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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _____________

For the transition period from _____________to _____________

Commission file number:   001-35729

JOYY INC.

(Exact name of Registrant as specified in its charter)

 

N/A

(Translation of Registrant’s name into English)

 

Cayman Islands

(Jurisdiction of incorporation or organization)

 

30 Pasir Panjang Road #15-31A Mapletree Business City,

Singapore 117440

(Address of principal executive offices)

David Xueling Li,

Chief Executive Officer,

Tel: +65 63519330, E-mail: lxl@joyy.com,

30 Pasir Panjang Road #15-31A Mapletree Business City,

Singapore 117440

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading symbol(s)

    

Name of Exchange on Which Registered

 

 

 

American depositary shares (each representing 20 Class A common shares, par value US$0.00001 per share)

YY

The Nasdaq Stock Market LLC

Class A common shares, par value US$0.00001 per share*

 

The Nasdaq Stock Market LLC

* Not for trading, but only in connection with the listing on The Nasdaq Stock Market LLC of the American depositary shares (“ADSs”).

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 890,843,639 Class A common shares, par value US$0.00001 per share, and 326,509,555 Class B common shares, par value US$0.00001 per share, were outstanding as of December 31, 2023.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes  No 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.   Yes  No 

Note–Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

    

Accelerated filer  

Non-accelerated filer  

Emerging growth company 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued by the

Other 

 

International Accounting Standards Board

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.   Item 17         Item 18 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.   Yes  No 

TABLE OF CONTENTS

INTRODUCTION

1

FORWARD-LOOKING STATEMENTS

2

PART I

3

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

3

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

3

ITEM 3.

KEY INFORMATION

3

ITEM 4.

INFORMATION ON THE COMPANY

67

ITEM 4A.

UNRESOLVED STAFF COMMENTS

109

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

109

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

127

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

136

ITEM 8.

FINANCIAL INFORMATION

140

ITEM 9.

THE OFFER AND LISTING

141

ITEM 10.

ADDITIONAL INFORMATION

141

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

162

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

162

PART II

165

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

165

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

165

ITEM 15.

CONTROLS AND PROCEDURES

165

ITEM 16A.

AUDIT COMMITTEE FINANCIAL EXPERT

166

ITEM 16B.

CODE OF ETHICS

166

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

166

ITEM 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

166

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

166

ITEM 16F.

CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT

167

ITEM 16G.

CORPORATE GOVERNANCE

167

ITEM 16H.

MINE SAFETY DISCLOSURE

167

ITEM 16I.

DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS

168

ITEM 16J.

INSIDER TRADING POLICIES

168

ITEM 16K.

CYBERSECURITY

168

PART III

169

ITEM 17.

FINANCIAL STATEMENTS

169

ITEM 18.

FINANCIAL STATEMENTS

169

ITEM 19.

EXHIBITS

169

SIGNATURES

175

i

INTRODUCTION

Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form 20-F to:

“active user” for any period is measured by the number of registered user accounts, as defined below, that has had log-on activity at least once during the given period;
“BIGO” refers to our core business segment which primarily includes our social entertainment platforms Bigo Live, Likee and imo, among others. “All other” segment primarily includes our social entertainment platform Hago, our smart commerce platform Shopline and certain audio live streaming platforms, among others;
“monthly active user” for any period is calculated by dividing (i) the sum of active users for each month of such period by (ii) the number of months in such period;
“paying user” for any period means a registered user account that has purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the period. A paying user is not necessarily a unique user, however, as a unique user may set up multiple paying user accounts on our platforms; thus, the number of paying users referred to in this annual report may be higher than the number of unique users who are purchasing virtual items or other products and services;
“registered user account” means a user account that (i) has been registered on one of our social entertainment platforms (primarily including Bigo Live, Likee, imo and Hago), and (ii) has had log-on activity at least once since registration. We calculate registered user accounts for any period as the cumulative number of accounts on our social entertainment platforms that, by the end of the period, had log-on activity at least once after registration. Each individual user may have more than one registered user account, and consequently, the number of registered user accounts we present in this annual report may overstate the number of unique individuals who are our registered users;
“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States;
“S$” are to Singapore dollars, the legal currency of Singapore;
“RMB” and “Renminbi” refer to the legal currency of mainland China; and
“we,” “us,” “our company,” “the Company,” and “our” refer to JOYY Inc., a Cayman Islands company, its subsidiaries, and, in the context of describing our operations and consolidated financial statements, also include the variable interest entities, or the VIEs, and the subsidiaries of the variable interest entities in regions in which we do not have any equity ownership but whose financial results have been consolidated based solely on contractual arrangements in accordance with U.S. GAAP.

Our reporting currency is U.S. dollars since a majority of our revenues and expenses are denominated in U.S. dollars.

On November 16, 2020, we entered into definitive agreements with affiliates of Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888), or Baidu, subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which we refer to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed as of February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. As a result, YY Live’s historical results were presented in our consolidated financial statements as discontinued operations and we ceased consolidation of YY Live’s business since February 8, 2021. On January 1, 2024, we received a written notice from an affiliate of Baidu, purporting to terminate the share purchase agreement. Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchase agreement and effectively cancel the transaction. We are currently in discussion with Baidu on the next steps following the termination of the share purchase agreement. We are also seeking legal advice and will consider all options at our disposal in response to Baidu’s written notice and expressly reserve all rights. From January 1, 2024 to the date of this annual report, we have not obtained control of YY Live and have not consolidated YY Live.

The financial information and other relevant information disclosed in this annual report is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the year ended December 31, 2021, 2022 and 2023 as presented in this annual report primarily consisted of the BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, and did not include YY Live.

1

FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “is expected to,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

our growth strategies;
our ability to retain and increase our user base and expand our product and service offerings;
our ability to monetize our platforms;
our future business development, results of operations and financial condition;
competition from companies in a number of industries, including companies that provide online voice and video communications services, social networking services, online games, and smart commerce solutions;
expected changes in our revenues and certain cost or expense items;
global economic, political, social and business conditions and their impact on the markets where we operate;
expected growth and trends of the markets where we operate;
our ability to continue developing new technologies and/or upgrading our existing technologies;
our ability to expand and/or enhance our global localized operational network; and
assumptions underlying or related to any of the foregoing.

You should thoroughly read this annual report and the documents that we refer to herein with the understanding that our actual future results may be materially different from and/or worse than what we expect. Other sections of this annual report, including “Item 3. Key Information—D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” sections, discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements we make as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

2

PART I

ITEM 1.     IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

Not applicable.

ITEM 2.     OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.     KEY INFORMATION

Our Holding Company Structure and Contractual Arrangements with the Variable Interest Entities

JOYY Inc. is a Cayman Islands holding company that does not have substantive operations on its own. We conduct our operations primarily through (i) our subsidiaries in Singapore, the United States, the United Kingdom, and other jurisdictions for a majority of our global business; and (ii) the variable interest entities, or the VIEs, with which we have maintained contractual arrangements, and their subsidiaries for some of our remaining business in mainland China. Laws and regulations of mainland China prohibit or restrict foreign investment in certain internet-related business, value-added telecommunication services and other-related businesses. Accordingly, we operate these businesses in mainland China through the variable interest entities, the structure of which is used to provide investors with exposure to foreign investment in companies based in mainland China where laws and regulations prohibit or restrict direct foreign investment in certain operating companies, and rely on contractual arrangements among our subsidiaries and the variable interest entities in mainland China as well as their shareholders to direct the business operations of the variable interest entities. Revenues contributed by the variable interest entities and their subsidiaries accounted for 17.1%, 19.8% and 13.3% of our total net revenues for the year ended December 31, 2021, 2022 and 2023, respectively. As used in this annual report, “we,” “us,” “our company” and “our” refers to JOYY Inc., its subsidiaries, and, in the context of describing our operations in mainland China and consolidated financial information, also include the variable interest entities and their subsidiaries, primarily including Guangzhou Huaduo Network Technology Co., Ltd., or Guangzhou Huaduo, and Guangzhou BaiGuoYuan Network Technology Co., Ltd, or Guangzhou BaiGuoYuan. Uncertainties remain as to whether YY Live will be returned to us for re-consolidation due to Baidu’s purported termination of the share purchase agreement in connection with the sale of YY Live. If revenue contribution by the variable interest entities increases due to the re-consolidation of YY Live, we will be exposed to additional risks relating to heightened reliance on the variable interest entities. Investors in our ADSs are purchasing equity interest in a holding company incorporated in the Cayman Islands that holds equity interests in its subsidiaries in various jurisdictions. JOYY Inc. does not hold any equity interest in the variable interest entities in mainland China, so investments in our ADSs would not render the investors any equity interest in the variable interest entities.

A series of contractual agreements, including voting rights proxy agreements, exclusive service agreements, equity interest pledge agreements and exclusive option agreements, have been entered into by and among our subsidiaries and the variable interest entities in mainland China as well as their respective shareholders. Terms contained in each set of contractual arrangements with the variable interest entities and their respective shareholders are substantially similar. As a result of the contractual arrangements, we are considered the primary beneficiary of these companies, and we have consolidated the financial results of these companies in our consolidated financial statements under U.S. GAAP for accounting purposes. For more details of these contractual arrangements, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—VIE Structure and the Contractual Arrangements.”

3

However, the contractual arrangements may not be as effective as direct ownership in providing us with control over the variable interest entities and we may incur substantial costs to enforce the terms of the arrangements. If the variable interest entities or the nominee shareholders fail to perform their respective obligations under the contractual arrangements, we could be limited in our ability to enforce the contractual arrangements. Meanwhile, there are very few precedents as to whether contractual arrangements would be judged to form effective control over the variable interest entities through the contractual arrangements, or how contractual arrangements in the context of a variable interest entity should be interpreted or enforced by the courts of mainland China. Furthermore, if we are unable to direct the operations of the variable interest entities and to obtain economic benefits from them through contractual arrangements, we would not be able to continue to consolidate the financial results of these entities in our financial statements. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We rely on contractual arrangements with the variable interest entities and their shareholders for some of our operation in mainland China, which may not be as effective as direct ownership. If the variable interest entities and their shareholders fail to perform their obligations under these contractual arrangements, we may have to resort to litigation or other legal proceedings to enforce our rights, which may be time-consuming, unpredictable, expensive and damaging to our operations and reputation.”

There are also substantial uncertainties regarding the interpretation and application of current and future laws, regulations and rules of mainland China regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the variable interest entities and their shareholders. It is uncertain whether any new laws or regulations of mainland China relating to variable interest entity structure will be adopted or what they would provide if adopted. If we or any of the variable interest entities is found to be in violation of any existing or future laws or regulations of mainland China, or fail to obtain or maintain any of the required permits or approvals, the relevant regulatory authorities of mainland China would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—If the mainland China’s government finds that the structure we have adopted for our business operations in mainland China does not comply with laws and regulations of mainland China, or if these laws or regulations or interpretations of existing laws or regulations change in the future, we could be subject to severe penalties, including the shutting down of our platforms and our business operations currently operated in mainland China” and “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—If the variable interest entities fail to obtain and maintain the requisite licenses and approvals required under the complex regulatory environment for internet-based businesses in mainland China, our business, financial condition and results of operations in mainland China may be adversely affected.”

Our corporate structure is subject to risks associated with our contractual arrangements with the variable interest entities. If the mainland China’s government deems that our contractual arrangements with the variable interest entities do not comply with regulatory restrictions of mainland China on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our subsidiaries and the consolidated variable interest entities in mainland China, and investors of our company face uncertainty about potential future actions by the mainland China’s government that could affect the enforceability of the contractual arrangements with the variable interest entities and, consequently, significantly affect the financial performance of the variable interest entities and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure.”

These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks related to doing business in multiple jurisdictions, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Jurisdictions We Operate.”

Permissions and Approvals Required from the Authorities of Mainland China for Our Operations

We currently operate in several key markets across the globe, such as North America, Europe, the Middle East, Southeast Asia, Eastern Pacific regions, and others. We face various risks and uncertainties related to doing business in multiple jurisdictions across the globe. In particular, for our operations in mainland China, we are subject to complex and evolving laws and regulations of mainland China to the extent applicable.

4

We generated 16.8%, 19.7% and 15.3% of our total net revenues from mainland China for the year ended December 31, 2021, 2022 and 2023, respectively. We conduct the mainland China portion of our business primarily through our subsidiaries and the variable interest entities in mainland China and are therefore subject to the laws and regulations of mainland China to the extent applicable. As of the date of this annual report, our subsidiaries and the variable interest entities in mainland China have obtained the requisite licenses and permits from the mainland China’s government authorities that are material for the continuing business operations of our holding company, our subsidiaries and the variable interest entities in mainland China, including, among others, the Internet Culture Operation License, the Value-added Telecommunications Business Operation License (ICP License), the Radio and Television Program Production and Operating Permit and the License for Online Transmission of Audio-Visual Programs. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant mainland China’s government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—If the variable interest entities fail to obtain and maintain the requisite licenses and approvals required under the complex regulatory environment for internet-based businesses in mainland China, our business, financial condition and results of operations in mainland China may be adversely affected.”

The China Securities Regulatory Commission, or the CSRC, promulgated the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures, and five relevant guidelines on February 17, 2023, which came into effect on March 31, 2023. The Overseas Listing Trial Measures regulate both direct and indirect overseas offering and listing by domestic company in mainland China by adopting a filing-based regulatory regime. For details of the Overseas Listing Trial Measures, see “Item 4. Information on the Company—B. Business Overview—Regulations in Multiple Jurisdictions Where We Operate—Mainland China Regulations—Regulations on Overseas Listing by Domestic Companies.” Given the interpretation and implementation of the Overseas Listing Trial Measures and our global operations, we could not rule out the possibility that we may be required to file the relevant documents with the CSRC in connection with our future offerings and listings outside mainland China.

In addition, on December 28, 2021, the Cyberspace Administration of China, or the CAC, and several other administrations jointly promulgated the Measures for Cybersecurity Review, which came into effect on February 15, 2022, superseding and replacing the cybersecurity review measures that had been in effect since June 2020. The Measures for Cybersecurity Review provide that (i) a “network platform operator” holding over one million users’ personal information shall apply for a cybersecurity review when listing their securities “in a foreign country” (ii) a critical information infrastructure operator that intends to purchase internet products and services that affect or may affect national security should apply for a cybersecurity review, and (iii) a “network platform operator” carrying out data processing activities that affect or may affect national security should apply for a cybersecurity review. The Measures for Cybersecurity Review do not provide the exact scope of “network platform operator” or the criteria for determining which circumstance falls within the definition of “holding over one million users’ personal information.” Furthermore, on November 14, 2021, the CAC commenced to publicly solicit comments on the Regulations on the Administration of Cyber Data Security (Draft for Comments). This draft regulation provides that, among others, data processors that handle personal information of more than one million people contemplating to list its securities on a foreign stock exchange should apply for cybersecurity review. As a result, if the draft regulation is promulgated as it is, it is possible that we may be required to go through cybersecurity review by the CAC.

It remains unclear as to how mainland China regulations may further evolve, how mainland China’s governmental authorities will regulate overseas listing in general and whether we will be required to obtain any specific regulatory approvals from, or complete any filing procedures with, the CSRC, the CAC or any other mainland China’s governmental authorities for our offerings outside mainland China. Therefore, there can be no assurance that we will not be required to apply for a cybersecurity review pursuant to the Measures for Cybersecurity Review or a data security assessment pursuant to the Measures for Security Assessment of Cross-Border Data Transfer. To the extent any cybersecurity review or data security assessment is required, we cannot assure you that we will be able to complete it in a timely manner, or at all, and such approvals may be rescinded even if obtained. As of the date of this annual report, we have not been subject to any cybersecurity review under the Measures for Cybersecurity Review or data security assessment pursuant to the Measures for Security Assessment of Cross-Border Data Transfer.

5

If we fail to obtain the relevant approval or complete other filing or review procedures for our operations and/or any future offshore offering or listing, we may face sanctions by the CSRC or other regulatory authorities of mainland China, which may include warnings, fines, suspension of business to rectify, revocation of licenses, cancellation of filings, shutdown of our platform or even criminal liability, limitations on our operating privileges in mainland China, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in mainland China, restrictions on or delays to our future financing transactions outside mainland China, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ADSs. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Our business is subject to complex and evolving laws and regulations across the globe regarding cybersecurity, information security, privacy and data protection. Many of these laws and regulations are subject to interpretation, and any failure or perceived failure to comply with these laws and regulations could result in claims, changes to our business practices, negative publicity, legal proceedings, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Jurisdictions We Operate—The approval of and the filing with the CSRC or other government authorities of mainland China may be required in connection with our offerings and financing activities outside mainland China in the future under the laws of mainland China, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing”

For our operations in mainland China, we also face risks associated with oversight on cybersecurity and data privacy and anti-monopoly regulatory actions. These may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline or become worthless. Risks and uncertainties arising from the legal system in mainland China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in mainland China, could result in a material adverse change in our operations in mainland China and the value of our ADSs.

Cash and Asset Flows through Our Organization

JOYY Inc. is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries, the variable interest entities and their subsidiaries incorporated under the laws of various jurisdictions where we have business presence. As a result, JOYY Inc.’s ability to pay dividends depends upon dividends paid by our subsidiaries, which may be subject to restrictions imposed by the applicable laws and regulations in these jurisdictions. In certain jurisdictions, such as Singapore, there are currently no foreign exchange regulations which regulate the ability of our subsidiaries in these jurisdictions to distribute dividends to us. However, the relevant regulations may change and the ability of these subsidiaries to distribute dividends to us may be restricted in the future. As for the jurisdiction of mainland China, under the laws and regulations thereof, if our existing subsidiaries in mainland China or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in mainland China are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under the laws and regulations of mainland China, each of our subsidiaries and the variable interest entities in mainland China is required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies. For more details, see “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Holding Company Structure.”

We have established stringent controls and procedures for cash flows within our organization. Each transfer of cash between our Cayman Islands holding company and our subsidiaries, the variable interest entities or the subsidiaries of the variable interest entities is subject to internal approval. The cash inflows of the Cayman Islands holding company were primarily generated from the proceeds we received from our public offerings of common shares, our offerings of convertible senior notes and other financing activities.

6

Under the laws and regulations of mainland China, JOYY Inc. may provide funding to its subsidiaries in mainland China only through capital contributions or loans, and to the variable interest entities only through loans, subject to satisfaction of applicable government registration and approval requirements. Currently, there is no statutory limit to the amount of funding that we can provide to our subsidiaries in mainland China through capital contributions. However, the maximum amount we can loan to our subsidiaries and the variable interest entities in mainland China is subject to statutory limits. According to the current laws and regulations of mainland China, we can provide funding to our subsidiaries in mainland China through loans of up to either (i) the amount of the difference between the respective registered total investment amount and registered capital of each of our subsidiaries in mainland China, or (ii) two times, or the then applicable statutory multiple, the amount of their respective net assets, calculated in accordance with PRC GAAP, at our election. We may also fund the variable interest entities through cross-border loans and the maximum amount would be their respective limits calculated based on net assets. Increasing the difference between the respective registered total investment amount and registered capital of our subsidiaries in mainland China is subject to governmental procedures and may require a subsidiary in mainland China to increase its registered capital at the same time. If we choose to make a loan to an entity in mainland China based on its limit calculated based on net assets, the maximum amount we would be able to loan to the relevant entity in mainland China would depend on the relevant entity’s net assets and the applicable statutory multiple at the time of calculation. For details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Jurisdictions We Operate—Regulations of mainland China in relation to offshore investment activities by mainland China residents and direct investment and loans by offshore holding companies to entities in mainland China may delay or limit our ability to effectively use the proceeds of our offshore financing activities.”

For the years ended December 31, 2021, 2022 and 2023, JOYY Inc., through its intermediate holding companies, provided capital contributions of US$7.8 million, US$8.7 million and US$20.0 million, respectively, to our subsidiaries in mainland China.

For the years ended December 31, 2021, 2022 and 2023, JOYY Inc. did not provide any loan to our intermediate holding companies and subsidiaries, and received repayments of US$723.3 million, US$365.5 million and US$622.2 million, respectively.

For the years ended December 31, 2021, 2022 and 2023, cash paid by the variable interest entities to our subsidiaries for the settlement of technical support fees and software transactions were US$114.6 million, US$109.7 million and US$86.1 million, respectively. For the years ended December 31, 2021, 2022 and 2023, cash received by the variable interest entities from our subsidiaries were US$129.4 million, US$9.7 million and US$14.5 million, respectively, as the revenues earned from our subsidiaries. In the future, to the extent there is any fee owed to our subsidiaries in mainland China under the contractual arrangements with the variable interest entities, the variable interest entities intend to settle it.

For the years ended December 31, 2021, 2022 and 2023, the variable interest entities’ cash flows for investing activities provided to our subsidiaries were net cash outflows of US$35.6 million, US$194.1 million and US$129.1 million, respectively. For the years ended December 31, 2021, 2022 and 2023, the variable interest entities’ cash flows for financing activities provided by our subsidiaries were net cash inflows of US$5.4 million, US$32.8 million and US$0.5 million, respectively.

For the years ended December 31, 2021, 2022 and 2023, no assets other than cash were transferred between the Cayman Islands holding company and a subsidiary, a variable interest entity or its subsidiary within our corporate structure, and no subsidiaries paid dividends or made other distributions to JOYY Inc. For details of the financial position, cash flows and results of operations of the variable interest entities, see “—Financial Information Related to the Variable Interest Entities” and Note 4(a) to our audited consolidated financial statements included elsewhere in this annual report.

7

Under laws and regulations of mainland China, our subsidiaries and the variable interest entities in mainland China are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by the State Administration of Foreign Exchange, or SAFE. Current regulations of mainland China permit our subsidiaries in mainland China to pay dividends to us only out of their accumulated after-tax profits upon satisfaction of relevant statutory condition and procedures, if any, determined in accordance with PRC accounting standards and regulations. In addition, each of our subsidiaries in mainland China is required to set aside at least 10% of its accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. As of December 31, 2023, appropriations to statutory reserves amounting to US$37.7 million were made by our subsidiaries in mainland China and the variable interest entities. These reserves are not distributable as cash dividends. Furthermore, if our subsidiaries and the variable interest entities in mainland China incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us, which may restrict our ability to satisfy our liquidity requirements. In addition, the PRC Enterprise Income Tax Law and its implementation rules provide that withholding tax rate of 10% will be applicable to dividends payable by companies in mainland China to non-mainland-China-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the mainland China’s central government and governments of other countries or regions where the non-mainland-China-resident enterprises are incorporated. For details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Jurisdictions We Operate—Our subsidiaries and the variable interest entities in mainland China are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements.” As of the date of this annual report, the majority of our revenue and operating cash are currently generated from subsidiaries outside of mainland China, and our reliance on dividends from subsidiaries in mainland China is limited. However, uncertainties remain as to whether YY Live will be returned to us for re-consolidation due to Baidu’s purported termination of the share purchase agreement in connection with the sale of YY Live. If revenue contribution by business operations in mainland China increases due to the re-consolidation of YY Live, we will be exposed to additional risks relating to heightened reliance on our subsidiaries and the variable interest entities in mainland China.

For the years ended December 31, 2021, 2022 and 2023, JOYY Inc. declared and distributed cash dividends in accordance with its three-year quarterly dividend policies adopted in 2020. The quarterly dividend policies both expired and we paid dividends in a net aggregate amount of US$454.8 million in accordance with these quarterly dividend policies. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information-Dividend Policy.” For the material Cayman Islands, Singapore, mainland China and U.S. federal income tax consequences of an investment in our ADSs or common shares, see “Item 10. Additional Information—E. Taxation.”

Financial Information Related to the Variable Interest Entities

The following table presents the condensed consolidating schedule of financial information of JOYY Inc., the variable interest entities, the primary beneficiaries of the variable interest entities, and other equity subsidiaries for the periods and as of the dates presented.

8

Selected Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Data

For the Year Ended December 31, 2023

Primary

VIEs and

Equity

Beneficiaries

VIEs’

    

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Inter-company revenues(1)

11,049

206,984

54,280

(272,313)

Third-party revenues

1,966,201

264

301,405

2,267,870

Total revenue

1,977,250

207,248

355,685

(272,313)

2,267,870

Total cost and operating expenses

(2,423)

 

(1,987,387)

 

(177,582)

 

(354,306)

 

279,115

 

(2,242,583)

Share of income of subsidiaries/VIEs(2)

231,834

 

109,238

 

22,974

 

 

(364,046)

 

Others, net

74,208

 

142,958

 

56,231

 

12,044

 

(22,751)

 

262,690

Income before income tax

303,619

 

242,059

 

108,871

 

13,423

 

(379,995)

 

287,977

Income tax (expense) benefits

 

(23,556)

 

367

 

4,333

 

 

(18,856)

Share of (loss) income in equity method investments, net of income taxes

(1,803)

 

(112)

 

 

5,212

 

 

3,297

Net income from continuing operations

301,816

 

218,391

 

109,238

 

22,968

 

(379,995)

 

272,418

Net loss from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders

 

29,392

 

 

6

 

 

29,398

Net income from continuing operations attributable to controlling interest of JOYY Inc.

301,816

 

247,783

 

109,238

 

22,974

 

(379,995)

 

301,816

Net income from discontinued operations attributable to controlling interest of JOYY Inc.

 

 

 

 

 

Net income attributable to controlling interest of JOYY Inc.

 

 

 

 

 

301,816

For the Year Ended December 31, 2022

Primary

VIEs and

Equity

Beneficiaries

VIEs’

    

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

 Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Inter-company revenues(1)

20,524

221,628

54,587

(296,739)

Third-party revenues

1,930,532

2,328

478,656

2,411,516

Total revenue

1,951,056

223,956

533,243

(296,739)

2,411,516

Total cost and operating expenses

(3,212)

 

(1,908,859)

 

(221,141)

 

(547,931)

 

302,857

 

(2,378,286)

Share of income of subsidiaries/VIEs(2)

586,900

 

62,332

 

37,360

 

 

(686,592)

 

Others, net

(12,963)

 

562,107

 

22,149

 

45,801

 

(15,750)

 

601,344

Income before income tax

570,725

 

666,636

 

62,324

 

31,113

 

(696,224)

 

634,574

Income tax (expense) benefits

 

(27,178)

 

8

 

(7,405)

 

 

(34,575)

Share of (loss) income in equity method investments, net of income taxes

(441,834)

 

(70,255)

 

 

13,658

 

 

(498,431)

Net income from continuing operations

128,891

 

569,203

 

62,332

 

37,366

 

(696,224)

 

101,568

Net loss (income) from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders

 

27,329

 

 

(6)

 

 

27,323

Net income from continuing operations attributable to controlling interest of JOYY Inc.

128,891

 

596,532

 

62,332

 

37,360

 

(696,224)

 

128,891

Net income from discontinued operations attributable to controlling interest of JOYY Inc.

 

 

 

 

 

Net income attributable to controlling interest of JOYY Inc.

 

 

 

 

 

128,891

9

For the Year Ended December 31, 2021

Primary

VIEs and

Equity

Beneficiaries

VIEs’

    

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Inter-company revenues(1)

13,995

239,595

109,618

(363,208)

Third-party revenues

2,170,655

925

447,471

2,619,051

Total revenue

2,184,650

240,520

557,089

(363,208)

2,619,051

Total cost and operating expenses

(2,176,663)

(264,414)

(701,686)

391,694

(2,751,069)

Share of loss of subsidiaries/VIEs(2)

(117,603)

(134,745)

(104,447)

356,795

Others, net

(6,068)

 

26,408

 

18,016

 

22,680

 

(6,607)

 

54,429

Loss before income tax

(123,671)

 

(100,350)

 

(110,325)

 

(121,917)

 

378,674

 

(77,589)

Income tax (expense)

 

(13,222)

 

(8,289)

 

(4,234)

 

 

(25,745)

Share of income (loss) in equity method investments, net of income taxes

7,811

 

(37,887)

 

 

3,859

 

 

(26,217)

Net loss from continuing operations

(115,860)

 

(151,459)

 

(118,614)

 

(122,292)

 

378,674

 

(129,551)

Net loss from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders

 

11,977

 

 

1,714

 

 

13,691

Net loss from continuing operations attributable to controlling interest of JOYY Inc.

(115,860)

 

(139,482)

 

(118,614)

 

(120,578)

 

378,674

 

(115,860)

Net income from discontinued operations attributable to controlling interest of JOYY Inc.

 

 

 

 

 

35,567

Net loss attributable to controlling interest of JOYY Inc.

 

 

 

 

 

(80,293)

Notes:

(1)Represents the elimination of the intercompany transaction and service charge at the consolidation level. The VIEs recognized inter-company cost of revenues and operating expenses in the amounts of US$35.9 million, US$55.8 million and US$25.8 million for the years ended December 31, 2021, 2022 and 2023, respectively, for technical support services.
(2)Represents the elimination of investments among JOYY Inc., the primary beneficiaries of VIEs, the other subsidiaries, and VIEs and their subsidiaries that we consolidate.

10

Selected Condensed Consolidating Balance Sheets Data

    

As of December 31, 2023

Primary

VIEs and

Equity

Beneficiaries

VIEs’

   

JOYY Inc.

   

Subsidiaries

   

of VIEs

   

subsidiaries

   

Eliminations

   

Consolidated

(US$ in thousands)

Assets

  

  

  

  

  

  

Cash and cash equivalents

99,074

815,095

89,305

60,482

1,063,956

Restricted cash

314,514

1,239

3,497

319,250

Short-term deposits

 

1,596,592

 

18,355

 

355,399

 

 

1,970,346

Restricted short-term deposits

 

57,243

 

 

 

 

57,243

Short-term investments

87,331

 

179,044

 

 

8,471

 

 

274,846

Accounts receivable

 

129,029

 

22

 

1,649

 

 

130,700

Prepayments and other current assets

344

 

159,357

 

4,015

 

91,773

 

 

255,489

Amounts due from Group companies(1)

428,813

 

70,554

 

470,477

 

822,281

 

(1,792,125)

 

Investments in subsidiaries/VIEs(2)

4,957,710

 

2,335,728

 

1,900,940

 

 

(9,194,378)

 

Long-term investments

 

143,888

 

 

400,654

 

 

544,542

Long-term deposits

 

130,000

 

 

 

 

130,000

Property, plant and equipment, net

 

23,902

 

74,752

 

292,032

 

(5)

 

390,681

Land use rights, net

 

 

 

316,070

 

 

316,070

Intangible assets, net

 

336,826

 

4,063

 

40,436

 

(47,610)

 

333,715

Goodwill

 

2,649,281

 

 

 

 

2,649,281

Other assets

23,839

5,098

18,809

47,746

Total assets

 

 

 

 

 

8,483,865

Liabilities and shareholders’ equity Liabilities

 

 

 

 

 

Convertible bonds

405,603

 

 

 

 

 

405,603

Deferred tax liabilities

 

43,515

 

 

10,440

 

 

53,955

Accounts payable

 

19,831

 

91

 

46,833

 

 

66,755

Deferred revenue

 

74,849

 

216

 

11,540

 

 

86,605

Income taxes payable

8,977

 

51,673

 

3,963

 

21,487

 

 

86,100

Accrued liabilities and other current liabilities

2,006

 

2,273,579

 

36,301

 

69,303

 

 

2,381,189

Amounts due to Group companies(1)

 

1,328,466

 

186,997

 

285,047

 

(1,800,510)

 

Other liabilities

 

24,010

 

4,970

 

62,529

 

 

91,509

Total liabilities

3,171,716

Mezzanine equity

 

22,133

 

 

 

 

22,133

Shareholders’ equity

Total JOYY Inc.’s shareholders’ equity

5,156,686

 

4,996,940

 

2,335,728

 

1,900,940

 

(9,233,608)

 

5,156,686

Non-controlling interests

 

129,896

 

 

3,434

 

 

133,330

Total shareholders’ equity

5,156,686

 

5,126,836

 

2,335,728

 

1,904,374

 

(9,233,608)

 

5,290,016

Total liabilities, mezzanine equity and shareholders’ equity

 

  

 

  

 

  

 

  

 

8,483,865

11

    

  As of December 31, 2022

Primary

VIEs and

Equity

Beneficiaries of

VIEs’

   

JOYY Inc.

   

Subsidiaries

   

VIEs

   

Subsidiaries

   

Eliminations

   

Consolidated

(US$ in thousands)  

Assets

  

  

  

  

  

  

Cash and cash equivalents

40,369

890,731

35,852

247,497

1,214,449

Restricted cash

 

297,131

 

 

6,239

 

 

303,370

Short-term deposits

50,000

 

1,933,877

 

14,358

 

362,310

 

 

2,360,545

Restricted short-term deposits

 

47,741

 

 

 

 

47,741

Short-term investments

86,150

 

196,675

 

43,707

 

36,108

 

 

362,640

Accounts receivable

 

112,075

 

22

 

5,830

 

 

117,927

Prepayments and other current assets

15,663

 

136,122

 

6,560

 

77,838

 

 

236,183

Amounts due from Group companies(1)

1,051,001

 

2,882

 

363,235

 

476,689

 

(1,893,807)

 

Investments in subsidiaries/VIEs(2)

4,631,368

 

2,302,101

 

1,916,108

 

 

(8,849,577)

 

Long-term investments

168,230

 

136,913

 

 

355,261

 

 

660,404

Property, plant and equipment, net

 

40,258

 

81,362

 

221,614

 

(33)

 

343,201

Land use rights, net

 

 

 

330,005

 

 

330,005

Intangible assets, net

 

375,249

 

5,861

 

49,016

 

(31,826)

 

398,300

Goodwill

 

2,649,307

 

 

 

 

2,649,307

Other assets

 

28,948

 

6,255

 

12,378

 

 

47,581

Total assets

 

 

 

 

 

9,071,653

Liabilities and shareholders’ equity Liabilities

 

 

 

 

 

Convertible bonds

836,260

 

 

 

 

 

836,260

Deferred tax liabilities

52,009

12,253

64,262

Accounts payable

26,333

81

29,586

56,000

Deferred revenue

75,364

335

20,080

95,779

Income taxes payable

12,986

29,387

10,376

25,354

78,103

Accrued liabilities and other current liabilities

15,308

2,217,220

42,172

85,302

2,360,002

Amounts due to Group companies(1)

1,736,600

89,509

67,698

(1,893,807)

Other liabilities

10

29,996

28,746

19,763

78,515

Total liabilities

3,568,921

Mezzanine equity

91,366

91,366

Shareholders’ equity

Total JOYY Inc.’s shareholders’ equity

5,178,217

4,663,227

2,302,101

1,916,108

(8,881,436)

5,178,217

Non-controlling interests

228,508

4,641

233,149

Total shareholders’ equity

5,178,217

4,891,735

2,302,101

1,920,749

(8,881,436)

5,411,366

Total liabilities, mezzanine equity and shareholders’ equity

9,071,653

Notes:

(1)Represents the elimination of intercompany balances among JOYY Inc., the primary beneficiaries of VIEs, the other subsidiaries, and the VIEs and their subsidiaries that we consolidate.
(2)Represents the elimination of investments among JOYY Inc., the primary beneficiaries of VIEs, the other subsidiaries, and VIEs and their subsidiaries that we consolidate.

12

Selected Condensed Consolidating Cash Flows Data

    

For the Year Ended December 31, 2023

Primary

VIEs and

Equity 

 Beneficiaries

VIEs’

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

 Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Net cash (used in) provided by transactions with external parties

(656)

450,433

(213,163)

58,965

295,579

Net cash (used in) provided by transactions with intra-Group entities

 

(20,026)

 

51,914

 

(31,888)

 

 

Net cash (used in) provided by continuing operating activities(1)

(656)

 

430,407

 

(161,249)

 

27,077

 

 

295,579

Net cash provided by (used in) transactions with external parties

269,313

 

190,691

 

42,729

 

(82,360)

 

 

420,373

Net cash provided by (used in) transactions with intra-Group entities

 

(644,513)

 

77,255

 

(129,111)

 

696,369

 

Net cash provided by (used in) continuing investing activities(1)

269,313

 

(453,822)

 

119,984

 

(211,471)

 

696,369

 

420,373

Net cash (used in) provided by transactions with external parties

(832,140)

 

(22,230)

 

15,456

 

(2,831)

 

 

(841,745)

Net cash provided by (used in) transactions with intra-Group entities

622,188

 

(7,477)

 

81,141

 

517

 

(696,369)

 

Net cash (used in) provided by continuing financing activities(1)

(209,952)

 

(29,707)

 

96,597

 

(2,314)

 

(696,369)

 

(841,745)

    

For the Year Ended December 31, 2022

Primary

VIEs and

Equity 

 Beneficiaries

VIEs’

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Net cash (used in) provided by transactions with external parties

(3,949)

456,134

(230,750)

95,059

316,494

Net cash (used in) provided by transactions with intra-Group entities

 

(12,588)

 

59,743

 

(47,155)

 

 

Net cash (used in) provided by continuing operating activities(1)

(3,949)

 

443,546

 

(171,007)

 

47,904

 

 

316,494

Net cash provided by (used in) transactions with external parties

49,963

 

(521,706)

 

3,858

 

(42,399)

 

 

(510,284)

Net cash used in transactions with intra-Group entities

 

(372,005)

 

(44,222)

 

(194,107)

 

610,334

 

Net cash provided by (used in) continuing investing activities (1)

49,963

 

(893,711)

 

(40,364)

 

(236,506)

 

610,334

 

(510,284)

Net cash (used in) provided by transactions with external parties

(371,740)

 

17,045

 

32,032

 

754

 

 

(321,909)

Net cash provided by transactions with intra-Group entities

365,480

 

106,413

 

105,688

 

32,753

 

(610,334)

 

Net cash (used in) provided by continuing financing activities (1)

(6,260)

 

123,458

 

137,720

 

33,507

 

(610,334)

 

(321,909)

13

    

For the Year Ended December 31, 2021

Primary

VIEs and

Equity 

 Beneficiaries

VIEs’

JOYY Inc.

    

Subsidiaries

    

of VIEs

    

 Subsidiaries

    

Eliminations

    

Consolidated

(US$ in thousands)

Net cash provided by (used in) transactions with external parties

393,061

(400,649)

153,715

146,127

Net cash (used in) provided by transactions with intra-Group entities

 

(302,728)

 

225,409

 

77,319

 

 

Net cash provided by (used in) continuing operating activities (1)

 

90,333

 

(175,240)

 

231,034

 

 

146,127

Net cash (used in) provided by discontinued operating activities

 

(1,404)

 

37,207

 

28,486

 

 

64,289

Net cash provided by (used in) operating activities

 

88,929

 

(138,033)

 

259,520

 

 

210,416

Net cash (used in) provided by transactions with external parties

(104,264)

 

(978,039)

 

65,334

 

170,112

 

 

(846,857)

Net cash (used in) provided by transactions with intra-Group entities

 

(758,196)

 

47,051

 

(35,559)

 

746,704

 

Net cash (used in) provided by continuing investing activities (1)

(104,264)

 

(1,736,235)