6.    INVESTMENTS

Long-term Investments

​

​

Equity investments without readily determinable fair value

In accordance with ASC 321, the Group elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The carrying amount of the Group’s equity investments measured using the measurement alternative was US$8,678, net of US$5,625 and US$8,612, net of US$5,686 in accumulated impairment as of December 31, 2024 and 2025, respectively. The Group recognized an impairment of US$1,408, US$132 and nil included in the net loss for the years ended December 31, 2023, 2024 and 2025, respectively. Impairment charges for the year ended December 31, 2023 consisted of impairment on equity investment in Beijing Weisaishidai Sports Technology Co., Ltd of US$1,408. Impairment charges for the year ended December 31, 2024 consisted of impairment on equity investment in Beijing Dark Horse Venture Capital Center. L.P of US$132.

Equity method investments

Investments were classified as equity method investments as the Group has significant influence over the entities. The net operating loss from equity method investments from continuing operations recognized for the years ended December 31, 2023, 2024 and 2025 were US$295, US$20, and US$1, respectively.