v3.24.1.u1
EXCHANGEABLE NOTES (Tables)
12 Months Ended
Dec. 31, 2023
Exchangeable notes  
EXCHANGEABLE NOTES  
Schedule of exchangeable notes

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Lightning

    

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WFOE

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Speed

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Exchangeable

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Exchangeable

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Notes

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Notes

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Total

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US$

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US$

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US$

Balance as of January 1, 2021

 

—

 

—

 

—

Issuance of exchangeable notes

 

125,039

 

—

 

125,039

Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk

 

1,065

 

—

 

1,065

Changes in fair values of exchangeable notes due to the instrument-specific credit risk

 

(132)

 

—

 

(132)

Foreign currency translation adjustment

 

448

 

—

 

448

Balance as of December 31, 2021

 

126,420

 

—

 

126,420

Issuance of exchangeable notes

 

307,172

 

71,792

 

378,964

Exchange to Series A redeemable convertible preferred shares (note 17)

 

(60,419)

 

—

 

(60,419)

Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk

 

13,162

 

—

 

13,162

Changes in fair values of exchangeable notes due to the instrument-specific credit risk

 

33

 

—

 

33

Foreign currency translation adjustment

 

(31,048)

 

—

 

(31,048)

Balance as of December 31, 2022

 

355,320

 

71,792

 

427,112

Issuance of exchangeable notes

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27,883

​

—

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27,883

Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk

​

737

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3,711

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4,448

Changes in fair values of exchangeable notes due to the instrument-specific credit risk

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272

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1,398

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1,670

Foreign currency translation adjustment

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(5,574)

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(1,223)

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(6,797)

Balance as of December 31, 2023

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378,638

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75,678

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454,316

– Current portion

 

378,638

 

—

 

378,638

– Non-current portion

 

—

 

75,678

 

75,678

WFOE Exchangeable Notes  
EXCHANGEABLE NOTES  
Schedule of assumptions used in determination of fair value of Exchangeable Notes

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As of December 31,

 

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2023

    

2022

 

Risk-free interest rate

 

1.75

%

2.07

%

Discount rate

 

20.00

%

20.00

%

Probability of conversion

 

90.00

%

50.00% – 75.00

%

Bond yields

 

3.27%-4.06

%

7.35% – 7.76

%

Probability of occurrence of Qualified IPO

 

90.00

%

45.00

%

Lightning Speed Exchangeable Notes  
EXCHANGEABLE NOTES  
Schedule of assumptions used in determination of fair value of Exchangeable Notes

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As of December 31,

 

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​

2023

​

2022

​

Risk-free interest rates

 

2.08%-2.29

%

2.40% – 2.60

%

Probability of conversion

 

75.00

%

75.00

%

Bond yield

 

4.03

%

7.11

%

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