singapore
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Game operations and software development
Garena Ventures Private Limited ("Garena Ventures")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Feb. 23, 2015
Entity Incorporation, State Country Name		Singapore
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Investment holding company
PT. Garena Indonesia ("PT. Garena")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, Date of Incorporation		Dec. 6, 2012
Entity Incorporation, State Country Name		Indonesia
Percentage of direct ownership by the company		100.00%	100.00%
Principal activities		Game operations
[1]	Effective ownership in the case of Thailand entities
[2]	Collectively, the "Digital Entertainment VIEs"
[3]	In 2017, the VIE Shareholders of VEE and VED transferred 30% equity interest in each of these companies to Garena Cayman and Airpay Cayman, respectively
[4]	In 2017, the VIE Shareholder of Shopee Company transferred its 100% equity interest in Shopee Company to Shopee Cayman
[5]	The "E-Commerce VIE"
[6]	The "Digital Financial Service VIE"

ORGANIZATION - Summary of Finan

ORGANIZATION - Summary of Financial Information of VIEs Before Eliminating Intercompany Balances and Transactions Between VIEs and Other Entities within Group (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents		$ 1,002,841	$ 1,347,361
Restricted cash		254,100	95,300
Accounts receivable, net		97,782	61,846
Prepaid expenses and other assets		312,387	186,181
Inventories, net		37,689	9,790
Short-term investments		690	18,000
Amount due from related parties		5,224	2,235
Total current assets		1,710,713	1,720,713
Non-current assets:
Property and equipment, net		192,357	74,348
Intangible assets, net		12,887	37,333	$ 29,963
Long-term investments		111,022	28,216
Prepaid expenses and other assets		69,065	46,297
Restricted cash		2,371	2,317
Deferred tax assets		63,302	48,104
Total non-current assets		481,956	267,567
TOTAL ASSETS		2,192,669	1,988,280
Current liabilities:
Accounts payable		37,163	8,644
Accrued expenses and other payables		636,880	285,248
Advances from customers		29,355	27,155
Amount due to related parties		46,025	36,790
Short-term bank borrowings		856	2,013
Deferred revenue		426,675	268,241
Income taxes payable		9,539	9,614
Total current liabilities		1,186,493	637,705
Non-current liabilities:
Accrued expenses and other payables		7,894	7,547
Long-term bank borrowings		1,026
Deferred revenue		171,262	133,481
Unrecognized tax benefits		2,974	3,088
Total non-current liabilities		1,245,631	875,444
Total liabilities		2,432,124	1,513,149
Revenue
Revenue		826,968	414,190	345,670
Net loss		(961,034)	(561,166)	(224,955)
Net cash (used in) generated from operating activities		(495,819)	(259,228)	(101,821)
Net cash used in investing activities		(223,929)	(118,614)	(29,931)
Net cash generated from financing activities		546,628	1,623,843	199,622
VIEs
Current assets:
Cash and cash equivalents		144,155	92,678
Restricted cash		111,433	28,426
Accounts receivable, net		5,635	16,353
Prepaid expenses and other assets		74,954	58,648
Inventories, net		8,635	7,570
Short-term investments		690	0
Amount due from related parties		0	4
Amounts due from inter-companies	[1]	40,209	15,431
Total current assets		385,711	219,110
Non-current assets:
Property and equipment, net		29,404	24,715
Intangible assets, net		438	954
Long-term investments		12,131	4,974
Prepaid expenses and other assets		17,869	12,535
Restricted cash		100	0
Deferred tax assets		33,602	30,153
Total non-current assets		93,544	73,331
TOTAL ASSETS	[2]	479,255	292,441
Current liabilities:
Accounts payable		5,095	5,484
Accrued expenses and other payables		236,883	89,489
Advances from customers		4,832	6,091
Amount due to related parties		1,297	1,235
Short-term bank borrowings		856	2,013
Deferred revenue		119,219	137,512
Income taxes payable		1,785	1,673
Amounts due to inter-companies	[1]	83,927	55,509
Total current liabilities		453,894	299,006
Non-current liabilities:
Accrued expenses and other payables		1,630	4,190
Long-term bank borrowings		1,026	0
Deferred revenue		72,439	61,571
Amounts due to inter-companies	[1]	258,183	180,350
Unrecognized tax benefits		2,522	2,636
Total non-current liabilities		335,800	248,747
Total liabilities		789,694	547,753
Revenue
Net loss		(67,816)	(91,124)	(56,304)
Net cash (used in) generated from operating activities		67,275	(42,446)	(36,804)
Net cash used in investing activities		(27,434)	(22,509)	(1,343)
Net cash generated from financing activities		97,398	149,435	55,478
VIEs | Third party customers
Revenue
Revenue		342,800	201,413	157,519
VIEs | Inter-companies
Revenue
Revenue		$ 52,325	$ 27,038	$ 16,651
[1]	Amounts due from or to inter-companies consist of inter-company receivables or payables to the other companies within the group arising from inter-company transactions, and funds advanced for working capital purpose.
[2]	These assets can be used only to settle the obligations of the respective VIEs.

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total fee billed		$ 74,875	$ 62,477	$ 35,001
Aggregate carrying amounts of total assets		2,192,669	1,988,280
Aggregate carrying amounts of total liabilities		2,432,124	1,513,149
VIEs
Organization Consolidation and Presentation of Financial Statements [Line Items]
Aggregate carrying amounts of total assets	[1]	479,255	292,441
Aggregate carrying amounts of total liabilities		$ 789,694	$ 547,753
Shopee (Taiwan) Co., Ltd ("Shopee Taiwan")
Organization Consolidation and Presentation of Financial Statements [Line Items]
Percentage of direct or indirect shares or capital held		100.00%
Vietnam | Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Percentage of direct or indirect shares or capital held		49.00%
Taiwan | Minimum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Percentage of direct or indirect shares or capital held		30.00%
[1]	These assets can be used only to settle the obligations of the respective VIEs.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Computers
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Furniture and fittings
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives description	Over the shorter of lease term or the estimated useful lives of the assets
Motor vehicles | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	10 years
Motor vehicles | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	6 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Estimated Economic Lives of Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Licensing fee
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives description	Over the shorter of licensing period or the estimated useful lives of the intangible assets
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	10 years
IP right | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	1 year
IP right | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	6 years
Software | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	3 years
Software | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	6 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	3 years
Software platforms
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated economic lives	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Segment
Accounting Policies [Abstract]
Number of operating segments	3
Number of reportable segments	3
Deferred revenue recognized | $	$ 246,278

CONCENTRATION OF RISKS - Additi

CONCENTRATION OF RISKS - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Single remittance amount that may need approval of the Central Bank of the Republic of China (Taiwan)	$ 1
Aggregate remittance amount that may need approval of the Central Bank of the Republic of China (Taiwan)	$ 50
Supplier concentration risk | Sales revenue services net | Digital Entertainment
Concentration Risk [Line Items]
Revenue composition percentage	78.00%	76.60%	75.60%

ACQUISITIONS - Summary of Estim

ACQUISITIONS - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Jul. 31, 2017	Dec. 31, 2017	Dec. 31, 2018
Business Acquisition [Line Items]
Net assets acquired			$ 11,043
Purchase consideration		$ 19,875
Remeasurement of previously held interests	[1]		13,333
Fair value of non-controlling interests			8,787
Fulfilled by Purchase consideration, Remeasurement of previously held interests, Fair value of non-controlling interests			41,995
Goodwill			$ 30,952	$ 30,952
[1]	The Company previously held 33.33% equity interest in one of the companies acquired. A gain of $10,881 as a result of the remeasurement of previously held interests is recognized as an investment gain in the consolidated statements of operations for the year ended December 31, 2017.

ACQUISITIONS - Summary of Est_2

ACQUISITIONS - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Business Combinations [Abstract]
Equity interest percentage	33.33%
Gain on remeasurement of previously held interest	$ 10,881

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2017	Dec. 31, 2017
Business Combinations [Abstract]
Aggregate consideration	$ 19,875
Amount of revenue included in consolidated statement of comprehensive loss		$ 2,620
Amount of net loss included in consolidated statement of comprehensive loss		$ 5,528

ACCOUNTS RECEIVABLE, NET - Summ

ACCOUNTS RECEIVABLE, NET - Summary of Accounts Receivable and Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts Receivable, Net [Abstract]
Accounts receivable	$ 100,182	$ 63,676
Allowance for doubtful accounts	(2,400)	(1,830)	$ (195)	$ (186)
Accounts receivables, net	$ 97,782	$ 61,846

ACCOUNTS RECEIVABLE, NET - Su_2

ACCOUNTS RECEIVABLE, NET - Summary of Allowances for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at the beginning of the year	$ 1,830	$ 195	$ 186
Charged to expenses	2,205	1,867	172
Reversal	(47)	(245)	(58)
Write-off of accounts receivable	(1,588)	(26)	(103)
Exchange differences	0	39	(2)
Balance at the end of the year	$ 2,400	$ 1,830	$ 195

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS - Summary of Prepaid Expenses and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current:
Deferred channel costs	$ 71,707	$ 39,107
Employee loans and advances	2,394	4,295
Other receivables	171,459	92,527
Prepaid cost of revenue, sales and marketing expense and others	23,669	22,565
Security deposits	2,144	1,755
Tax receivable	41,014	24,409
Others	0	1,523
Total Current	312,387	186,181
Non-current:
Deferred channel costs	29,956	22,665
Other receivables	7,852	2,000
Prepaid licensing fee	56	4,603
Prepayment for purchase of property and equipment	11,857	5,753
Security deposits	19,344	10,892
Others	0	384
Total Non-current	$ 69,065	$ 46,297

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 292,741	$ 143,403
Less: accumulated depreciation	(100,384)	(69,055)
Property, plant and equipment, net	192,357	74,348
Computers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	208,435	97,637
Office equipment, furniture and fittings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,451	9,077
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,781	32,251
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,074	2,211
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 2,227

PROPERTY AND EQUIPMENT, NET -_2

PROPERTY AND EQUIPMENT, NET - Summary of Depreciation Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 54,902	$ 23,353	$ 17,956
Cost of revenue
Property, Plant and Equipment [Line Items]
Depreciation expense	31,203	12,407	11,347
Sales and marketing expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	3,712	1,198	740
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	19,009	9,248	5,598
Research and development expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 978	$ 500	$ 271

PROPERTY AND EQUIPMENT, NET - A

PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 54,902	$ 23,353	$ 17,956

INTANGIBLE ASSETS, NET - Summar

INTANGIBLE ASSETS, NET - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning balance	$ 37,333	$ 29,963
Additions	5,245	12,899
Acquisition of a subsidiary (Note 4)		11,356
Amortization expense	(23,826)	(17,569)	$ (21,598)
Impairment	(5,166)	(922)	(5,568)
Disposal	(245)	(5)
Exchange differences	(454)	1,611
Intangible assets, ending balance	12,887	37,333	29,963
Licensing fee
Finite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning balance	16,312	17,883
Additions	3,221	11,110
Acquisition of a subsidiary (Note 4)		0
Amortization expense	(17,573)	(12,452)
Impairment	(112)	(922)
Disposal	0	0
Exchange differences	(280)	693
Intangible assets, ending balance	1,568	16,312	17,883
IP right
Finite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning balance	9,248	11,587
Additions	406	779
Acquisition of a subsidiary (Note 4)		0
Amortization expense	(4,348)	(3,976)
Impairment	(5,054)	0
Disposal	0	0
Exchange differences	(128)	858
Intangible assets, ending balance	124	9,248	11,587
Trademarks
Finite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning balance	10,145	0
Additions	0	0
Acquisition of a subsidiary (Note 4)		10,679
Amortization expense	(1,068)	(534)
Impairment	0	0
Disposal	0	0
Exchange differences	0	0
Intangible assets, ending balance	9,077	10,145	0
Others
Finite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning balance	1,628	493
Additions	1,618	1,010
Acquisition of a subsidiary (Note 4)		677
Amortization expense	(837)	(607)
Impairment	0	0
Disposal	(245)	(5)
Exchange differences	(46)	60
Intangible assets, ending balance	$ 2,118	$ 1,628	$ 493

INTANGIBLE ASSETS, NET - Summ_2

INTANGIBLE ASSETS, NET - Summary of Estimated Aggregate Amortization Expenses (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
2,019	$ 3,134
2,020	2,114
2,021	1,431
2,022	1,332
2,023	1,139
Thereafter	3,737
Total	12,887
Licensing fee
Finite-Lived Intangible Assets [Line Items]
2,019	1,131
2,020	437
2,021	0
2,022	0
2,023	0
Thereafter	0
Total	1,568
IP right
Finite-Lived Intangible Assets [Line Items]
2,019	124
2,020	0
2,021	0
2,022	0
2,023	0
Thereafter	0
Total	124
Trademarks
Finite-Lived Intangible Assets [Line Items]
2,019	1,068
2,020	1,068
2,021	1,068
2,022	1,068
2,023	1,068
Thereafter	3,737
Total	9,077
Others
Finite-Lived Intangible Assets [Line Items]
2,019	811
2,020	609
2,021	363
2,022	264
2,023	71
Thereafter	0
Total	$ 2,118

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Impairment	$ (5,166)	$ (922)	$ (5,568)
IP right
Finite-Lived Intangible Assets [Line Items]
Impairment	$ (5,054)	$ 0

INVESTMENTS - Summary of Moveme

INVESTMENTS - Summary of Movement of Equity Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Beginning balance	$ 8,740	$ 25,833	$ 26,052
Additions	24,872	4,101	2,999
Share of results	(3,066)	(1,912)	(1,246)
Share of other comprehensive income (loss)	(1,097)	303	(450)
Less: disposals and transfers		(17,198)	(1,522)
Less: transfer upon acquisition of controlling interest in an associated company (Note 4)		(2,387)
Distribution from investment	(578)
Impairment	(2,562)
Ending balance	$ 26,309	$ 8,740	$ 25,833

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Carrying amount of short-term available-for-sale method investments			$ 18,000
Carrying amount of short-time deposit		690
Impairment loss		3,416	1,147	$ 5,226
Percentage of equity interests disposed	45.18%
Investment gain in the consolidated statements of operations	$ 23,857
Available-for-sale debt securities
Investment Holdings [Line Items]
Carrying amount of long-term available-for-sale method investments		70,374	1,249
Impairment loss		144	1,147	4,226
Equity securities
Investment Holdings [Line Items]
Carrying amount equity security investments		14,339	18,227
Impairment loss		710		1,000
Voting ordinary shares
Investment Holdings [Line Items]
Number of Company's shares exchanged with equity investees	1,173,520
Nn-voting ordinary shares
Investment Holdings [Line Items]
Number of Company's shares exchanged with equity investees	1,604,260
Unrealized fair value gain (loss) on available-for-sale debt security
Investment Holdings [Line Items]
Net unrealized fair value gain related to available-for-sale debt security		$ 18,269		$ 16,136

ACCRUED EXPENSES AND OTHER PA_3

ACCRUED EXPENSES AND OTHER PAYABLES - Summary of Components of Accrued Expenses and Other Payables (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current:
Accrued cost of revenue and sales and marketing expenses	$ 122,679	$ 49,179
Accrued interest for convertible notes	0	21,607
Accrued office-related operating expenses	15,134	9,652
Business and other taxes payables	8,687	5,277
Other payables	410,310	163,483
Payroll and welfare payable	36,592	22,131
Payable for property and equipment	28,246	6,239
Others	15,232	7,680
Total Current	636,880	285,248
Non-current:
Other payables	0	2,050
Others	7,894	5,497
Total Non-current	$ 7,894	$ 7,547

BANK BORROWINGS (Detail)

BANK BORROWINGS (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Short-term bank borrowings	$ 856	$ 2,013
Non-current	1,026
Total	$ 1,882	$ 2,013

BANK BORROWINGS - Interest rate

BANK BORROWINGS - Interest rate and repayment term (Detail 1) - Borrowings	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Minimum
Debt Instruments [Abstract]
Interest rate (%) per annum, spread	9.00%
Repayment date	2020-10
Maximum
Debt Instruments [Abstract]
Interest rate (%) per annum, spread	12.29%
Repayment date	2021-08
TAIBOR
Debt Instruments [Abstract]
Interest rate (%) per annum, description		TAIBOR+1.05
Interest rate (%) per annum, spread		1.05%
Repayment date		2018-02

CONVERTIBLE NOTES (Detail)

CONVERTIBLE NOTES (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Conversion [Line Items]
Convertible notes	$ 1,061,796	$ 726,950
2017 Convertible Notes
Debt Conversion [Line Items]
Convertible notes	636,716	726,950
2018 Convertible Notes
Debt Conversion [Line Items]
Convertible notes	$ 425,080	$ 0

CONVERTIBLE NOTES - Additional

CONVERTIBLE NOTES - Additional Information (Detail) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 01, 2019USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)Multiplier$ / shares
Debt Conversion [Line Items]
Gain (loss) related to change in fair value of convertible promissory notes | $		$ (41,259)	$ 51,950
2017 Convertible Notes
Debt Conversion [Line Items]
2017 Convertible Notes, aggregate principal amount | $		$ 675,000	$ 675,000
2017 Convertible Notes, interest rate		5.00%	5.00%
Minimum conversion percentage on outstanding principal amount		50.00%	50.00%
Conversion price | $ / shares			$ 14.807
Conversion price, description		according to an agreed-upon formula which stipulates a discount to the IPO price based on a discount rate and the time period between the issuance dates of the relevant 2017 Convertible Notes and the IPO pricing date, subject to certain anti-dilution adjustments
Number of days after default in which outstanding obligation would be immediately due and payable		3 days	3 days
Number of ordinary shares converted from debt | shares		3,592,415
Extention term of debt instrument if no IPO closing date occurred on or before respective third anniversary date			2 years
Prepaid outstanding unconverted and unpaid principal amount multiplier, if no IPO occurs | Multiplier			1.31
Effective stipulated conversion price of convertible debt | $ / shares		$ 14.807
Contingent interest		20.00%	20.00%
2017 Convertible Notes | Subsequent Event
Debt Conversion [Line Items]
Amount of outstanding principal converted | $	$ 417,500
2017 Convertible Notes | Minimum
Debt Conversion [Line Items]
Conversion price | $ / shares		$ 13.13
2017 Convertible Notes | Maximum
Debt Conversion [Line Items]
Conversion price | $ / shares		$ 14.26
2017 Convertible Notes | Class A ordinary shares
Debt Conversion [Line Items]
Amount of outstanding principal converted | $		$ 50,000
Number of ordinary shares converted from debt | shares		3,592,415

CONVERTIBLE NOTES - Additiona_2

CONVERTIBLE NOTES - Additional Information (Detail 1) $ in Thousands	Jun. 18, 2018USD ($)ADSs$ / ADS	Dec. 31, 2018USD ($)
Debt Conversion [Line Items]
Aamortization of debt discount		$ 14,154
Residual value of convertible notes allocated to equity component		152,714
2018 Convertible Notes
Debt Conversion [Line Items]
Aggregate principal amount	$ 575,000
Convertible promissory notes, interest rate	2.25%
Maturity date	Jul. 1, 2023
Recognized total interest expense for coupon interest		6,936
Aamortization of debt discount		$ 14,154
Terms of conversion	(i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2018 Convertible Notes prior to the close of business day immediately preceding January 1, 2023; or (ii) anytime on or after January 1, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date (the "Conversion Option").
Convertible notes fair value	$ 410,926
Residual value of convertible notes allocated to equity component	152,714
Debt issuance costs	$ 11,360
Effective interest rate	9.38%
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate (ADSs per $1 principal amount) | ADSs	50.5165
Initial conversion rate per ADS | $ / ADS	19.80

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summary of Employee Share Option Activity (Detail) - Share option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of options
Outstanding	11,653,513	17,946,980	20,681,080
Granted	26,500,000	1,915,000	245,000
Exercised	(2,117,647)	(7,288,275)	(2,750,350)
Forfeited	(328,984)	(920,192)	(228,750)
Outstanding	35,706,882	11,653,513	17,946,980
Vested and expected to vest	35,706,882	11,653,513	17,946,980
Exercisable	8,748,351	7,136,252	9,280,320
Weighted average exercise price
Outstanding	$ 5.11	$ 3.05	$ 2.87
Granted	15	14.19	10.80
Exercised	2.16	2.57	2.08
Forfeited	14.03	4.01	6.93
Outstanding	12.54	5.11	3.05
Vested and expected to vest	12.54	5.11	3.05
Exercisable	$ 5.25	$ 3.02	$ 2.62
Weighted average remaining contractual term, Outstanding	8 years 4 months 17 days	6 years 10 months 24 days
Weighted average remaining contractual term, Exercisable	6 years 11 days	6 years 3 months 11 days
Aggregate intrinsic value, Outstanding	$ 58,007	$ 97,415
Aggregate intrinsic value, Exercisable	$ 56,918	$ 73,599

SHARE BASED COMPENSATION - Su_2

SHARE BASED COMPENSATION - Summary of Assumptions used for Calculating Estimated Fair Value of Options on Respective Grant Dates using Black-Scholes Option Pricing Model (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share options	$ 3.02	$ 5.26	$ 5.25
Share option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates, minimum	2.75%	1.99%	1.18%
Risk-free interest rates, maximum	2.92%	2.25%	1.76%
Expected volatility, minimum	33.30%	34.30%	39.40%
Expected volatility, maximum	35.20%	37.00%	41.20%
Expected dividend yield	0.00%	0.00%	0.00%
Share option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years	5 years 6 months	5 years 6 months
Fair value of share options	$ 2.52	$ 4.84	$ 4.54
Share option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years	7 years	7 years
Fair value of share options	$ 3.52	$ 6.57	$ 5.31

SHARE BASED COMPENSATION - Su_3

SHARE BASED COMPENSATION - Summary of RSAs/RSUs Activity (Detail) - RSAs and RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of RSAs/RSUs
Outstanding	820,207	313,330	50,000
Granted	4,983,162	950,000	880,000
Vested	(309,644)	(435,623)	(616,670)
Forfeited	(738,753)	(7,500)
Outstanding	4,754,972	820,207	313,330	50,000
Weighted average grant date fair value
Outstanding	$ 14.43	$ 12.97	$ 10.85
Granted	12.30	15.15	12.69
Vested	13.93	14.96	12.40
Forfeited	13.75	13.05
Outstanding	$ 12.34	$ 14.43	$ 12.97	$ 10.85
Weighted average remaining contractual life, Unvested	9 years 2 months 1 day	9 years 7 months 6 days	9 years 9 months 18 days	9 years 7 months 13 days
Aggregate intrinsic value, Unvested	$ 53,826	$ 10,933	$ 4,184	$ 544

SHARE BASED COMPENSATION - Su_4

SHARE BASED COMPENSATION - Summary of Compensation Expense relating to share options, RSAs, RSUs and SARs Granted to Employees after Deducting Forfeitures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 42,883	$ 21,821	$ 21,198
Cash received for the exercise in the respective years	4,574	18,708	3,210
Share option | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,292	1,213	730
Share option | Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	795	689	197
Share option | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	39,654	18,512	19,507
Share option | Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,142	1,407	764
RSAs/RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	15,132	6,815	7,643
RSAs/RSUs | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,018	446	136
RSAs/RSUs | Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,899	0	0
RSAs/RSUs | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	7,670	6,369	7,507
RSAs/RSUs | Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	3,545	0	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	106	0	0
SARs | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	24	0	0
SARs | Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	52	0	0
SARs | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 30	$ 0	$ 0

SHARE BASED COMPENSATION - Addi

SHARE BASED COMPENSATION - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jan. 01, 2019shares	Dec. 31, 2018USD ($)Installment$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum aggregate number of ordinary shares to be issued under Plan		83,000,000
Contractual term of share options and certain RSAs to be granted		10 years
Aggregate grant date fair value of outstanding options | $		$ 133,851
Weighted-average grant-date fair value of share options granted | $ / shares		$ 3.02	$ 5.26	$ 5.25
Fair value of share options vested | $		$ 22,390	$ 20,322	$ 34,243
Aggregate intrinsic value of options exercised | $		20,660	$ 84,560	$ 31,012
Unrecognized share-based compensation cost related to unvested options | $		$ 84,281
2009 share incentive plan (the "Plan") | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum aggregate number of ordinary shares to be issued under Plan	100,129,938
Total number of ordinary shares outstanding annual increase percentage	5.00%
Share option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		26,500,000
Vested and expected to vest		35,706,882	11,653,513	17,946,980
Weighted-average period for unrecognized share-based compensation cost		2 years 10 months 2 days
Number of options vested immediately		500,000
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted			950,000	880,000
Weighted-average period for unrecognized share-based compensation cost		3 years 2 months 1 day
Weighted-average grant-date fair value of granted | $ / shares		$ 12.30	$ 15.15	$ 12.69
Unrecognized share-based compensation cost | $		$ 58,665
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		4,983,162
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		52,079
RSAs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		4,983,162	950,000	880,000
Aggregate grant date fair value of unvested | $		$ 58,665	$ 11,836	$ 4,064
Weighted-average grant-date fair value of granted | $ / shares		$ 12.30	$ 15.15	$ 12.69
Fair value of vested | $		$ 4,314	$ 6,517	$ 7,648
Number of options vested immediately		68,000
Vest 25% in nine to ten months from stated vesting commencement date | Share option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Vested and expected to vest		5,000,000
Vest 25% in nine to ten months from stated vesting commencement date | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and expected to vest		85,021
Vest 25% in nine to ten months from stated vesting commencement date | RSAs, RSUs and SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
75% will vest in 12 substantially equal quarterly installments | Share option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		75.00%
Number of substantially equal monthly installments for vesting | Installment		12
75% will vest in 12 substantially equal quarterly installments | RSAs, RSUs and SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		75.00%
Number of substantially equal monthly installments for vesting | Installment		12

ORDINARY SHARES - Additional In

ORDINARY SHARES - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 20, 2017USD ($)ADSsshares	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Authorized share capital | $		$ 7,500,000
Proceeds from issuance shares, net of issuance costs | $	$ 935,533		$ 4,574	$ 960,924	$ 3,210
Class A and Class B ordinary shares shares issued in conversion of convertible preference shares		86,336,030
Class A ordinary shares
Class of Stock [Line Items]
Ordinary shares, Authorized		14,800,000,000	14,800,000,000	14,800,000,000
Par value | $ / shares		$ 0.0005	$ 0.0005	$ 0.0005
Stock issued, share	65,954,538
Number of ordinary shares represented by ADSs | ADSs	65,954,538
Class B ordinary shares
Class of Stock [Line Items]
Ordinary shares, Authorized		200,000,000	200,000,000	200,000,000
Par value | $ / shares		$ 0.0005	$ 0.0005	$ 0.0005

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 10,701
Ending Balance	15,199	$ 10,701
Unrealized fair value gain (loss) on available-for - sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ (2,349)
Current year other comprehensive income (loss)	18,269	0	16,136
Reclassification adjustments for net gain and translation adjustments realized in net income		0	(13,787)
Ending Balance	18,269
Foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	10,701	8,587	8,899
Current year other comprehensive income (loss)	(13,771)	1,970	450
Reclassification adjustments for net gain and translation adjustments realized in net income		144	(762)
Ending Balance	(3,070)	10,701	8,587
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	10,701	8,587	6,550
Current year other comprehensive income (loss)	4,498	1,970	16,586
Reclassification adjustments for net gain and translation adjustments realized in net income		144	(14,549)
Ending Balance	$ 15,199	$ 10,701	$ 8,587

RESTRICTED NET ASSETS - Summary

RESTRICTED NET ASSETS - Summary of Movement of Statutory Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
At the end of the financial year	$ 123,574
Statutory reserve
At the beginning of the financial year	46	$ 46	$ 33
Transferred from retained earnings	0	0	0
At the end of the financial year	$ 46	$ 46	$ 46

RESTRICTED NET ASSETS - Additio

RESTRICTED NET ASSETS - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted net assets	$ 123,574
Accumulated reserve in statutory reserve account	$ 46	$ 46
Taiwan
Minimum threshold percentage of paid up capital to be maintained as legal reserve	25.00%
Accumulated reserve in statutory reserve account	$ 33	33	$ 33
Taiwan | Minimum
Percentage of profit after tax to required to be set aside to legal reserve	10.00%
Thailand
Accumulated reserve in statutory reserve account	$ 13	$ 13	$ 13
Thailand | Minimum
Percentage of retained earnings to required to be set aside to legal reserve	5.00%
Percentage of registered authorized capital threshold required to be set aside to legal reserve	10.00%

TAXATION - Summary of Income Ta

TAXATION - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax	$ 7,949	$ 6,903	$ 2,376
Deferred tax	(19,797)	(8,753)	(2,281)
Withholding tax expense	15,936	12,595	8,451
Income tax expense	$ 4,088	$ 10,745	$ 8,546

TAXATION - Summary of Reconcili

TAXATION - Summary of Reconciliation of Income Tax at Statutory Corporate Income Tax Rate (Detail 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Loss before income tax and share of results of equity investees	$ (953,880)	$ (548,509)	$ (196,886)
Tax expense computed at tax rate of 17%	(162,160)	(93,247)	(33,471)
Changes in valuation allowance	197,257	91,017	38,025
Non-deductible expenses	1,797	2,211	1,699
Preferential tax rate	(6,139)	(3,072)	(439)
Withholding tax expense	15,936	12,595	8,451
Foreign earnings at different tax rates	(38,099)	4,104	(4,284)
Others	(4,504)	(2,863)	(1,435)
Income tax expense	$ 4,088	$ 10,745	$ 8,546

TAXATION - Summary of Reconci_2

TAXATION - Summary of Reconciliation of Income Tax at Statutory Corporate Income Tax Rate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Statutory tax rate	17.00%	17.00%	17.00%

TAXATION - Summary of Significa

TAXATION - Summary of Significant Components of Deferred Taxes (Detail 2) - Deferred tax assets: - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Property and equipment	$ 1,291	$ 569
Advances from customers	283	455
Deferred revenue	72,970	58,652
Unutilized tax losses and unused capital allowances	346,369	149,859
Others	6,681	4,869
Valuation allowance	(354,462)	(157,463)
Total deferred tax assets	73,132	56,941
Property and equipment	(954)	(1,293)
Intangible assets	(1,998)	(3,804)
Deferred channel costs	(7,300)	(6,584)
Others	(257)	(1,534)
Total deferred tax liabilities	(10,509)	(13,215)
Net deferred tax assets	$ 62,623	$ 43,726

TAXATION - Additional Informati

TAXATION - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Statutory corporate income tax rate	17.00%	17.00%	17.00%
Tax losses with expiry date	$ 1,131,293	$ 520,523	$ 186,587
Singapore
Income Tax Disclosure [Line Items]
Statutory corporate income tax rate	17.00%	17.00%	17.00%
Development and Expansion Incentive period commencing from January 1, 2012	5 years	5 years
Concessionary tax rate	10.00%
Development and Expansion Incentive extension period commencing from January 1, 2017	5 years	5 years
Taiwan
Income Tax Disclosure [Line Items]
Statutory corporate income tax rate	20.00%	17.00%
Malaysia
Income Tax Disclosure [Line Items]
Statutory corporate income tax rate			24.00%	25.00%
Vietnam
Income Tax Disclosure [Line Items]
Statutory corporate income tax rate			20.00%	22.00%

LOSS PER SHARE- Basic and Dilut

LOSS PER SHARE- Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net loss attributable to ordinary shareholders	$ (961,241)	$ (560,485)	$ (222,867)
Denominator:
Weighted-average number of shares outstanding-basic and diluted	338,472,987	205,727,195	171,127,788
Basic and diluted loss per share:	$ (2.84)	$ (2.72)	$ (1.30)

LOSS PER SHARE - Additional Inf

LOSS PER SHARE - Additional Information (Detail) - Class A ordinary shares	12 Months Ended
	Dec. 31, 2018shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of shares used to settle the exercise of share incentive awards	933,007
Number of shares issued to share depository bank which will be used to settle share incentive awards	3,200,000

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Related Party Transactions and Balances (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Amounts due from related parties, current	$ 5,224	$ 2,235
Amounts due to related parties, current	46,025	36,790
VN Pay
Related Party Transaction [Line Items]
Services provided by	0	149	$ 181
Purchase of merchandise goods	0	2,898	5,736
Sales of products to	0	679	390
Loans provided to	0	0	1,794
Repayment of loans from	0	1,784	0
Zhuopai
Related Party Transaction [Line Items]
Loans provided to	0	0	1,000
Tencent group of companies
Related Party Transaction [Line Items]
Royalty fee and license fee to	96,713	70,470	36,469
Royalty fee and license fee from	3,629	262	2,000
Rack rental income from	677	1,007	1,338
Services provided by	13,066	1,012	43
Issuance of convertible notes to	50,000	100,000	0
Interest expense paid to	2,092	4,153	0
Amounts due from related parties, current	5,224	2,235
Convertible notes (principal amount) due to, Non-current	150,000	100,000
Amounts due to related parties, current	46,025	36,790
Wuju
Related Party Transaction [Line Items]
Loans provided to	0	422	520
Repayment of loans from	0	953	0
Redmart
Related Party Transaction [Line Items]
Investment in convertible loans in	0	0	3,778
Loans provided to	0	0	4,458
Interest income received from	0	0	109
Duodian
Related Party Transaction [Line Items]
Loans provided to	0	0	755
Repayment of loans from	0	0	755
Key management
Related Party Transaction [Line Items]
Interest income received from	0	774	0
Issuance of convertible notes to	0	9,768	4,044
Repayment of promissory notes	0	16,178	581
Caili
Related Party Transaction [Line Items]
Services provided by	$ 16	$ 0	$ 0

SEGMENT REPORTING - Summary of

SEGMENT REPORTING - Summary of Information about Segments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenue		$ 826,968	$ 414,190	$ 345,670
Operating income (loss)		(988,768)	(502,356)	(205,389)
Non-operating loss, net		34,888	(46,153)	8,503
Income tax expense		(4,088)	(10,745)	(8,546)
Share of results of equity investees		(3,066)	(1,912)	(19,523)
Net loss		(961,034)	(561,166)	(224,955)
Operating Segments | Digital Entertainment
Segment Reporting Information [Line Items]
Total revenue		462,464	365,167	327,985
Operating income (loss)		69,449	45,637	45,525
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Total revenue		269,578	9,034	0
Operating income (loss)		(893,489)	(452,233)	(172,409)
Operating Segments | Digital Financial Services
Segment Reporting Information [Line Items]
Total revenue		11,458	16,270	5,892
Operating income (loss)		(34,056)	(38,038)	(34,407)
Operating Segments | Other Services
Segment Reporting Information [Line Items]
Total revenue		83,468	23,719	11,793
Operating income (loss)		(62,548)	(21,199)	(12,320)
Unallocated expenses
Segment Reporting Information [Line Items]
Total revenue		0	0	0
Operating income (loss)	[1]	$ (68,124)	$ (36,523)	$ (31,778)
[1]	Unallocated expenses are mainly relating to share-based compensation, general and corporate administrative costs, such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segments results as they are not reviewed by the CODM as part of segment performance.

SEGMENT REPORTING - Summary o_2

SEGMENT REPORTING - Summary of Revenue from External Customers Classified Based on Geographical Locations (Detail 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 826,968	$ 414,190	$ 345,670
Indonesia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	99,043	24,120	23,023
Taiwan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	218,249	122,647	109,652
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	194,612	133,782	119,969
Vietnam
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	193,169	98,009	61,354
Rest of the World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 121,895	$ 35,632	$ 31,672

SEGMENT REPORTING - Summary o_3

SEGMENT REPORTING - Summary of Long-lived Assets (Detail 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 205,244	$ 111,681
Indonesia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	23,899	9,906
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	88,663	46,009
Taiwan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	18,504	9,530
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	17,586	12,668
Vietnam
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	38,887	26,874
Rest of the World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 17,705	$ 6,694

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	3

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 690	$ 18,000
Available-for-sale investments - current		18,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,137	3,133
Money market funds	304,335
Short-term investments	690
Available-for-sale investments - non-current	70,374	1,249
Available-for-sale investments - current		18,000
2017 Convertible Notes	(636,716)	(726,950)
Share appreciation rights	(106)
Total liabilities, net, at fair value	(251,286)	(704,568)
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,137	3,133
Money market funds	304,335
Short-term investments	690
Available-for-sale investments - non-current	0	0
Available-for-sale investments - current		0
2017 Convertible Notes	0	0
Share appreciation rights	(106)
Total liabilities, net, at fair value	315,056	3,133
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds	0
Short-term investments	0
Available-for-sale investments - non-current	0	0
Available-for-sale investments - current		0
2017 Convertible Notes	0	0
Share appreciation rights	0
Total liabilities, net, at fair value	0	0
Fair Value, Measurements, Recurring | Unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds	0
Short-term investments	0
Available-for-sale investments - non-current	70,374	1,249
Available-for-sale investments - current		18,000
2017 Convertible Notes	(636,716)	(726,950)
Total liabilities, net, at fair value	$ (566,342)	$ (707,701)

FAIR VALUE MEASUREMENTS - Sum_2

FAIR VALUE MEASUREMENTS - Summary of Level 3 Instruments Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale debt securities
Beginning balance	$ 19,249	$ 2,388	$ 18,804
Investment	33,000	18,000	3,796
Cost adjustment included in share of results of equity investees			(16,006)
Unrealized fair value gain included in other comprehensive income (loss)	18,269		16,136
Impairment loss	(144)	(1,147)	(4,226)
Disposal during 2016			(16,866)
Exchange differences		8	750
Ending balance	70,374	19,249	$ 2,388
Liabilities:
Balance	(726,950)
Convertible notes issued during the year		(675,000)
Fair value gain	41,259	(51,950)
Conversion into Class A ordinary shares (Note 12(a))	48,975
Balance	$ (636,716)	$ (726,950)

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of Future Minimum Lease Payments Payable Under Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
No later than 1 year	$ 62,921	$ 30,384
Later than 1 year but no later than 5 years	224,394	86,726
More than 5 years	41,234	11,155
Future minimum lease payments under operating leases	$ 328,549	$ 128,265

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other Commitments [Line Items]
Minimum guarantee commitment	$ 60,271	$ 77,044
Total rental expenses for operating leases	43,659	23,028
Commitments to purchase property and equipment
Other Commitments [Line Items]
Commitments	50,857	12,318
Committed licensing fee payable for the licensing of game titles
Other Commitments [Line Items]
Commitments	7,400	9,400
Commitment to invest in certain companies
Other Commitments [Line Items]
Commitments	$ 8,473	$ 400
Minimum
Other Commitments [Line Items]
Tenure of lease	1 year
Maximum
Other Commitments [Line Items]
Tenure of lease	10 years

PARENT COMPANY ONLY CONDENSED_3

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 1,002,841	$ 1,347,361
Prepaid expenses and other assets	312,387	186,181
Amount due from related parties	5,224	2,235
Total current assets	1,710,713	1,720,713
Non-current assets
Prepaid expenses and other assets	69,065	46,297
Total non-current assets	481,956	267,567
TOTAL ASSETS	2,192,669	1,988,280
Current liabilities
Accrued expenses and other payables	636,880	285,248
Amount due to related parties	46,025	36,790
Total current liabilities	1,186,493	637,705
Non-current liabilities
Total non-current liabilities	1,245,631	875,444
Total liabilities	2,432,124	1,513,149
Shareholders' equity
Additional paid-in capital	1,809,232	1,564,656
Accumulated other comprehensive income	15,199	10,701
Statutory reserves	46	46
Accumulated deficit	(2,067,786)	(1,106,545)
Total shareholders' equity (deficit)	(239,455)	475,131	$ (125,650)	$ 73,698
Total liabilities and shareholders' equity (deficit)	2,192,669	1,988,280
Class A ordinary shares
Shareholders' equity
Ordinary shares	94	91
Class B ordinary shares
Shareholders' equity
Ordinary shares	76	76
Parent Company
Current assets
Cash and cash equivalents	519,107	1,045,496	$ 67,910	$ 21,564
Prepaid expenses and other assets	24,329	25,293
Amount due from related parties	2,052,292	1,005,190
Total current assets	2,595,728	2,075,979
Non-current assets
Prepaid expenses and other assets	0	2,000
Total non-current assets	0	2,000
TOTAL ASSETS	2,595,728	2,077,979
Current liabilities
Accrued expenses and other payables	8,467	33,394
Amounts due to subsidiaries	41,638	41,171
Amount due to related parties	0	4,153
Total current liabilities	50,105	78,718
Non-current liabilities
Loss in excess of investments	1,726,966	803,286
Convertible notes	1,061,796	726,950
Total non-current liabilities	2,788,762	1,530,236
Total liabilities	2,838,867	1,608,954
Shareholders' equity
Additional paid-in capital	1,809,232	1,564,656
Accumulated other comprehensive income	15,199	10,701
Statutory reserves	46	46
Accumulated deficit	(2,067,786)	(1,106,545)
Total shareholders' equity (deficit)	(243,139)	469,025
Total liabilities and shareholders' equity (deficit)	2,595,728	2,077,979
Parent Company | Class A ordinary shares
Shareholders' equity
Ordinary shares	94	91
Parent Company | Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 76	$ 76

PARENT COMPANY ONLY CONDENSED_4

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Parentheticals) (Detail 1) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Class A ordinary shares
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, Par value (in dollars per share)	$ 0.0005	$ 0.0005	$ 0.0005
Ordinary shares, Authorized	14,800,000,000	14,800,000,000	14,800,000,000
Ordinary shares, Issued (in shares)	190,423,065	182,009,760
Ordinary shares, Outstanding (in shares)	190,423,065	182,009,760
Class B ordinary shares
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, Par value (in dollars per share)	$ 0.0005	$ 0.0005	$ 0.0005
Ordinary shares, Authorized	200,000,000	200,000,000	200,000,000
Ordinary shares, Issued (in shares)	152,175,703	152,956,453
Ordinary shares, Outstanding (in shares)	152,175,703	152,956,453
Parent Company | Class A ordinary shares
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, Par value (in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, Authorized	14,800,000,000	14,800,000,000
Ordinary shares, Issued (in shares)	190,423,065	182,009,760
Ordinary shares, Outstanding (in shares)	190,423,065	182,009,760
Parent Company | Class B ordinary shares
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, Par value (in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, Authorized	200,000,000	200,000,000
Ordinary shares, Issued (in shares)	152,175,703	152,956,453
Ordinary shares, Outstanding (in shares)	152,175,703	152,956,453

PARENT COMPANY ONLY CONDENSED_5

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Detail 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating expenses:
General and administrative expenses	$ (240,781)	$ (137,868)	$ (112,383)
Operating loss	(988,768)	(502,356)	(205,389)
Interest income	11,520	2,922	741
Interest expense	(31,295)	(26,501)	(23)
Foreign exchange (loss) gain	4,801	(4,215)	(1,649)
Investment gain	8,603	33,591	9,434
Loss before income tax and share of results of equity investees	(953,880)	(548,509)	(196,886)
Income tax expense	(4,088)	(10,745)	(8,546)
Share of results of equity investees	(3,066)	(1,912)	(19,523)
Net loss	(961,034)	(561,166)	(224,955)
Parent Company
Operating expenses:
General and administrative expenses	(62,671)	(41,369)	(29,890)
Operating loss	(62,671)	(41,369)	(29,890)
Interest income	7,447	1,538	836
Other income	1,797	983	0
Interest expense	(31,142)	(26,460)	0
Foreign exchange (loss) gain	(45)	1,072	(553)
Investment gain	4,335	3,374	13,987
Fair value (loss) gain on convertible notes	41,259	(51,950)	0
Loss before income tax and share of results of equity investees	(39,020)	(112,812)	(15,620)
Income tax expense	0	0	0
Share of results of equity investees	(922,221)	(447,673)	(207,247)
Net loss	$ (961,241)	$ (560,485)	$ (222,867)

PARENT COMPANY ONLY CONDENSED_6

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Detail 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Statement of Income Captions [Line Items]
Net loss	$ (961,034)	$ (561,166)	$ (224,955)
Foreign currency translation adjustments:
Translation gain (loss)	(13,858)	1,973	515
Reclassification adjustment for net translation adjustments realized in net income		(144)	762
Available-for-sale securities:
Change in unrealized gain	18,269		16,136
Reclassification adjustment for net loss realized in net income			13,787
Total comprehensive loss, net of tax	(956,743)	(558,371)	(220,830)
Parent Company
Condensed Statement of Income Captions [Line Items]
Net loss	(961,241)	(560,485)	(222,867)
Foreign currency translation adjustments:
Translation gain (loss)	(13,771)	1,970	450
Reclassification adjustment for net translation adjustments realized in net income		144	(762)
Net change	(13,771)	2,144	(312)
Available-for-sale securities:
Change in unrealized gain	18,269	0	16,136
Reclassification adjustment for net loss realized in net income	0	0	(13,787)
Net change	18,269	0	2,349
Total comprehensive loss, net of tax	$ (956,743)	$ (558,371)	$ (220,830)

PARENT COMPANY ONLY CONDENSED_7

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Detail 4) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) generated from operating activities		$ (495,819)	$ (259,228)	$ (101,821)
Net cash used in investing activities		(223,929)	(118,614)	(29,931)
Net cash generated from financing activities		546,628	1,623,843	199,622
Net increase (decrease) in cash		(185,666)	1,254,154	66,460
Cash, cash equivalents and restricted cash* at beginning of the year	[1]	1,444,978	190,824	124,364
Cash, cash equivalents and restricted cash* at end of the year	[1]	1,259,312	1,444,978	190,824
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) generated from operating activities		(34,930)	6,845	(876)
Net cash used in investing activities		(1,060,969)	(664,483)	(150,564)
Net cash generated from financing activities		569,510	1,635,224	197,786
Net increase (decrease) in cash		(526,389)	977,586	46,346
Cash, cash equivalents and restricted cash* at beginning of the year		1,045,496	67,910	21,564
Cash, cash equivalents and restricted cash* at end of the year		$ 519,107	$ 1,045,496	$ 67,910
[1]	Upon the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, restricted cash was included within cash and cash equivalents in the consolidated statement of cash flows for the year ended December 31, 2018 and the comparative disclosure had been restated to conform to the current year presentation.

PARENT COMPANY ONLY CONDENSED_8

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Detail 5) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Conversion [Line Items]
Convertible notes	$ 1,061,796	$ 726,950
2017 Convertible Notes
Debt Conversion [Line Items]
Convertible notes	636,716	726,950
2017 Convertible Notes | Parent Company
Debt Conversion [Line Items]
Convertible notes	636,716	726,950
2018 Convertible Notes
Debt Conversion [Line Items]
Convertible notes	425,080	0
2018 Convertible Notes | Parent Company
Debt Conversion [Line Items]
Convertible notes	$ 425,080	$ 0

PARENT COMPANY ONLY CONDENSED_9

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Information Disclosure [Abstract]
Accumulated losses, excluding the cost of investment	$ 1,802,108	$ 879,887

PARENT COMPANY ONLY CONDENSE_10

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS - Additional Information (Detail 1) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Multiplier$ / sharesshares	Dec. 31, 2017USD ($)$ / shares
Debt Conversion [Line Items]
Gain (loss) related to change in fair value of convertible promissory notes | $	$ 41,259	$ (51,950)
Tencent Limited
Debt Conversion [Line Items]
2017 Convertible Notes, aggregate principal amount | $	50,000	100,000
Parent Company
Debt Conversion [Line Items]
Gain (loss) related to change in fair value of convertible promissory notes | $	41,259	(51,950)
2017 Convertible Notes
Debt Conversion [Line Items]
2017 Convertible Notes, aggregate principal amount | $	$ 675,000	$ 675,000
Convertible promissory notes, interest rate	5.00%	5.00%
Conversion percentage	50.00%	50.00%
Conversion price | $ / shares		$ 14.807
Number of days after default in which outstanding obligation would be immediately due and payable	3 days	3 days
Number of ordinary shares converted from debt | shares	3,592,415
Extention term of debt instrument if no IPO closing date occurred on or before respective third anniversary date		2 years
Outstanding unconverted and unpaid principal amount multiplier | Multiplier	1.31
Effective stipulated conversion price of convertible debt | $ / shares	$ 14.807
Debt, outstanding principal amount, converted | $	$ 0
2017 Convertible Notes | Parent Company
Debt Conversion [Line Items]
2017 Convertible Notes, aggregate principal amount | $	$ 675,000	$ 675,000
Convertible promissory notes, interest rate	5.00%	5.00%
Conversion percentage	50.00%	50.00%
Conversion price | $ / shares		$ 14.807
Number of days after default in which outstanding obligation would be immediately due and payable	3 days	3 days
Extention term of debt instrument if no IPO closing date occurred on or before respective third anniversary date	2 years
Outstanding unconverted and unpaid principal amount multiplier | Multiplier	1.31
Effective stipulated conversion price of convertible debt | $ / shares	$ 14.807
2017 Convertible Notes | Minimum
Debt Conversion [Line Items]
Conversion price | $ / shares	13.13
2017 Convertible Notes | Minimum | Parent Company
Debt Conversion [Line Items]
Conversion price | $ / shares	13.13
2017 Convertible Notes | Maximum
Debt Conversion [Line Items]
Conversion price | $ / shares	14.26
2017 Convertible Notes | Maximum | Parent Company
Debt Conversion [Line Items]
Conversion price | $ / shares	$ 14.26
2017 Convertible Notes | Class A ordinary shares
Debt Conversion [Line Items]
Amount of outstanding principal converted | $	$ 50,000
Number of ordinary shares converted from debt | shares	3,592,415
2017 Convertible Notes | Class A ordinary shares | Parent Company
Debt Conversion [Line Items]
Amount of outstanding principal converted | $	$ 50,000
Number of ordinary shares converted from debt | shares	3,592,415

PARENT COMPANY ONLY CONDENSE_11

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS - Additional Information (Detail 2) $ in Thousands	Jun. 18, 2018USD ($)ADSs$ / ADS	Mar. 01, 2019USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)
Debt Conversion [Line Items]
Aamortization of debt discount			$ 14,154
Residual value of convertible notes allocated to equity component			152,714
2018 Convertible Notes
Debt Conversion [Line Items]
Aggregate principal amount	$ 575,000
Convertible promissory notes, interest rate	2.25%
Maturity date	Jul. 1, 2023
Recognized total interest expense for coupon interest			6,936
Aamortization of debt discount			14,154
Terms of conversion	(i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2018 Convertible Notes prior to the close of business day immediately preceding January 1, 2023; or (ii) anytime on or after January 1, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date (the "Conversion Option").
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate (ADSs per $1 principal amount) | ADSs	50.5165
Initial conversion rate per ADS | $ / ADS	19.80
Convertible notes fair value	$ 410,926
Residual value of convertible notes allocated to equity component	152,714
Debt issuance costs	$ 11,360
Effective interest rate	9.38%
2018 Convertible Notes | Parent Company
Debt Conversion [Line Items]
Aggregate principal amount	$ 575,000
Convertible promissory notes, interest rate	2.25%
Maturity date	Jul. 1, 2023
Recognized total interest expense for coupon interest			6,936
Aamortization of debt discount			14,154
Terms of conversion	(i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2018 Convertible Notes prior to the close of business day immediately preceding January 1, 2023; or (ii) anytime on or after January 1, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date (the "Conversion Option").
Outstanding principal amount convert whole or partly in integral multiples	$ 1
Initial conversion rate (ADSs per $1 principal amount) | ADSs	50.5165
Initial conversion rate per ADS | $ / ADS	19.80
Convertible notes fair value	$ 410,926
Residual value of convertible notes allocated to equity component	152,714
Debt issuance costs	$ 11,360
Effective interest rate	9.38%
2017 Convertible Notes
Debt Conversion [Line Items]
Aggregate principal amount			$ 675,000	$ 675,000
Convertible promissory notes, interest rate			5.00%	5.00%
Terms of conversion			according to an agreed-upon formula which stipulates a discount to the IPO price based on a discount rate and the time period between the issuance dates of the relevant 2017 Convertible Notes and the IPO pricing date, subject to certain anti-dilution adjustments
Number of ordinary shares converted from debt | shares			3,592,415
Contingent interest			20.00%	20.00%
2017 Convertible Notes | Subsequent Event
Debt Conversion [Line Items]
Amount of outstanding principal converted		$ 417,500
2017 Convertible Notes | Parent Company
Debt Conversion [Line Items]
Aggregate principal amount			$ 675,000	$ 675,000
Convertible promissory notes, interest rate			5.00%	5.00%
Contingent interest			20.00%	20.00%
2017 Convertible Notes | Class A ordinary shares
Debt Conversion [Line Items]
Amount of outstanding principal converted			$ 50,000
Number of ordinary shares converted from debt | shares			3,592,415
2017 Convertible Notes | Class A ordinary shares | Parent Company
Debt Conversion [Line Items]
Amount of outstanding principal converted			$ 50,000
Number of ordinary shares converted from debt | shares			3,592,415