The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.


		Carrying amount				Fair value
	Note	FVTPL	FVOCI	Amortized cost	Total	Level 1	Level 2	Level 3	Total
		$	$	$	$	$	$	$	$
(in $ millions)
June 30, 2025
Financial assets
Debt investments	4	684	108	1,247	2,039	174	502	116	792
Equity investments	4	213	—	—	213	106	—	107	213
Time deposits	4	—	—	1,714	1,714
Trade and other receivables		—	—	262	262
Loan receivables in the financial services segment		—	—	708	708
Other assets		1	—	209	210	—	1	—	1
Cash and cash equivalents	5	—	—	3,880	3,880
Total		898	108	8,020	9,026	280	503	223	1,006
Financial liabilities
Convertible notes	7	(479)	—	(1,000)	(1,479)	—	—	(479)	(479)
Bank loans	7	—	—	(253)	(253)
Lease liabilities		—	—	(181)	(181)
Warrant liabilities		(10)	—	—	(10)	(10)	—	—	(10)
Trade payables and other liabilities		—	(162)	(868)	(1,030)	—	—	(162)	(162)
Deposits from customers in the banking business		—	—	(1,543)	(1,543)
Total		(489)	(162)	(3,845)	(4,496)	(10)	—	(641)	(651)


		Carrying amount				Fair value
	Note	FVTPL	FVOCI	Amortized cost	Total	Level 1	Level 2	Level 3	Total
		$	$	$	$	$	$	$	$
(in $ millions)
December 31, 2024
Financial assets
Debt investments	4	434	267	824	1,525	268	321	112	701
Equity investments	4	207	—	—	207	86	—	121	207
Time deposits	4	—	—	1,698	1,698
Trade and other receivables		—	—	206	206
Loan receivables in the financial services segment		—	—	536	536
Other assets		21	—	224	245	—	21	—	21
Cash and cash equivalents	5	—	—	2,964	2,964
Total		662	267	6,452	7,381	354	342	233	929
Financial liabilities
Bank loans	7	—	—	(206)	(206)
Lease liabilities	7	—	—	(158)	(158)
Warrant liabilities		(11)	—	—	(11)	(11)	—	—	(11)
Trade payables and other liabilities		(5)	(141)	(908)	(1,054)	—	—	(146)	(146)
Deposits from customers in the banking business		0	—	(1,225)	(1,225)
Total		(16)	(141)	(2,497)	(2,654)	(11)	—	(146)	(157)

The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used. The movement in fair value arising from reasonably possible changes to the significant unobservable inputs was assessed as not significant.

Valuation technique

Significant unobservable inputs

Inter-relationship between significant unobservable inputs

Assets

Debt investments

Broker prices/ Income approach

Risk-adjusted discount rate using Income approach

The estimated fair value would decrease (increase) if the discount rates were higher (lower).

Equity Investments

Market comparison technique

Adjusted market multiple

The estimated fair value would increase (decrease) if the adjusted market multiple were higher (lower).

Volatility rates

The estimated fair value would either increase or decrease if the volatility rate increases.

Liabilities

Put options issued to non-controlling interests

Income approach

Probability attributed to achieving certain milestones

The estimated fair value of the put liability would increase (decrease) if the probability attributed to achieving certain milestones were higher (lower).

Embedded derivative within the convertible notes

Income approach

Volatility rates

The estimated fair value would increase (decrease) if the expected volatility were higher (lower).


	Equity and debt investments	Put options issued to non-controlling interests	Embedded derivative of the Convertible Notes	Total
	$	$	$	$
(in $ millions)
At January 1, 2024	221	(123)	—	98
Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss	(13)	—	—	(13)
- Gain/(loss) included in OCI	—	1	—	1
Net purchases/ (issuances)	*	—	—	*
At June 30, 2024	208	(122)	—	86
At January 1, 2025	233	(146)	—	87
Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss	2	—	3	5
- Gain/(loss) included in OCI	—	(6)	—	(6)
Net purchases/ (issuances)	10	(10)	(482)	(482)
Transfer between Level 3 and Level 1	(22)	—	—	(22)
At June 30, 2025	223	(162)	(479)	(418)

The Group holds an investment in listed equity shares which has a fair value of $22 million as at June 30, 2025 (December 31, 2024: $19 million). The fair of value of this investment was previously categorized as Level 3 due to contractual restrictions on sale which have now been lifted, and with the shares now being valued at the published price quotation in an active market they are categorized as Level 1.