0001104659-24-060810 | 20-F | XBRL Viewer

Year Ended December 31,

Share options and restricted shares

Summary of Principal Accounting Policies - VIE Arrangements (Details)	12 Months Ended
	Dec. 31, 2023
Variable Interest Entity [Line Items]
Term of loan agreement	20 years
Term of each shareholder voting right proxy agreement	20 years
Automatic extended term of shareholder voting right proxy agreement	1 year
Minimum
Variable Interest Entity [Line Items]
Written notice for extension prior to expiration under shareholder voting right proxy agreement period	30 days
Beijing Leju \| Shanghai SINA Leju
Variable Interest Entity [Line Items]
Ownership interest (as a percent)	100.00%
Leju Hao Fang \| Shanghai Yi Yue
Variable Interest Entity [Line Items]
Ownership interest (as a percent)	100.00%
Beijing Jiajujiu \| Beijing Maiteng
Variable Interest Entity [Line Items]
Ownership interest (as a percent)	100.00%

Share-Based Compensation - Share Incentive Plan, Share Options, Binomial Model Assumptions (Details) - Leju Plan - $ / shares				1 Months Ended	12 Months Ended
	Dec. 01, 2022	Dec. 01, 2019	Dec. 01, 2016	Nov. 30, 2013	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation
Increase percentage of the then total outstanding shares on an as-converted fully diluted basis				5.00%
Number of ordinary shares increased	8,020,119	7,833,224	7,553,422
Expiration period		10 years
Maximum
Share-Based Compensation
Number of shares that may be issued as a percentage of total outstanding shares				8.00%
Share Options
Assumptions used in the binomial model
Risk-free rate of return (as a percent)							1.56%
Estimated volatility rate (as a percent)							72.06%
Dividend yield (as a percent)							0.00%
Share Options \| Group's employees
Share-Based Compensation
Options granted for purchase of shares					0	0	4,267,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							600,000
Expiration period							10 years
Award vesting period							3 years
Assumptions used in the binomial model
Contractual life of option							10 years
Share Options \| Minimum \| Group's employees
Share-Based Compensation
Exercise price of shares granted (in dollars per share)							$ 0.10
Share Options \| Maximum \| Group's employees
Share-Based Compensation
Exercise price of shares granted (in dollars per share)							$ 1.00
Restricted Shares
Share-Based Compensation
Restricted shares granted					0	0

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net

Schedule of intangible assets, net


			Weighted Average
			Remaining
			Amortization
	As of December 31,		Period in Years
	2022	2023
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	0.25
License agreements with SINA	80,660,000	80,660,000	0.25
Computer software licenses	1,841,885	139,394	0.94

Total intangible assets, gross	189,291,885	187,589,394	0.26

Less: Accumulated amortization
Advertising agency agreement with SINA	99,725,921	105,780,844
License agreements with SINA	75,405,899	79,909,416
Computer software licenses	1,701,890	109,064

Total accumulated amortization	176,833,710	185,799,324

Total intangible assets, net	12,458,175	1,790,070

Income Tax - Valuation Allowance, Tax Rate Reconciliation, Tax Holiday (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement of the valuation allowance
Balance at beginning of the year	$ (41,617,648)	$ (26,732,045)	$ (5,714,480)
Reversal/(Additions)	(8,158,994)	(17,978,965)	(20,905,451)	$ 8,158,994
Write-offs		138,479	393,251
Changes due to exchange rate translation	762,492	2,954,883	(505,365)
Balance at end of the year	$ (49,014,150)	$ (41,617,648)	$ (26,732,045)	$ (5,714,480)
Income Tax
Cumulative loss incurred period as significant piece of objective negative evidence evaluated	3 years
Reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes
PRC income tax rate	25.00%	25.00%	25.00%
Share based compensation expenses not deductible for tax purposes	(0.77%)	(0.45%)	(0.25%)
Other expenses not deductible for tax purposes	(0.03%)	0.30%	0.17%
Effect of tax holiday	(4.97%)	(5.15%)	(5.29%)
Effect of different tax rate of subsidiary operation in other jurisdiction	(0.68%)	(0.09%)	(2.00%)
Valuation allowance movement	(15.46%)	(8.17%)	(12.37%)
Withholding tax		0.48%	3.01%
Income tax rate (as a percent)	3.09%	11.92%	8.27%
Aggregate amount and per share effect of the tax holiday
The aggregate dollar effect	$ (2,862,485)	$ (5,247,214)	$ (8,646,324)
Per ADS effect-basic	$ (0.21)	$ (0.38)	$ (0.63)
Per ADS effect-diluted	$ (0.21)	$ (0.38)	$ (0.63)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Summary of future lease payments under operating leases


		As of December 31,
		2023
		$
2024		3,107,892
2025		2,915,730
2026		2,698,043
2027		2,854,051
2028		713,513
Then thereafter		—

Total future lease payments		12,289,229
Impact of discounting remaining lease payments		(1,283,109)

Total lease liabilities		11,006,120
Lease liabilities, current		3,026,771
Lease liabilities, non-current		7,979,349

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($)	Total Leju Holdings Limited Shareholders' Equity (Deficit)	Ordinary Shares	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (loss)	Subscription Receivable	Non-controlling Interests	Total
Balance at Dec. 31, 2020	$ 295,926,876	$ 136,326		$ 799,536,607	$ (498,000,567)	$ (5,695,204)	$ (50,286)	$ (1,141,916)	$ 294,784,960
Balance (in shares) at Dec. 31, 2020		136,326,020
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(150,933,535)				(150,933,535)			1,009,512	(149,924,023)
Share-based compensation	1,657,278			1,657,278					1,657,278
Vesting of restricted shares		$ 350		(350)
Vesting of restricted shares ( in shares)		349,999
Exercise of share options	258,311	$ 147		207,878			$ 50,286		258,311
Exercised ( in shares)		146,582
Disposal of non-controlling interest	75,333			75,333				(75,333)
Foreign currency translation adjustments	4,270,902					4,270,902		11,596	4,282,498
Balance at Dec. 31, 2021	151,255,165	$ 136,823		801,476,746	(648,934,102)	(1,424,302)		(196,141)	151,059,024
Balance (in shares) at Dec. 31, 2021		136,822,601
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(89,668,194)				(89,668,194)			(22,483)	(89,690,677)
Share-based compensation	1,824,367			1,824,367					1,824,367
Vesting of restricted shares		$ 350		(350)
Vesting of restricted shares ( in shares)		350,000
Foreign currency translation adjustments	(10,176,752)					(10,176,752)		(55,831)	(10,232,583)
Balance at Dec. 31, 2022	53,234,586	$ 137,173		803,300,763	(738,602,296)	(11,601,054)		(274,455)	$ 52,960,131
Balance (in shares) at Dec. 31, 2022		137,172,601							137,172,601
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(55,934,159)				(55,934,159)			161,587	$ (55,772,572)
Share-based compensation	1,765,781			1,765,781					1,765,781
Treasury Stock	(60,930)		$ (60,930)						(60,930)
Treasury Stock (in shares)			(52,334)
Vesting of restricted shares		$ 266		(266)
Vesting of restricted shares ( in shares)		266,668
Exercise of share options	39,998	$ 400		39,598					39,998
Exercised ( in shares)		399,980
Foreign currency translation adjustments	(218,765)					(218,765)		(9,538)	(228,303)
Balance at Dec. 31, 2023	$ (1,173,489)	$ 137,839	$ (60,930)	$ 805,105,876	$ (794,536,455)	$ (11,819,819)		$ (122,406)	$ (1,295,895)
Balance (in shares) at Dec. 31, 2023		137,839,249	(52,334)						137,839,249

Summary of Principal Accounting Policies - Various Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted cash
Restricted cash	$ 6,149,118	$ 4,270,695	$ 2,082,103
Amount frozen by court	6,149,118	4,139,950
Customer deposits
Expected credit loss attributable to customer deposits	3,206,238	3,878,996
Customer deposit	3,195,718	3,158,826
Allowance For Customer Deposits, Provisions	(613,238)	4,035,869	10,286,671
Impairment of long-lived assets
Impairment on long-lived assets	0	0
Revenue recognition
Total net revenues	316,854,430	343,182,184	534,116,970
Rebates given to real estate brokers	0
Contract assets, net	$ 0	0
Contracts of original duration of one year or less	false
Marketing and advertising expenses
Marketing and advertising expenses	$ 51,548,015	237,268,507	442,975,679
Commissions under commission coupons business
Real Estate Agent Commission Incurred	233,941,608	91,338,490	0
Foreign currency translation
Foreign exchange gain		1,217,262
Foreign exchange loss	74,190		431,686
Allowance for credit losses for accounts receivable and contract assets by each risk category
Allowance for credit losses for accounts receivable by risk category	103,977,555	111,848,582
Movement of the allowance for doubtful accounts for accounts receivable
Balance at beginning of the year	111,848,582	115,374,631	12,683,779
Provisions	(3,977,566)	9,148,173	101,172,959
Write offs	(2,079,499)	(2,665,754)	(600,847)
Changes due to foreign exchange	(1,813,962)	(10,008,468)	2,118,740
Balance at end of the year	103,977,555	111,848,582	115,374,631
Movement of the allowance for other receivables in prepaid expenses and other current assets
Balance at beginning of the year	555,963	150,770	335,386
Provisions/(reversal)	(184,361)	434,867	(190,200)
Changes due to foreign exchange	(7,722)	(29,674)	5,584
Balance at end of the year	363,880	555,963	150,770
Movement of the allowance for customer deposits
Balance at beginning of the year	3,878,996	10,259,195	3,480
Provisions	(613,238)	4,035,869	10,286,671
Write-offs		(10,216,240)
Changes due to foreign exchange	(59,520)	(199,828)	(30,956)
Balance at end of the year	3,206,238	3,878,996	10,259,195
Movement of the allowance for amount due from related parties
Balance at beginning of the year	743	1,175	3,188
Provisions/(reversal)	13,105,115	(346)	(2,034)
Changes due to foreign exchange	(110,183)	(86)	21
Balance at end of the year	12,995,675	743	1,175
Movement of the allowance for other non-current assets
Balance at beginning of the year	120,130	0
Provisions	(11,564)	124,995
Changes due to foreign exchange	(1,906)	(4,865)
Balance at end of the year	106,660	120,130	0
Details of the accounts receivable and contract assets
Allowance for credit losses	(103,977,555)	(111,848,582)	(115,374,631)
Pledged credit risk
Allowance for credit losses for accounts receivable and contract assets by each risk category
Allowance for credit losses for accounts receivable by risk category	2,119,799	2,354,182
High credit risk
Allowance for credit losses for accounts receivable and contract assets by each risk category
Allowance for credit losses for accounts receivable by risk category	99,692,281	105,189,074
Normal risk
Allowance for credit losses for accounts receivable and contract assets by each risk category
Allowance for credit losses for accounts receivable by risk category	2,165,475	4,305,326
Government subsidies
Government subsidies
Cash subsidies included in other operating income	147,773	297,663	560,394
E-commerce of discount coupons
Revenue recognition
Total net revenues	28,385,689	182,940,792	411,097,123
E-commerce of commission coupons
Revenue recognition
Total net revenues	237,748,379	95,522,903
E-commerce
Revenue recognition
Total net revenues	$ 266,134,068	278,463,695	411,097,123
Buildings
Property and equipment, net
Estimated useful lives	30 years
Motor vehicles
Property and equipment, net
Estimated useful lives	5 years
Real estate developers
Restricted cash
Restricted cash	$ 0	130,745
Minimum \| Furniture, fixtures and equipment
Property and equipment, net
Estimated useful lives	3 years
Maximum \| Furniture, fixtures and equipment
Property and equipment, net
Estimated useful lives	5 years
Nonrecurring
Fair value of financial instruments
Fair value of assets	$ 0	0	0
Fair value of liabilities	0	0	$ 0
Customer A
Movement of the allowance for doubtful accounts for accounts receivable
Balance at beginning of the year	88,285,716
Balance at end of the year	86,338,094	88,285,716
Details of the accounts receivable and contract assets
Accounts receivable, gross	86,338,094	88,285,716
Allowance for credit losses	$ (86,338,094)	$ (88,285,716)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (55,772,572)	$ (89,690,677)	$ (149,924,023)
Adjustments to reconcile net income (loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	12,030,029	12,582,314	13,369,416
Loss from equity in affiliates		17,089	13,871
Allowance for credit losses	8,318,386	13,743,558	111,267,396
Share-based compensation	1,765,781	1,824,367	1,657,278
Unrealized loss (gain) on marketable securities			1,722,700
Non-cash lease expenses	3,024,351	4,519,231	4,860,980
Interest expenses	1,534	51,972	9,147
Loss (income) on disposal of property, plant and equipment	1,309,239	29,844	(98,699)
Others	(87,842)		167,579
Changes in operating assets and liabilities:
Accounts receivable	5,294,754	24,213,386	61,918,496
Contract assets		1,603,704	458,775
Customer deposits	4,548,075	(6,614,821)	469,505
Amounts due from related parties	(29,509,912)	1,437,931	5,165,007
Marketable securities		1,185,893	1,369,581
Right-of-use assets	5,975,711	(53,555)	(2,604,610)
Prepaid expenses and other current assets	1,550,761	19,816,231	(17,241,261)
Other non-current assets	460,160	(258,462)	64,497
Accounts payable	(598,631)	(909,353)	(1,228,688)
Accrued payroll and welfare expenses	(5,673,703)	(8,174,397)	(7,872,273)
Income tax payable	(24,433,064)	(33,249,906)	(2,134,475)
Other tax payable	(2,615,300)	(7,783,636)	(3,271,899)
Amounts due to related parties	(3,308,074)	(2,827,332)	526,038
Lease liabilities, current	(2,011,025)	(543,852)	120,414
Other current liabilities and accrued expenses	(9,017,232)	(55,071,737)	(44,291,642)
Deferred tax assets	25,245,257	22,666,371	(9,569,781)
Deferred tax liabilities	(2,686,149)	(2,491,596)	(2,522,902)
Lease liabilities, non-current	(7,460,246)	(3,998,292)	(2,289,230)
Net cash used in operating activities	(73,649,712)	(107,975,725)	(39,888,803)
Investing activities:
Deposits for and purchases of property and equipment and intangible assets	(46,280)	(139,795)	(1,115,482)
Proceeds from disposal of property and equipment	2,627,334	146,147	797,174
Net cash provided by/(used in) investing activities	2,581,054	6,352	(318,308)
Financing activities:
Proceeds from exercise of options	39,998		258,311
Proceeds from short-term borrowings		746,990	784,230
Repayment for short-term borrowings	(717,915)	(746,990)
Payment for interests of short-term borrowings	(1,534)	(51,972)	(9,147)
Repurchase of shares	(60,930)
Net cash provided by/(used in) financing activities	(740,381)	(51,972)	1,033,394
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,486,476)	(16,725,828)	5,862,923
Net decrease in cash, cash equivalents and restricted cash	(73,295,515)	(124,747,173)	(33,310,794)
Cash, cash equivalents and restricted cash at the beginning of the year	127,648,729	252,395,902	285,706,696
Cash, cash equivalents and restricted cash at the end of the year	54,353,214	127,648,729	252,395,902
Supplemental disclosure of cash flow information:
Income taxes paid	454,376	141,144	1,358,100
Interest expenses paid	1,534	51,972	9,147
Non-cash information on lease liabilities arising from obtaining right-of-use assets	601,633	2,783,430	2,064,279
Non-cash investing and financing activities:
Additional paid in capital increased/(decreased) in connection with business disposal			75,333
Non-controlling interest recognized in connection with business disposal			(75,333)
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	48,204,096	123,378,034	250,313,799
Restricted cash	6,149,118	4,270,695	2,082,103
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 54,353,214	$ 127,648,729	$ 252,395,902

Repurchase of Shares (Details) - USD ($)		12 Months Ended
Repurchase of Shares (Details) - USD ($)	Nov. 14, 2023	Dec. 31, 2023
Repurchase of Shares
Repurchase of shares	$ 2,000,000	$ 60,930
Repurchase of shares (in shares)		52,334

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Principal Accounting Policies

Basis of presentation

(a) Basis of presentation

The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

Liquidity and going concern

(b ) Liquidity and going concern

The Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. As of December 31, 2023, the Group had cash and cash equivalents of $48.20 million and restricted cash of $6.15 million and working capital was negative 15.26 million. The Group also generated a loss from operations of $58.74 million and had operating cash outflows $73.65 million for the year then ended. the Group’s cash level as of December 31, 2023 may not be sufficient for operations for the next twelve months from the date of issuance of these consolidated financial statements. Starting from the period affected by the epidemic, there was a significant reduction in real estate transaction volumes as many of the Group’s developer clients had to close their project sales centers and showrooms for an extended period. This adversely affected the Group’s e-commerce services, and many real estate developers also scaled back online advertising expenditures. Although China began to modify the zero COVID-19 policy at the end of 2022, the economic environment and the real estate market in 2023 have not yet recovered. Customers still need time to recover from the economic effects of the pandemic, bringing significant uncertainty to the group’s future revenue.

These factors raise substantial doubt about the Group’s ability to continue as a going concern for the next twelve months from the date of issuance of these consolidated financial statements. Management’s plan to alleviate the substantial doubt about the Group’s ability to continue as a going concern includes attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis. The management plan cannot alleviate the substantial doubt of the Group’s ability to continue as a going concern. There can be no assurance that the Group will be successful in achieving its strategic plans, that the Group’s future capital raises will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Group is unable to raise sufficient financing or events or circumstances occur such that the Group does not meet its strategic plans, it would have a material adverse effect on the Group’s financial position, results of operations, cash flows, and ability to achieve its intended business objectives. The consolidated financial statements have been prepared assuming that the Group will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.

Basis of consolidation

The consolidated financial statements include the financial statements of Leju, its majority owned subsidiaries and its VIEs, Beijing Leju, Leju Hao Fang and Beijing Jiajujiu. All inter-company transactions and balances have been eliminated in consolidation.

The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE.

VIE arrangements

PRC regulations currently prohibit or restrict foreign ownership of companies that provide internet content and advertising services. To comply with these regulations, the Group provides such activities through its VIEs and their subsidiaries. To provide the Group effective control over and the ability to receive substantially all of the economic benefits of its VIEs and their subsidiaries, certain of the Company’s subsidiaries, Shanghai SINA Leju, Shanghai Yi Yue and Beijing Maiteng (collectively, the “Foreign Owned Subsidiaries”) entered into a series of contractual arrangements with Beijing Leju, Leju Hao Fang and Beijing Jiajujiu (collectively the “VIEs”) and their respective shareholders, respectively, as summarized below:


	Foreign Owned
Name of Foreign	Subsidiaries’
Owned	Economic Ownership
Subsidiaries	of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Leju Hao Fang	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

The VIEs hold the requisite licenses and permits necessary to conduct internet content and advertising services activities from which foreign ownership of companies are prohibited or restricted. In addition, the VIEs hold leases and other assets necessary to operate such business and generate a majority of the Group’s revenues.

Agreements that Transfer Economic Benefits of the VIEs to the Group

Exclusive Consulting and Technical Support Agreement. Pursuant to an exclusive consulting and technical support agreement between the Foreign Owned Subsidiaries and the respective VIEs, the Foreign Owned Subsidiaries provide the respective VIEs with a series of consulting and technical support services and are entitled to receive related fees. The term of this exclusive technical support agreement will expire upon dissolution of the VIEs. Unless expressly provided by this agreement, without prior written consent of the Foreign Owned Subsidiaries, the VIEs may not engage any third party to provide the services offered by the Foreign Owned Subsidiaries under this agreement.

Agreements that Provide Effective Control over VIEs

Exclusive Call Option Agreement. Each of the shareholders of the VIEs has entered into an exclusive call option agreement with the respective Foreign Owned Subsidiaries. Pursuant to these agreements, each of the shareholders of the VIEs has granted an irrevocable and unconditional option to the respective Foreign Owned Subsidiaries or their designees to acquire all or part of such shareholder’s equity interests in VIEs at its sole discretion, to the extent as permitted by PRC laws and regulations then in effect. The consideration for such acquisition of all equity interests in the VIEs will be equal to the registered capital of the VIEs, and if PRC law requires the consideration to be greater than the registered capital, the consideration will be the minimum amount as permitted by PRC law. In addition, the VIEs irrevocably and unconditionally granted the respective Foreign Owned Subsidiaries an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the assets of the VIEs. The exercise price for purchasing the assets of the VIEs will be equal to their respective book values, and if PRC law requires the price to be greater than the book value, the price will be the minimum amount as permitted by PRC law. The call option may be exercised by the respective Foreign Owned Subsidiaries or their designees.

Loan Agreement. Under the loan agreement among shareholders of the VIEs and the respective Foreign Owned Subsidiaries, each of the respective Foreign Owned Subsidiaries has granted an interest-free loan to the shareholders of the VIEs, solely for their purchase of the equity interest of the VIEs, investing or operating activities conducted in the VIEs. Each loan agreement will be due upon the earlier of twenty years from the date of execution or the expiration of the term of business of VIEs.

Shareholder Voting Right Proxy Agreement. Each of the shareholders of the VIEs has irrevocably granted any person designated by the respective Foreign Owned Subsidiaries the power to exercise all voting rights to which he will be entitled to as shareholder of the VIEs at that time, including the right to declare dividends, appoint and elect board members and senior management members and other voting rights.

Each shareholder voting right proxy agreement has a term of twenty years, unless it is early terminated by all parties in writing or pursuant to provision of this agreement. The term of the agreement will be automatically extended for one year upon the expiration, if the Foreign Owned Subsidiary gives the other parties written notice requiring the extension at least 30 days prior to expiration and the same mechanism will apply subsequently upon the expiration of each extended term.

Equity Pledge Agreement. Each of the shareholders of the VIEs has also entered into an equity pledge agreement with the respective Foreign Owned Subsidiaries. Pursuant to which these shareholders pledged their respective equity interest in the VIEs to guarantee the performance of the obligations of the VIEs. The Foreign Owned Subsidiaries, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Pursuant to the equity pledge agreement, each shareholder of the VIEs cannot transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their respective equity interest in the VIEs without the prior written consent of the respective Foreign Owned Subsidiaries. The equity pledge right enjoyed by the Foreign Owned Subsidiaries will expire when shareholders of the VIEs have fully performed their respective obligations under the above agreements. The equity pledges of the VIEs have been registered with the relevant local branch of the State Administration for Industry and Commerce, or SAIC.

Risks in relation to the VIE structure

The Company believes that the Foreign Owned Subsidiaries’ contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and the interests of the shareholders of the VIEs may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so.

The Company’s ability to control the VIEs also depends on the power of attorney, the Foreign Owned Subsidiaries have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership.

In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the Company may be subject to fines or other actions. The Company does not believe such actions would result in the liquidation or dissolution of the Company, the Foreign Owned Subsidiaries or the VIEs.

The Company, through its subsidiaries and through the contractual arrangements, has (1) the power to direct the activities of the VIEs that most significantly affect the entity’s economic performance and (2) the right to receive benefits from the VIEs. Accordingly, the Company is the primary beneficiary of the VIEs and has consolidated the financial results of the VIEs.

The following financial statement amounts and balances of the Group’s VIEs were included in the accompanying consolidated financial statements, after elimination of inter-company balances and transactions:


	As of December 31,
	2022	2023
	$	$
Cash and cash equivalents	90,795,643	22,838,932
Restricted cash	4,270,695	6,098,009
Accounts receivable, net	2,627,814	1,009,192
Customer deposits, net	3,860,127	60,075
Amounts due from related parties, net	2,289,594	18,750,385
Other current assets, net	4,007,633	2,792,808
Total current assets	107,851,506	51,549,401
Total non-current assets	47,690,614	18,002,672
Total assets	155,542,120	69,552,073
Accounts payable	653,700	36,210
Accrued payroll and welfare expenses	10,717,186	5,244,295
Other tax payable	8,684,712	6,654,473
Amounts due to related parties	668,153	1,496,517
Advances from customers	43,096,996	39,858,256
Lease liabilities, current	5,013,721	3,026,771
Accrued marketing and advertising expenses	29,533,704	27,027,664
Other current liabilities	10,317,192	6,955,252
Total current liabilities	108,685,364	90,299,438
Deferred tax liabilities	435,848	383,124
Lease liabilities, non-current	15,400,328	7,979,349
Total liabilities	124,521,540	98,661,911


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Total revenues	533,619,355	343,170,910	316,854,430
Cost of revenues	(47,730,331)	(24,394,266)	(16,773,390)
Net loss	(81,530,172)	(10,882,414)	(35,447,389)
Net cash used in operating activities	(41,427,975)	(93,191,543)	(65,797,108)
Net cash provided by/ (used in) investing activities	431,057	(73,872)	705,572
Net cash provided by/ (used in) financing activities	—	—	—

There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations or are restricted solely to settle the VIEs’ obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs.

Use of estimates

(d) Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Significant accounting estimates reflected in the Group’s financial statements include (i) revenue recognition, (ii) provision for credit losses of accounts receivable and contract assets, customer deposits, other receivables recorded in prepayments and other current assets and amounts due from related parties, (iii) assessment for impairment of long-lived assets, intangible assets and goodwill, (iv) fair value of financial instruments, (v) valuation and recognition of share-based compensation expenses, (vi) useful lives of property and equipment and intangible assets, (vii) and provision for income tax and valuation allowance for deferred tax assets.

Fair value of financial instruments

(e) Fair value of financial instruments

The Group records its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Assets measured at fair value on a recurring basis are comprised of marketable securities. The Group uses quoted price in active markets (Level 1) to determine the fair value of marketable securities.

There are no assets or liabilities measured at fair value on a nonrecurring basis in 2021, 2022 and 2023.

For cash and cash equivalents, restricted cash, accounts receivable, customer deposits, other receivables, accounts payable, other payables, and amounts due from/to related parties, the carrying value approximates its fair value due to its short-term nature.

Business combinations

(f) Business combinations

Business combinations are recorded using the purchase method of accounting and, accordingly, the acquired assets and liabilities are recorded at their fair market value at the date of acquisition. Any excess of acquisition cost over the fair value of the acquired assets and liabilities, including identifiable intangible assets, is recorded as goodwill.

Cash and cash equivalents

(g) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Restricted cash

(h) Restricted cash

Any cash that is legally restricted from use is classified as restricted cash. As of December 31, 2022 and 2023, the restricted cash balances represent (i) $130,745 and nil, which related to collection and payment as a service for real estate developers. The withdrawal of the cash in bank is required to be pre-approved by real estate developers. (ii) $4,139,950 and $6,149,118, which was the full dispute amount and estimated maximum damages of certain law suits, was frozen by the courts for law suits related and accounted for as restricted bank balances.

Marketable securities

(i) Marketable securities

Marketable securities include securities that are classified as trading securities. Trading securities represent equity securities that are bought and held principally for the purpose of selling them in the near term, and they are reported at fair value, with both unrealized and realized gains and losses reported as other income (loss). The fair value of marketable securities is based upon the quoted price in an active market for identical instruments (Level 1).

Customer deposits

(j) Customer deposits

The Group provides online real estate e-commerce services for its developer customers. Some real estate developers require the Group to pay an upfront and refundable deposit to obtain the exclusive right to provide e-commerce services for a real estate development project. These deposits are refunded to the Group subject to certain pre-determined criteria specified in the deposit agreement. Customer deposits are recorded as either current or non-current assets based on the Group’s estimate of the date of refund. As of December 31, 2022 and 2023, the Group recognized $3,878,996 and $3,206,238 for expected credit loss against customer deposits which is mainly attributable to overdue customer deposits of $3,158,826 and $3,195,718.

Investment in affiliates

(k) Investment in affiliates

Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% in common stock or higher to represent a presumption that they are able to exert significant influence.

Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company.

The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. As of December 31, 2022 and 2023, the Group determined that no such events were presented. The Group did not record any impairment losses in any of the periods reported.

Leases

(l) Leases

On January 1, 2019, the Group adopted ASU No. 2016-02, Leases (Topic 842), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

The Group elected to apply practical expedients permitted under the transition method that allow the Group to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of twelve months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Group used modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Group determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate as the discount rate for the lease. The Group’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The Group’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the right-of-use assets and lease liability when it is reasonably certain that the Group will exercise that option.

Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Property and equipment, net

(m) Property and equipment, net

Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives:


Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Gains and losses from the disposal of property and equipment are included in income (loss) from operations.

Intangible assets, net

(n) Intangible assets, net

Acquired intangible assets mainly consist of the advertising agency agreement and license agreements with SINA, customer relationships, and database license are recorded at fair value on the acquisition date. All intangible assets, with the exception of customer relationships, are amortized ratably over the contract period. Intangible assets resulting out of acquired customer relationships are amortized based on the timing of the revenue expected to be derived from the respective customer.

Impairment of long-lived assets

(o) Impairment of long-lived assets

The Group evaluates its long-lived assets, such as fixed assets and purchased or acquired intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC subtopic 360-10, Property, Plant and Equipment: Overall (“ASC 360-10”). When these events occur, the Group assesses the recoverability of the long-lived assets by comparing the carrying amount of the assets to future undiscounted net cash flow 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 Group will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the assets. Impairment of long-lived assets were nil and nil as of December 31, 2022 and 2023, respectively.

Income taxes

(p) Income taxes

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities, and their reported amounts in the financial statements, net operating loss carry-forwards and credits by applying enacted statutory tax rates applicable to future years when the reported amounts of the asset or liability are expected to be recovered or settled, respectively. Deferred tax assets are reduced by a valuation allowance 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. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Group only recognizes tax benefits related to uncertain tax positions when such positions are more likely than not of being sustained upon examination. For such positions, the amount of tax benefit that the Group recognizes is the largest amount of tax benefit that is more than fifty percent likely of being sustained upon the ultimate settlement of such uncertain position. The Group records interest and penalties as a component of income tax expense.

Share-based compensation

(q) Share-based compensation

Share-based compensation expense is measured on the grant date of the share award, based on the fair value of the award, and recognized as an expense over the requisite service period. Management has made an estimate of expected forfeitures and recognizes compensation cost only for those equity awards expected to vest.

Treasury stock

(r) Treasury stock

The Group accounted for those shares repurchased as treasury stock at cost of purchase, treasury stock, and is shown separately in the shareholders’ equity as the Group has not yet decided on the ultimate disposition of those shares acquired. When the Group decides to cancel the treasury stock, the difference between the original issuance price and the repurchase price is recognized as additional paid - in capital.

Revenue recognition

(s) Revenue recognition

The Group generates real estate online revenues principally from e-commerce, online advertising, and listing services and enters into separate contracts with its customers under each revenue stream. Revenues are recorded, after considering reductions by estimates for refund allowances and sales related taxes.

The Group has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 on January 1, 2018 and has elected to apply it retrospectively for the year ended December 31, 2018.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps:

●	Step 1: Identify the contract(s) with a customer

●	Step 2: Identify the performance obligations in the contract

●	Step 3: Determine the transaction price

●	Step 4: Allocate the transaction price to the performance obligations in the contract

●Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

China’s real estate industry experienced a steep downturn since the second half of 2021 and many real estate developers faced severe operational challenges. This had a direct and negative impact on the Group’s online advertising and e-commerce businesses. Due to the continuous decline of the real estate industry, the recoverable amount and time of some customers’ transaction consideration cannot be reasonably expected. Since January 1, 2022, the Group has not recognized the revenue from such customers until the actual receipt of the transaction consideration.

E-commerce of discount coupons

The Group offers individual property buyers discount coupons that enable them to purchase specified properties from real estate developers at discounts greater than the face value of the fees charged by the Group. Discount coupons are collected initially upfront from the property buyers and are refundable at any time before they are used to purchase the specified properties. As such, these fees are recorded as advance from customers in the Group’s consolidated balance sheets. In this context, the Group determines its customers to be individual property buyers and has identified one single performance obligation to be the sale of discount coupons. The Group determines the sale of discount coupons to be satisfied at a point in time only when confirmation letters are obtained from its customers or developers that prove the use of the coupons. The transaction price is the discount coupon fees charged by the Group which is fixed in the contract with individual property buyers.

E-commerce of commission coupons

The Group issues commission coupons and provides an information platform to individual brokers on which they can provide information about potential individual property buyers to specific listings of real estate developers with whom the Group works. As long as the potential buyers who were referred by individual brokers reach a specific sale with the real estate developer, the individual brokers would redeem the commission coupons for the successful referrals, the group could earn the commission from the developer for the successful referrals. In this case, the Group has identified its clients as real estate developers and has identified a single performance obligation to provide the developer with successful referrals of the property purchases. The Group will recognize service revenue at a certain point in time when the obligations were fulfilled which were confirmed by real estate developers. Any commissions and other payments received in advance will be deferred until the obligations are fulfilled. The transaction price is the commission charged by the Group and is fixed in the confirmation letter. The Group will pay commissions for the individual brokers’ successful referrals only after the redemption of the commission coupons and the confirmation of the successful referrals of properties from real estate developers. The Group has the discretion to determine the amount of commission paid for the individual brokers’ successful referrals.

Set out below is the disaggregation of the Group’s revenue from E-commerce:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
E-commerce of discount coupons	411,097,123	182,940,792	28,385,689
E-commerce of commission coupons	—	95,522,903	237,748,379

Total revenue from E-commerce	411,097,123	278,463,695	266,134,068

Online advertising

In respect of the online advertising services, the Group mainly provides comprehensive advertisement placement services to the advertisers (i.e., property developers) through a packaged online cross-media and cross-platform product portfolio, including those owned by the Group and other independent outlets.

Management considers the Group acts as principal in this arrangement when the Group is a contracting party to its advertisers and is primarily responsible for delivering the specified service to the advertisers. The Group controls the specified service before that service is transferred to an advertiser, because (i) the Group has the discretion to decide which media outlets to use and what type of the advertisements to be placed; (ii) the Group is subject to certain risk of loss to the extent that the cost paid to the media outlets, which is charged to the Group based on a number of methodology, including viewership (CPM) or click (CPC) or others, cannot be compensated by the total consideration obtained from the advertisers; and (iii) the Group has the discretion to determine the fee charged to the advertisers, which affects the Group’s margin as the costs incurred might vary. Therefore the Group reports revenue earned from the advertisers and costs paid to media outlets related to these transactions on a gross basis.

In addition, management considers the Group acts as an agent for those arrangements that the Group only earns agreed rebates from certain media outlets and recognizes such rebates as revenue on a net basis. Media outlets grant the Group rebates in the form of prepayments for the media outlets’ services or cash, mainly based on the gross spending of the advertisers. In some circumstances, the Group will share with its advertisers certain amount of the rebates earned from the media outlets, which is accounted for as a reduction of the rebates, and the Group recognizes such net amount of rebates as revenue.

Listing

Listing services entitle real estate brokers to post and make changes to information for properties in a particular area on the website for a specified period of time, in exchange for a fixed fee.

In this context, the Group determines its customers to be real estate brokers and has identified a single performance obligation that is recognized over time on a straight-line basis over the contract period of display and when collection is probable. The transaction price is the fixed fee outlined in the contract. No rebates are given to the real estate brokers.

Contract balances

The Group does not have unconditional right to the consideration for advertising or listing services until all promises have been fulfilled and therefore initially records a contract asset when recognizing revenue. Upon fulfillment of all advertising or listing services, contract assets will be reclassified as a receivable. No contract assets, net, were recognized as of December 31, 2022 and 2023 respectively.

Disaggregation of revenue

In accordance with ASC 606-10-50, the Group believes the disaggregation of revenue from contracts with customers by e-commerce, online advertising and listing to sufficiently achieve the disclosure objective of depicting how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Practical Expedients and Exemptions

For the Group’s contracts that have an original duration of one year or less, the Group uses the practical expedient applicable to such contracts and has not disclosed the transaction prices for the remaining performance obligations as of the end of the reporting period or when the Group expects to recognize this revenue.

Cost of revenue

(t) Cost of revenue

Cost of revenue consists of costs associated with the production of websites, which includes fees paid to third parties for internet connection, content and services, editorial personnel related costs, amortization of intangible assets, depreciation associated with website production equipment and fees paid to media outlets for advertising resources.

Marketing and advertising expenses

(u) Marketing and advertising expenses

Marketing and advertising expenses consist primarily of targeted online and offline marketing costs for promoting the Group’s e-commerce projects and the Group’s own brand building, such as Leju property visit, sponsored marketing campaigns, online or print advertising, public relations and sponsored events. The Group expenses all marketing advertising costs as incurred and record these costs within “Selling, general and administrative expenses” in the consolidated statements of operations when incurred. The nature of the Group’s direct marketing activities is such that they are intended to attract subscribers for the online advertising and potential property buyers to purchase the discount coupons. The Group incurred marketing and advertising expenses amounting to $442,975,679, $237,268,507 and $51,548,015 for the years ended December 31, 2021, 2022 and 2023, respectively.

Commissions under commission coupons business

(v) Commissions under commission coupons business

Commissions under commission coupons business are the fee paid for individual brokers’ successful referrals, upon the redemption of the commission coupons and confirmation from the real estate developer. The Group expenses all real estate agent commissions as incurred and records these costs within “Selling, general and administrative expenses” in the consolidated statements of operations when incurred. The Group incurred commissions amounting to nil, $91,338,490 and $233,941,608 for the years ended December 31, 2021, 2022 and 2023, respectively. Any fee from the redemption of the commission coupons would be netted with the commissions for individual brokers’ successful referrals on the consolidated statements of operations.

Foreign currency translation and transaction

(w) Foreign currency translation and transaction.

The functional currency of the Company is the United States dollar (“U.S. dollar”) and is used as the reporting currency of the Group. Monetary assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollar at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income (loss) in the consolidated statements of changes in equity and comprehensive income (loss).

The financial records of certain of the Company’s subsidiaries are maintained in local currencies other than the U.S. dollar, such as Renminbi (“RMB”) and Hong Kong dollar (“HKD”), which are their functional currencies. Transactions in other currencies are recorded at the rates of exchange prevailing when the transactions occur. Transaction gains and losses are recognized in the consolidated statements of operations.

The Group recorded exchange losses of $431,686 , exchange gain of $1,217,262 and exchange losses of $74,190 for the years ended December 31, 2021, 2022 and 2023, respectively, as a component of other income (loss), net, in the consolidated statements of operations.

Government subsidies

(x) Government subsidies

Government subsidies include cash subsidies received by the Company’s subsidiaries and VIEs in the PRC from local governments. These subsidies are generally provided as incentives for conducting business in certain local districts and are typically granted based on the amount of value-added tax, and income tax generated by the Group in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purposes. The local governments have final discretion as to the amount of cash subsidies. Cash subsidies of $560,394, $297,663 and $147,773 were included in other operating income for the years ended December 31, 2021, 2022 and 2023, respectively. Subsidies are recognized when cash is received and when all the conditions for their receipt have been satisfied.

Concentration of credit risk

(y) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and customer deposits. The Group deposits its cash and cash equivalents in the reputable financial institutions.

Prior to January 1, 2020, the Group regularly reviews the creditworthiness of its customers, and requires collateral or other security from its customers in certain circumstances when accounts receivables’ aging is over one year. The Group establishes an allowance for credit losses primarily based upon factors surrounding the credit risk of specific customers, including creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. Accounts receivable balances are written off after all collection efforts have been exhausted.

The Group adopted Accounting Standard Update (ASU) 2016-13, Financial Instruments-Credit Losses (codified as Accounting Standard Codification Topic 326), since January 1, 2020, which requires measurement and recognition of current expected credit losses for financial instruments held at amortized cost.

The Group’s accounts receivable and contract assets, customer deposits, other receivables recorded in prepayments and other current assets and amounts due from related parties are within the scope of ASC Topic 326.

To estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers and these receivables are assessed on an individual basis for customers with good credit rating (strategic type customers), with pledged credit risk (pledged type customers), with high credit risk (high risk type customers) and the remaining (normal risk type customers). For each customer, the Group considers historical settlement pattern, past default experience of the debtor, overall economic environment in which the debtors operate, and also the assessment of both current and future development of environment as of the date when this report issued. This is assessed at each quarter based on the Group’s specific facts and circumstances.

Balances of the allowance for credit losses for accounts receivable and contract assets by each risk category are as follows:


	As of December 31,
	2022	2023
	$	$
Balances of customers with pledged credit risk	2,354,182	2,119,799
Balances of customers with high credit risk	105,189,074	99,692,281
Balances of customers with normal risk	4,305,326	2,165,475
	111,848,582	103,977,555

Movement of the allowance for credit losses for accounts receivable and contract assets is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	12,683,779	115,374,631	111,848,582
Provisions/(reversal)	101,172,959	9,148,173	(3,977,566)
Write-offs	(600,847)	(2,665,754)	(2,079,499)
Changes due to foreign exchange	2,118,740	(10,008,468)	(1,813,962)
Balance as of December 31	115,374,631	111,848,582	103,977,555

Movement of the allowance for customer deposits, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,480	10,259,195	3,878,996
Provisions/(reversal)	10,286,671	4,035,869	(613,238)
Write-offs	—	(10,216,240)	—
Changes due to foreign exchange	(30,956)	(199,828)	(59,520)
Balance as of December 31	10,259,195	3,878,996	3,206,238

Movement of the allowance for other receivables in prepaid expenses and other current assets, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	335,386	150,770	555,963
Provisions/(reversal)	(190,200)	434,867	(184,361)
Write-offs	—	—	—
Changes due to foreign exchange	5,584	(29,674)	(7,722)
Balance as of December 31	150,770	555,963	363,880

Movement of the allowance for amount due from related parties, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,188	1,175	743
Provisions/(reversal)⁽¹⁾	(2,034)	(346)	13,105,115
Write-offs	—	—	—
Changes due to foreign exchange	21	(86)	(110,183)
Balance as of December 31	1,175	743	12,995,675

(1)	The addition of Provisions in 2023 is mainly influenced by E-House Enterprise. Refer to Note 13 for details.

Movement of the allowance for other non-current assets, is as follows:


	As of December 31,
	2022	2023
	$	$
Balance as of January 1	—	120,130
Provisions/(reversal)	124,995	(11,564)
Write-offs	—	—
Changes due to foreign exchange	(4,865)	(1,906)
Balance as of December 31	120,130	106,660

Details of the accounts receivable and contract assets from customers accounting for 10% or more of total accounts receivable and contract assets are as follows:


	As of December 31,
	2022	2023
Customer A	$	$
Accounts receivable, gross	88,285,716	86,338,094
Allowance for credit losses	(88,285,716)	(86,338,094)
Accounts receivable, net	—	—

Income (Loss) per ADS

(z) Income (Loss) per ADS

Basic income (loss) per ADS is computed by dividing income (loss) attributable to holders of ADS by the weighted average number of ADS outstanding during the period.

Diluted income (loss) per ADS reflects the potential dilution that could occur if securities or other contracts to issue ADS were exercised or converted into ADS.

The following table sets forth the computation of basic and diluted income (loss) per ADS for the periods indicated:


	Year Ended December 31,
	2021		2022		2023
Net loss attributable to Leju ordinary shareholders—basic and diluted	$	(150,933,535)	$	(89,668,194)	$	(55,934,159)

Weighted average number of ADS outstanding—basic		13,665,216		13,704,238		13,754,135

Stock options and restricted shares		—		—		—
Weighted average number of ADS outstanding-diluted		13,665,216		13,704,238		13,754,135

Basic loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

Diluted loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

Diluted income (loss) per ADS reflects the potential dilution that could occur if securities or other contracts to issue ADS were exercised or converted into ADS. Diluted income (loss) per ADS does not include the following instruments as their inclusion would have been anti-dilutive:

Non-controlling interest

(aa) Non-controlling interest

Non-controlling interest classified as a separate line item in the equity section and disclosures in the Company’s consolidated financial statements have distinguished the interest of Leju from the interest of non-controlling interest holders.

Comprehensive income (loss)

(ab) Comprehensive income (loss)

Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments.

Impact of newly adopted accounting pronouncement

(ac) Impact of newly adopted accounting pronouncement

In June 2022, the FASB issued ASU 2022 - 03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Group for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance on December 15, 2023 with no material impact on its audited consolidated financial statements.

Recent issued accounting pronouncements not yet adopted

(ac) Recent issued accounting pronouncements not yet adopted

On March 29, 2023, the FASB issued Accounting Standards Update (ASU) 2023 - 02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023 - 02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method of accounting was only available for qualifying equity investments in low - income housing tax credit (LIHTC) structures. in addition to expanding the scope of the proportional amortization method, the amendments also impact the accounting for existing equity investments in LIHTC structures that were not previously accounted for using the proportional amortization method. The amendments also require entities using the proportional amortization method for qualifying investments to apply the delayed equity contribution guidance in ASC 323 - 740 - 25 - 3, which requires that a liability be recognized for delayed equity contributions that are either (1) unconditional and legally binding, or (2) contingent upon a future event once that contingent event becomes probable. If the proportional amortization method is not applied, entities are no longer permitted to use the guidance on delayed equity contributions, which impacts investors in LIHTC structures who may have applied the delayed equity contributions guidance without electing the proportional amortization method before adopting the new amendments. The amendments further require an entity to disclose information about all investments that generate income tax credits and other income tax benefits from a tax credit program accounted for using the proportional amortization method in accordance with ASC 323 - 740, including investments within that elected program that do not meet the conditions to apply the proportional amortization method. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period.The ASU is currently not expected to have a material impact on the Company’s consolidated financial statements.

In March 2023, the Financial Accounting Standards Board (FASB) issued its first Accounting Standards Update (ASU) of 2023, ASU No. 2023 - 01 - Leases (Topic 842): Common Control Arrangements, which addresses two distinct issues resulting from Accounting Standards Codification Topic (ASC) 842 - Leases: (1) terms and conditions to be considered in common control arrangements and (2) accounting for leasehold improvements in common control arrangements. ASU No. 2023 - 01 provides a practical expedient for private companies and not - for - profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement. The written terms and conditions may be used to determine: (1) whether a lease exists and, if so (2) the classification of and accounting for that lease. If no written terms and conditions exist, the practical expedient is prohibited from being applied and the entity must use the arrangement’s legally enforceable terms and conditions. This practical expedient may be applied on an arrangement - by - arrangement basis. Under ASU No. 2023 - 01, lessees will amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease. If the lessor obtained the right to control the use of the underlying asset through a lease with another entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group. ASU No. 2023 - 01 also requires an entity to account for any remaining leasehold improvements as a transfer between entities under common control through an adjustment to equity (or net assets for not - for - profit entities) if, and when, the lessee no longer controls the use of the underlying asset. The leasehold improvements portion of this ASU is applicable to all entities, including public business entities. Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The ASU is currently not expected to have a material impact on the Company’s consolidated financial statements.

Income Tax - Income Tax and Deferred Tax Asset and Liabilities Components (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Tax
PRC	$ (54,239,842)		$ (99,596,774)	$ (148,696,060)
Outside of PRC	(3,314,311)		(2,197,049)	(14,711,876)
Loss before taxes and loss from equity in affiliates	(57,554,153)		(101,793,823)	(163,407,936)
PRC	(24,342,764)		(32,295,286)	(1,409,996)
Outside of PRC	2,075		276	4,895
Current income taxes expenses (benefits)	(24,340,689)		(32,295,010)	(1,405,101)
PRC	22,559,108		20,174,775	(12,092,683)
Deferred income taxes expenses (benefits)	22,559,108		20,174,775	(12,092,683)
Income tax benefits	$ (1,781,581)		$ (12,120,235)	$ (13,497,784)
Statutory tax rate (as a percent)	25.00%	25.00%	25.00%	25.00%
Deferred tax assets:
Accrued salary expenses	$ 1,330,327		$ 2,792,431
Bad debt provision	24,530,121		29,096,796
Net operating loss carry forwards	15,226,856		24,801,075
Advertising expenses	413,645		1,013,274
Accrued expense	7,471,246		8,862,609
Others	41,955		508,950
Gross deferred tax assets	49,014,150		67,075,135
Valuation allowance	(49,014,150)		(41,617,648)	$ (26,732,045)	$ (5,714,480)
Total deferred tax assets			25,457,487
Deferred tax liabilities:
Intangible assets from acquisition and other assets	824,771		3,517,837
Total deferred tax liabilities	$ 824,771		$ 3,517,837
PRC
Income Tax
Period of statute of limitations	3 years	3 years
Period of statute of limitations, if the underpayment is more than the specified amount	5 years	5 years
Minimum amount of underpayment of taxes for statute of limitations to be extended to five years	$ 14,119	¥ 100,000
Period of statute of limitations for transfer pricing issues	10 years	10 years
Period of statute of limitations, in case of tax evasion	0 years	0 years
PRC \| Shanghai SINA Leju \| HNTE \| Tax year 2018 through 2023
Income Tax
Preferential tax rate (as a percent)	15.00%	15.00%
Hong Kong
Income Tax
Tax rate (as a percent)	16.50%	16.50%

Other Income (Loss), Net (Details) - USD ($)	12 Months Ended
Other Income (Loss), Net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income (Loss), Net
Realized gain on marketable securities		$ 31,891	$ 2,127,985
Unrealized gain (loss) on marketable securities			(1,722,700)
Income (loss) from sales of properties held for sales		742	(17,430)
Foreign exchange gain (loss)	$ (74,190)	1,217,262	(431,686)
Others		246,497	252,706
Total	$ (74,190)	$ 1,496,392	$ 208,875

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	2022	2023
	$	$
Furniture, fixtures and equipment	9,160,115	6,570,915
Leasehold improvements	4,238,863	2,907,169
Buildings	11,742,004	8,783,340
Motor vehicles	806,712	699,823

Total	25,947,694	18,961,247
Accumulated depreciation	(11,743,331)	(9,029,291)

Property and equipment, net	14,204,363	9,931,956

Depreciation expenses were $2,374,493, $1,743,030 and $1,364,324 for the years ended December 31, 2021, 2022 and 2023, respectively.

Leases (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted average remaining lease term	4 years 1 month 6 days	4 years 10 months 24 days
Weighted average discount rate	5.62%	5.61%

Distribution of Profits (Details) - USD ($)	12 Months Ended
Distribution of Profits (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Distribution of profits
Restricted net assets of subsidiaries and VIEs attributed to general reserve and registered capital	$ 8,974,110	$ 8,982,249
PRC
Distribution of profits
Minimum percentage of after-tax profit transferred by subsidiaries and VIEs to fund a statutory reserve	10.00%
Threshold percentage of after-tax income required to be appropriated towards reserve until the reserve balance reaches a specified percentage of the registered capital	50.00%
Reserve fund	$ 10,225,550	10,125,676
Restricted net assets	$ 36,014,090	$ 35,914,216

Related Party Balances and Transactions - Rollforward payable (receivable) (Details) - Related parties - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
E-House
Related Party Balances and Transactions
Balance at January 1	$ (123,010)	$ 2,201,127	$ 129,566
Corporate service provided by related parties under services agreements			1,352,382
Service provided to related parties			(484,185)
Service purchased from/rental cost paid to related parties	131,511	700,726	886,866
Net received/(payment)	(34,994)	(3,024,863)	316,498
Balance at December 31	(26,493)	(123,010)	2,201,127
E-House Enterprise
Related Party Balances and Transactions
Balance at January 1	3,298,210	3,950,839	2,238,543
Corporate service provided by related parties under services agreements	569,092	1,335,164
Service provided to related parties			(36,334)
Service purchased from/rental cost paid to related parties	9,562,138	7,694,981	20,557,777
Compensation to TM Home	3,087,796
Net received/(payment)	(47,344,902)	(9,682,774)	(18,809,147)
Balance at December 31	$ (30,827,666)	$ 3,298,210	$ 3,950,839

Related Party Balances and Transactions - Significant related party transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 15, 2023	Nov. 24, 2021	Dec. 31, 2020
Related Party Balances and Transactions
Allowance for current expected credit losses	$ (103,977,555)	$ (111,848,582)
Allowance For Current Expected Credit Losses	(363,880)	(555,963)	$ (150,770)			$ (335,386)
Total	18,880,597	2,475,800
Accounts payable	$ 36,210	653,700
Alibaba Investment Limited \| TM Home Limited
Related Party Balances and Transactions
Ownership percentage	10.793%			10.793%	29.77%
E-House Enterprise \| TM Home Limited
Related Party Balances and Transactions
Ownership percentage	89.207%			89.207%	70.23%
Related parties
Related Party Balances and Transactions
Services purchased from related parties	$ 27,249,747	25,508,339	52,491,753
Other current liabilities	1,496,517	4,804,591
Allowance For Current Expected Credit Losses	(12,995,675)	(743)
Related parties \| E-House Enterprise
Related Party Balances and Transactions
Amounts due from Related parties	30,827,666
Related parties \| Online advertising services
Related Party Balances and Transactions
Services provided to related parties		109,934	1,068,594
Related parties \| E-House
Related Party Balances and Transactions
Amounts due from Related parties	26,493	123,010
Related parties \| E-House \| Online advertising services
Related Party Balances and Transactions
Services provided to related parties			484,185
Related parties \| E-House Enterprise
Related Party Balances and Transactions
Compensation to TM Home	3,087,796
Other current liabilities		3,298,210
Related parties \| E-House Enterprise \| Online advertising services
Related Party Balances and Transactions
Services provided to related parties			36,334
Related parties \| SINA
Related Party Balances and Transactions
Other current liabilities	1,346,340	1,382,173
Related parties \| Tencent
Related Party Balances and Transactions
Fee paid to related parties for advertising resources on behalf of customers	1,667,914	1,798,079	2,502,309
Amounts due from Related parties	782,140	1,855,275
Related parties \| Alibaba Investment Limited
Related Party Balances and Transactions
Services purchased from related parties	135,987	855,183	875,072
Amounts due from Related parties	239,973	498,258
Related parties \| Investing Affiliates
Related Party Balances and Transactions
Other current liabilities	150,177	124,208
Related parties \| Investing Affiliates \| Online advertising services
Related Party Balances and Transactions
Services provided to related parties		109,934	548,075
Related parties \| Corporate service provided by related parties under service agreements \| E-House
Related Party Balances and Transactions
Services purchased from related parties			1,352,382
Related parties \| Compensation to related parties \| TM Home Limited
Related Party Balances and Transactions
Services purchased from related parties	3,087,796
Related parties \| Corporate service provided by related parties \| E-House Enterprise
Related Party Balances and Transactions
Services purchased from related parties	569,092	1,335,164
Related parties \| Online advertising resources fee recognized as cost of revenues purchased from related parties \| SINA
Related Party Balances and Transactions
Services purchased from related parties	35,259	110,464	10,078,875
Related parties \| Online advertising resources fee recognized as cost of revenues purchased from related parties \| Tencent
Related Party Balances and Transactions
Services purchased from related parties	13,727,964	14,787,449	18,671,019
Related parties \| Services purchased from/rental cost paid to related parties \| E-House
Related Party Balances and Transactions
Services purchased from related parties	131,511	700,726	886,866
Related parties \| Services purchased from related parties \| E-House Enterprise
Related Party Balances and Transactions
Services purchased from related parties	$ 9,562,138	7,694,981	20,557,777
Related parties \| Services purchased from related parties \| Jupai
Related Party Balances and Transactions
Services purchased from related parties		$ 24,372
Related parties \| Services purchased from related parties \| Tianji Network
Related Party Balances and Transactions
Services purchased from related parties			$ 69,762
Huixiangju
Related Party Balances and Transactions
Equity interest (as a percent)	51.00%
QuanZhuYi
Related Party Balances and Transactions
Equity interest (as a percent)	13.50%

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Rent expense under operating leases	$ 3,239,121	$ 5,746,967	$ 6,331,194
Short-term lease cost	1,228,558	1,233,347	2,302,019
Cash paid for amounts included in the measurement of operating lease liabilities	3,789,504	5,698,668	6,287,094
Non-cash transaction amount of lease liabilities arising from acquisition of right-of-use assets	$ 601,633	$ 2,783,430	$ 2,064,279

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings

Schedule of short term borrowings


	As of December 31,
	2022	2023
	$	$
Short‑term borrowings	717,915	—

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net

Intangible Assets, Net

5. Intangible Assets, Net


			Weighted Average
			Remaining
			Amortization
	As of December 31,		Period in Years
	2022	2023
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	0.25
License agreements with SINA	80,660,000	80,660,000	0.25
Computer software licenses	1,841,885	139,394	0.94

Total intangible assets, gross	189,291,885	187,589,394	0.26

Less: Accumulated amortization
Advertising agency agreement with SINA	99,725,921	105,780,844
License agreements with SINA	75,405,899	79,909,416
Computer software licenses	1,701,890	109,064

Total accumulated amortization	176,833,710	185,799,324

Total intangible assets, net	12,458,175	1,790,070

The advertising agency agreement and license agreements with SINA (the “SINA Agreements”) were recognized in connection with the Group’s acquisition of China Online Housing Technology Corporation (“COHT”) in 2009, and provide the Group with exclusive rights to operate SINA’s real estate and home furnishing related channels and the exclusive right to sell advertising relating to real estate, home furnishing and construction materials on these channels as well as SINA’s other websites. If the Group sells advertising on SINA’s websites other than the above channels, it will pay SINA fees of approximately 15% of the revenues generated from these sales. The SINA Agreements had an original expiration date in 2019. In March 2014, the SINA Agreements were extended by five years to 2024 for no additional consideration. All other terms of the SINA Agreements remained the same. The acquisition cost was recognized as an intangible asset and amortized over the term of the agreement.

Amortization expenses were $10,994,923, $10,839,284 and $10,665,705 for the years ended December 31, 2021, 2022 and 2023 respectively. The Group expects to record amortization expenses of $1,786,075 and $3,996 for the years ending December 31, 2024 and 2025, respectively.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (55,772,572)	$ (89,690,677)	$ (149,924,023)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	(228,303)	(10,232,583)	4,282,498
Comprehensive loss	(56,000,875)	(99,923,260)	(145,641,525)
Less: Comprehensive income (loss) attributable to non-controlling interests	152,049	(78,314)	1,021,108
Comprehensive loss attributable to Leju Holdings Limited shareholders	$ (56,152,924)	$ (99,844,946)	$ (146,662,633)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer
Revenue information of the Group
Total revenues	$ 316,854,430	$ 343,182,184	$ 534,116,970
Revenue \| Customer risk
Revenue information of the Group
Number of customers \| customer	0	0	0
E-commerce
Revenue information of the Group
Total revenues	$ 266,134,068	$ 278,463,695	$ 411,097,123
E-commerce of discount coupons
Revenue information of the Group
Total revenues	28,385,689	182,940,792	411,097,123
E-commerce of commission coupons
Revenue information of the Group
Total revenues	237,748,379	95,522,903
Online advertising
Revenue information of the Group
Total revenues	$ 50,720,362	64,707,215	122,522,232
Listing
Revenue information of the Group
Total revenues		$ 11,274	$ 497,615

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings

Borrowings

6. Borrowings


	As of December 31,
	2022	2023
	$	$
Short‑term borrowings	717,915	—

In September 2021, the Group entered into a one-year RMB 5.0 million facility agreement with Shanghai Pudong Development Bank. The interest rate was set at 65 basis points over Loan Prime Rate (“LPR”). The bank borrowing was unguaranteed and unsecured. The loan was refunded in September 2022.

In March 2022, the Group entered into a one-year RMB 5.0 million facility agreement with Shanghai Pudong Development Bank. The interest rate was priced at 80 basis points over LPR. The bank borrowing was unguaranteed and unsecured. The loan was refunded in March 2023.

For the years ended December 31, 2021, 2022 and 2023, the Group recognized interest expenses of $9,147, $51,972 and $1,534 which was recorded in interest income, net.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Share-Based Compensation (Tables) - Leju Plan

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of share options granted


	2021
Risk-free rate of return	1.56	%
Contractual life of option	10 years
Estimated volatility	72.06	%
Dividend yield	0.00	%

Summary of option activities


			Weighted
			Average
			Remaining	Aggregate
		Weighted	Contractual	Intrinsic
	Number of	Average	Term	Value of
	Options	Exercise Price	(in years)	Options
		$		$
Outstanding, as of January 1, 2023	14,889,650	2.70	4.74
Granted	—	—
Exercised	(399,980)	0.10		83,773
Forfeited	(1,439,283)	3.19
Expired	(3,328,379)	4.60
Outstanding, as of December 31, 2023	9,722,008	2.15	4.91
Vested and expected to vest as of December 31, 2023	9,659,055	2.16	4.89
Exercisable as of December 31, 2023	8,622,676	2.32	4.60

Summary of restricted share activities


		Weighted
	Number of	Average
	Restricted	Grant-date
	Shares	Fair Value
		$
Outstanding, as of January 1, 2023	266,668	1.50
Granted	—	—
Vested	(266,668)	1.50
Forfeited	—	—
Outstanding, as of December 31, 2023	—	—

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization and Principal Activities

Organization and Principal Activities

1. Organization and Principal Activities

Leju Holdings Limited (the “Company” or “Leju”) was incorporated on November 20, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company, through its subsidiaries and consolidated variable interest entities (“VIEs”), is principally engaged in providing online advertising, e-commerce services and listing services for the real estate and home furnishing industries in the People’s Republic of China (“PRC”). The Company, its subsidiaries and consolidated VIEs are collectively referred to as the “Group”.

E-House (China) Holdings Limited (“E-House Holdings”) was the Company’s parent company from its incorporation to December 30, 2016. E-House Holdings, its subsidiaries and VIEs, excluding the Group, are collectively referred to as “E-House”. On December 30, 2016, E-House Holdings repurchased all its ordinary shares held by SINA Corporation (“SINA”) for a total consideration consisting of 40,651,187 ordinary shares of Leju and of $129,038,150 in cash. As a result of this transaction, E-House Holdings ceased to be Leju’s controlling shareholder but remains as the largest shareholder and SINA became a principal shareholder of Leju from December 30, 2016. E-House Holdings was ultimately controlled by Mr. Xin Zhou.

On November 4, 2020, E-House (China) Enterprise Holdings Limited (“E-House Enterprise”) purchased (i) 51,925,996 ordinary shares of Leju from Mr. Xin Zhou and certain of his affiliated entities (the “Zhou Parties”) and (ii) 24,475,251 ordinary shares of Leju from the SINA. Upon completion of these transactions, E-House Enterprise acquired the beneficial ownership of 76,401,247 ordinary shares of Leju, and Leju became a subsidiary of E-House Enterprise. SINA remains to be a principal shareholder of Leju.

On November 24, 2021, TM Home Limited (“TM Home”), a company incorporated in the Cayman Islands with limited liability and owned as to 70.23% and 29.77% by E-House Enterprise and Alibaba Investment Limited, respectively, completed the acquisition of the 76,401,247 ordinary shares of Leju from E-House Enterprise. Upon completion of these transactions, Leju has become a subsidiary of TM Home, which was also controlled by E-house Enterprise since then. SINA remained to be a principal shareholder of Leju. On 15 August 2023, E-House Enterprise subscribed for certain shares of TM Home from Alibaba Investment Limited. As a result, TM Home was owned by E-House Enterprise and Alibaba Investment Limited as to approximately 89.207% and 10.793% from then.

The following table lists major subsidiaries and the consolidated VIEs of the Company as of December 31, 2023:


	Date of	Place of	Percentage of
	Incorporation	Incorporation	Ownership
Shanghai SINA Leju Information Technology Co., Ltd (“Shanghai SINA Leju”)	08-May-08	PRC	100	%
E-House City Re-House Real Estate Agency (Shanghai) Co., Ltd (“City Re-House”)	04-Mar-10	PRC	100	%
Shanghai Yi Yue Information Technology Co., Ltd (“Shanghai Yi Yue”)	16-Sep-11	PRC	100	%
Beijing Maiteng Fengshun Science and Technology Co., Ltd (“Beijing Maiteng”)	04-Jan-12	PRC	84	%
Beijing Yisheng Leju Information Services Co., Ltd. (“Beijing Leju”)	13-Feb-08	PRC	VIE
Shanghai Leju Hao Fang Information Service Co., Ltd. (“Leju Hao Fang”) (formerly known as Shanghai Yi Xin E-Commerce Co., Ltd.)	05-Dec-11	PRC	VIE
Beijing Jiajujiu E-Commerce Co., Ltd. (“Beijing Jiajujiu”)	22-Mar-12	PRC	VIE

Summary of Principal Accounting Policies - VIE Amounts and Balances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	$ 48,204,096	$ 123,378,034	$ 250,313,799
Restricted cash	6,149,118	4,270,695	2,082,103
Working capital	(15,260,197)
Loss from operations	(58,740,859)	(105,624,755)	(166,747,022)
Accounts receivable, net	1,717,150	3,407,877
Contract assets, net	0	0
Customer deposits, net	60,075	3,860,127
Total current assets	79,422,809	143,503,303
TOTAL ASSETS	102,191,231	216,111,459
Accounts payable	36,210	653,700
Accrued payroll and welfare expenses	6,875,651	12,728,091
Income tax payable		25,202,771
Other tax payable	7,129,280	9,695,893
Advances from customers	39,924,941	43,100,136
Lease liabilities, current	3,026,771	5,037,796
Accrued marketing and advertising expenses	27,437,583	29,988,108
Total current liabilities	94,683,006	144,193,896
Deferred tax liabilities	824,771	3,517,837
Lease liabilities, non-current	7,979,349	15,439,595
Total liabilities	103,487,126	163,151,328
Total revenues	316,854,430	343,182,184	534,116,970
Cost of revenues	(23,094,753)	(30,603,426)	(55,800,726)
Net loss	(55,772,572)	(89,690,677)	(149,924,023)
Net cash used in operating activities	(73,649,712)	(107,975,725)	(39,888,803)
Net cash provided by/ (used in) investing activities	2,581,054	6,352	(318,308)
Net cash provided by/ (used in) financing activities	(740,381)	(51,972)	1,033,394
Consolidated VIEs without recourse
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	22,838,932	90,795,643
Restricted cash	6,098,009	4,270,695
Customer deposits, net	60,075	3,860,127
Other current assets, net	2,792,808	4,007,633
Total current assets	51,549,401	107,851,506
Total non-current assets	18,002,672	47,690,614
TOTAL ASSETS	69,552,073	155,542,120
Accounts payable	36,210	653,700
Accrued payroll and welfare expenses	5,244,295	10,717,186
Income tax payable	0	0
Other tax payable	6,654,473	8,684,712
Advances from customers	39,858,256	43,096,996
Lease liabilities, current	3,026,771	5,013,721
Accrued marketing and advertising expenses	27,027,664	29,533,704
Other current liabilities	6,955,252
Total current liabilities	90,299,438	108,685,364
Deferred tax liabilities	383,124	435,848
Lease liabilities, non-current	7,979,349	15,400,328
Total liabilities	98,661,911	124,521,540
Total revenues	316,854,430	343,170,910	533,619,355
Cost of revenues	(16,773,390)	(24,394,266)	(47,730,331)
Net loss	(35,447,389)	(10,882,414)	(81,530,172)
Net cash used in operating activities	(65,797,108)	(93,191,543)	(41,427,975)
Net cash provided by/ (used in) investing activities	705,572	(73,872)	$ 431,057
Consolidated VIEs without recourse \| Asset Pledged as Collateral
Financial statement amounts and balances of the Group's VIEs
Assets of VIE's held as collateral or restricted to settle obligations	0
Nonrelated Parties
Financial statement amounts and balances of the Group's VIEs
Other current liabilities	8,756,053	12,264,895
Nonrelated Parties \| Consolidated VIEs without recourse
Financial statement amounts and balances of the Group's VIEs
Accounts receivable, net	1,009,192	2,627,814
Other current liabilities	6,955,252	10,317,192
Related parties
Financial statement amounts and balances of the Group's VIEs
Other current liabilities	1,496,517	4,804,591
Related parties \| Consolidated VIEs without recourse
Financial statement amounts and balances of the Group's VIEs
Accounts receivable, net	18,750,385	2,289,594
Other current liabilities	$ 1,496,517	$ 668,153

Property and Equipment, Net (Details) - USD ($)	12 Months Ended
Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net
Property and equipment, gross	$ 18,961,247	$ 25,947,694
Accumulated depreciation	(9,029,291)	(11,743,331)
Property and equipment, net	9,931,956	14,204,363
Depreciation expenses	1,364,324	1,743,030	$ 2,374,493
Furniture, fixtures and equipment
Property and equipment, net
Property and equipment, gross	6,570,915	9,160,115
Leasehold improvements
Property and equipment, net
Property and equipment, gross	2,907,169	4,238,863
Buildings
Property and equipment, net
Property and equipment, gross	8,783,340	11,742,004
Motor vehicles
Property and equipment, net
Property and equipment, gross	$ 699,823	$ 806,712

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

16. Subsequent Events

Delisting Notice from the New York Stock Exchange

On April 11,2024, the Company was notified by the New York Stock Exchange(“NYSE”) that the staff of NYSE Regulation has determined to commence proceedings to delist the American depositary shares (“ADSs”) of the Company, each representing ten (10) ordinary shares of the Company, from the NYSE. Trading in the Company’s ADSs was suspended after the market close on the NYSE on April 11,2024. By April 29,2024, New York Stock Exchange had complied with its rules to strike the Company’s ADR from listing on the Exchange.

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2023

Related Party Balances and Transactions

13. Related Party Balances and Transactions

The table below sets forth major related parties and their relationships with the Group:


Company Name		Relationship with the Group
E-House Enterprise		Mr. Xin Zhou, executive chairman of Leju, is E-House Enterprise’s chairman. E-House Enterprise was a subsidiary of E-House before it became a listed company in Hong Kong in July, 2018. Leju became a subsidiary of E-House Enterprise as of November 4, 2020.
E-House		Under the common control of E-House Holdings until December 30, 2016, and E-House Holdings was the largest shareholder from December 31, 2016 to November 4, 2020. Mr. Xin Zhou, executive chairman of Leju, is E-House’s ultimate controller.(Note 1).
TM Home		The Company’s parent company, which was controlled by E-house Enterprise. TM Home is owned by E-House Enterprise and Alibaba Investment Limited as to approximately 89.207% and 10.793%.
SINA		A shareholder with significant influence
Tencent Holdings Ltd. or certain of its affiliates (“Tencent”)		A shareholder with significant influence
Alibaba Investment Ltd. or certain of its affiliates (“Alibaba”)		A shareholder with significant influence on TM Home, the Company’s controlling shareholder, from November 4, 2021 to August 15, 2023.
Shanghai Tianji Haofang Network Services Ltd. (“Tianji Network”) (formerly known as Shanghai Yunchuang Information & Technology Ltd.)		Mr. Xin Zhou, executive chairman of Leju, is Tianji Network’s ultimate controller by May 2021. Tianji Network became a subsidiary of E-House Enterprise since May 2021.
Yunnan Huixiangju Information & Consultant Ltd. (“Huixiangju”)		One of the Group’s investment affiliates and the Group owns 51% equity interest and has significant influence
Shanghai Quanzhuyi Home Furnishing Accessories Ltd. (“QuanZhuYi”)		One of the Group’s investment affiliates and the Group owns 13.5% equity interest and has significant influence
Jupai Holdings Ltd. (“Jupai”)		Mr. Xin Zhou, executive chairman of Leju, is Jupai’s director. E-House Holdings has significant influence on Jupai and Leju

Subsequent to Leju’s IPO, E-House began charging the Group corporate service fees pursuant to agreements entered into in March 2014 in connection with Leju’s IPO. Under these service arrangements, E-House provides various corporate support services to the Group, including general finance and accounting, human resource management, administrative, internal control and internal audit, operational management, legal and information technology. The termination provisions in the arrangements were amended on November 4, 2020 and E-House continues to provide such services under the amended services arrangements. E-House charges the Group a fee based on an estimate of the actual cost incurred to provide such services, which amounted to $1,352,382 for the year ended December 31 2021.

Since 2022, E-House Enterprise provides such services to the Group. E-House Enterprise charges the Group a fee based on an estimate of the actual cost incurred to provide such services, which amounted to $1,335,164 and $569,092 for the years ended December 31, 2022 and 2023, respectively.

During the years ended December 31, 2021, 2022 and 2023, significant related party transactions were as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Corporate service provided by E-House under service agreements	1,352,382	—	—
Corporate service provided by E-House Enterprise	—	1,335,164	569,092
Reimbursement to TM Home (Note A)	—	—	3,087,796
Online advertising resources fee recognized as cost of revenues purchased from SINA	10,078,875	110,464	35,259
Online advertising resources fee recognized as cost of revenues purchased from Tencent	18,671,019	14,787,449	13,727,964
Services purchased from/rental cost paid to E-House	886,866	700,726	131,511
Services purchased from E-House Enterprise	20,557,777	7,694,981	9,562,138
Services purchased from Alibaba (Note B)	875,072	855,183	135,987
Services purchased from Jupai	—	24,372	—
Services purchased from Tianji Network (Note C)	69,762	—	—
Total services purchased from related parties	52,491,753	25,508,339	27,249,747
Online advertising services provided to E-House	484,185	—	—
Services provided to E-House Enterprise	36,334	—	—
Services provided to Investing affiliates	548,075	109,934	—
Total online advertising services provided to related parties	1,068,594	109,934	—
Fee paid to Tencent for advertising resources on behalf of customers (Note D)	2,502,309	1,798,079	1,667,914

Note A: In September, 2023, the Company entered into an agreement with TM Home that TM home would entrust the operation of its Online platform business to the Company from October 1, 2023. The Company agreed to reimburse TM Home for any losses generated from the operation. Likewise, any profit from the operation would be shared by the Company. The amounts represent compensation payable to TM Home due to losses generated from the operation. The loss generated from the entrusted operation was recognized as “Other operating income (loss), net”. Such agreement would be subject to renewal upon mutual agreement on December 31, 2024.

Note B: Alibaba became the Company’s related party since 2021.

Note C: The amount represents services purchased from Tianji Network from January to May, 2021 while the amount for the services purchased for the remaining period was included in the amount of E-House Enterprise.

Note D: The Group has determined that it acts as an agent for those arrangements as the Group only earns agreed rebates from certain media outlets and recognizes such rebates as revenue on a net basis. Media outlets grant the Group rebates in the form of prepayments for the media outlets’ services or cash, mainly based on the gross spending of the advertisers. For performance obligations for which it acts as the agent, revenue is recorded net of the costs for advertising placements from suppliers, equal to the amount retained for its fee or commission. Fees paid to Tencent for advertising resources on behalf of customers represent costs paid to Tencent for such arrangements.

The transactions are measured at the amount of consideration established and agreed to by the related parties.

As of December 31, 2022 and 2023 amounts due from related parties were comprised of the following:


	As of December 31,
	2022	2023
	$	$
Tencent (1)	1,855,275	782,140
Alibaba(2)	498,258	239,973
E-House Enterprise(3)	—	30,827,666
E-House(4)	123,010	26,493
Allowance for current expected credit losses	(743)	(12,995,675)
Total	2,475,800	18,880,597

As of December 31, 2022 and 2023, amounts due to related parties were comprised of the following:


	As of December 31,
	2022	2023
	$	$
SINA (5)	1,382,173	1,346,340
Investing affiliates(6)	124,208	150,177
E-House Enterprise (3)	3,298,210	—

Total	4,804,591	1,496,517

(1)	The amounts due from Tencent as of December 31, 2022 and 2023 represent prepaid fees for online advertising resources.

(2)	The amounts due from Alibaba as of December 31 2022 and 2023 represent prepaid fees for online advertising resources and technical service.

(3)	The amounts due from/to E-House Enterprise as of December 31, 2022 and 2023 represent net results for receivable for online advertising revenue from E-House Enterprise, payable for marketing service fees charged by E-House Enterprise and payable to TM Home (See Note A).

(4)	The amount due from E-House as of December 31, 2022 and 2023 was primarily for the prepayment for the service purchased from E-House.

(5)	The amounts due to SINA as of December 31, 2022 and 2023 represent payable for online advertising resources fee.

(6)	The amounts due to affiliates as of December 31, 2022 and 2023 represent the advance from Huixiangju.

The roll forward of the payable to / (receivable from) E-House for the years ended December 31, 2021, 2022 and 2023 is as follows:


		Year Ended December 31,
		2021	2022	2023
		$	$	$
Balance at January 1		129,566	2,201,127	(123,010)
Corporate service provided by E-House under services agreements	(A)	1,352,382	—	—
Service provided to E-House	(A)	(484,185)	—	—
Service purchased from/rental cost paid to E-House	(A)	886,866	700,726	131,511
Net received/(payment)	(B)	316,498	(3,024,863)	(34,994)
Balance at December 31		2,201,127	(123,010)	(26,493)


	As of December 31,
	2022	2023
	$	$
Net results for service fee (A and B)	(123,010)	(26,493)
Amounts due/(from) to E-House	(123,010)	(26,493)

(A)	Represents the services provided by or to E-House.

(B)	Represents net cash flow for activities between the Company and E-House.

The roll forward of the payable to / (receivable from) E-House Enterprise for the years ended December 31, 2021, 2022 and 2023 is as follows:


		Year Ended December 31,
		2021	2022	2023
		$	$	$
Balance at January 1		2,238,543	3,950,839	3,298,210
Corporate service provided by E-House Enterprise	(C)	—	1,335,164	569,092
Service provided to E-House Enterprise	(C)	(36,334)	—	—
Service purchased from E-House Enterprise	(C)	20,557,777	7,694,981	9,562,138
Compensation to TM Home	(D)	—	—	3,087,796
Net payment	(E)	(18,809,147)	(9,682,774)	(47,344,902)
Balance at December 31		3,950,839	3,298,210	(30,827,666)

(C)	Represents services provided by or to E-House Enterprise.

(D)	Represents compensation to TM Home. See Note A above.

(E)	Represents net cash flow for the activities between the Company and E-House Enterprise.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax

Schedule of components of income (loss) before income taxes


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Loss before income taxes:
PRC	(148,696,060)	(99,596,774)	(54,239,842)
Outside of PRC	(14,711,876)	(2,197,049)	(3,314,311)

Total	(163,407,936)	(101,793,823)	(57,554,153)

Schedule of expenses (benefits) for income taxes


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Current Tax
PRC	(1,409,996)	(32,295,286)	(24,342,764)
Outside of PRC	4,895	276	2,075

	(1,405,101)	(32,295,010)	(24,340,689)

Deferred Tax
PRC	(12,092,683)	20,174,775	22,559,108
Outside of PRC	—	—	—

	(12,092,683)	20,174,775	22,559,108

Income tax benefits	(13,497,784)	(12,120,235)	(1,781,581)

Schedule of principal components of the deferred income tax assets/liabilities


	As of December 31,
	2022	2023
	$	$
Deferred tax assets:
Accrued salary expenses	2,792,431	1,330,327
Bad debt provision	29,096,796	24,530,121
Net operating loss carry-forwards	24,801,075	15,226,856
Advertising expenses	1,013,274	413,645
Accrued expense	8,862,609	7,471,246
Others	508,950	41,955
Gross deferred tax assets	67,075,135	49,014,150
Valuation allowance	(41,617,648)	(49,014,150)
Total deferred tax assets	25,457,487	—

Deferred tax liabilities:
Intangible assets from acquisition and other assets	3,517,837	824,771
Total deferred tax liabilities	3,517,837	824,771

Schedule of movement of the valuation allowance


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	(5,714,480)	(26,732,045)	(41,617,648)
Reversal/(Additions)	(20,905,451)	(17,978,965)	(8,158,994)
Write-offs	393,251	138,479	—
Changes due to exchange rate translation	(505,365)	2,954,883	762,492
Balance as of December 31	(26,732,045)	(41,617,648)	(49,014,150)

Schedule of reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes


	Year Ended December 31,
	2021		2022		2023
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	(0.25)	%	(0.45)	%	(0.77)	%
Other expenses not deductible for tax purposes	0.17	%	0.30	%	(0.03)	%
Effect of tax holiday	(5.29)	%	(5.15)	%	(4.97)	%
Effect of different tax rate of subsidiary operation in other jurisdiction	(2.00)	%	(0.09)	%	(0.68)	%
Valuation allowance movement	(12.37)	%	(8.17)	%	(15.46)	%
Withholding tax	3.01	%	0.48	%	—	%
	8.27	%	11.92	%	3.09	%

Schedule of the aggregate amount and per share effect of the tax holiday


	Year Ended December 31,
	2021	2022	2023
	$	$	$
The aggregate dollar effect	(8,646,324)	(5,247,214)	(2,862,485)
Per ADS effect—basic	(0.63)	(0.38)	(0.21)
Per ADS effect—diluted	(0.63)	(0.38)	(0.21)

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

3. Leases

The Group leases office under non-cancelable operating lease agreements, which expire at various dates from 2024 to 2028. As of December 31, 2022 and 2023, the Group’s operating leases had a weighted average remaining lease term of 4.9 and 4.1 years and a weighted average discount rate of 5.61% and 5.62%, respectively. Future lease payments under operating leases as of December 31, 2023 were as follows:


		As of December 31,
		2023
		$
2024		3,107,892
2025		2,915,730
2026		2,698,043
2027		2,854,051
2028		713,513
Then thereafter		—

Total future lease payments		12,289,229
Impact of discounting remaining lease payments		(1,283,109)

Total lease liabilities		11,006,120
Lease liabilities, current		3,026,771
Lease liabilities, non-current		7,979,349

Operating lease expenses for the years ended December 31, 2021, 2022 and 2023 were $6,331,194, $5,746,967 and $3,239,121, respectively, which did not include short-term lease cost. Short-term lease costs for the years ended December 31, 2021, 2022 and 2023 were $2,302,019, $1,233,347 and $1,228,558, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $6,287,094, $5,698,668 and $3,789,504 for the years ended December 31, 2021, 2022 and 2023, respectively. Non-cash transaction amounts of lease liabilities arising from obtaining right-of-use assets were $2,064,279, $2,783,430 and $601,633 for the years ended December 31, 2021, 2022 and 2023, respectively.

Leases - Future Lease Payments under Operating Leases (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Future lease payments under operating leases
2024	$ 3,107,892
2025	2,915,730
2026	2,698,043
2027	2,854,051
2028	713,513
Then thereafter	0
Total future lease payments	12,289,229
Impact of discounting remaining lease payments	(1,283,109)
Total lease liabilities	11,006,120
Lease liabilities, current	3,026,771	$ 5,037,796
Lease liabilities, non-current	$ 7,979,349	$ 15,439,595

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total net revenues	$ 316,854,430	$ 343,182,184	$ 534,116,970
Cost of revenues	(23,094,753)	(30,603,426)	(55,800,726)
Selling, general and administrative expenses	(349,560,513)	(418,501,176)	(645,623,660)
Other operating income (loss), net	(2,940,023)	297,663	560,394
Loss from operations	(58,740,859)	(105,624,755)	(166,747,022)
Interest income, net	1,260,896	2,334,540	3,130,211
Other income (loss), net	(74,190)	1,496,392	208,875
Loss before taxes and loss from equity in affiliates	(57,554,153)	(101,793,823)	(163,407,936)
Income tax benefits	1,781,581	12,120,235	13,497,784
Loss before loss from equity in affiliates	(55,772,572)	(89,673,588)	(149,910,152)
Loss from equity in affiliates, net of tax of nil		(17,089)	(13,871)
Net loss	(55,772,572)	(89,690,677)	(149,924,023)
Less: Net income (loss) attributable to non-controlling interests	161,587	(22,483)	1,009,512
Net loss attributable to Leju Holdings Limited shareholders	$ (55,934,159)	$ (89,668,194)	$ (150,933,535)
Loss per ADS1
Basic (in dollars per ADS)	$ (4.07)	$ (6.54)	$ (11.05)
Diluted (in dollars per ADS)	$ (4.07)	$ (6.54)	$ (11.05)
Shares used in computation of loss per ADS
Basic (in ADS)	13,754,135	13,704,238	13,665,216
Diluted (in ADS)	13,754,135	13,704,238	13,665,216
E-commerce
Revenues
Total net revenues	$ 266,134,068	$ 278,463,695	$ 411,097,123
Online advertising
Revenues
Total net revenues	$ 50,720,362	64,707,215	122,522,232
Listing
Revenues
Total net revenues		$ 11,274	$ 497,615

Related Party Balances and Transactions - Amounts due (Details) - Related parties - E-House - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Balances and Transactions
Net results for service fee	$ (26,493)	$ (123,010)
Amounts due/(from) to related parties	$ (26,493)	$ (123,010)	$ 2,201,127	$ 129,566

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

15. Commitments and Contingencies

The Group is subject to claims and legal proceedings that arise in the ordinary course of its business. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be decided unfavorably to the Group. The Group does not believe that any of these matters will have a material effect on its business, assets or operations.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

12. Segment Information

The Group operates and manages its business as a single segment. The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews the consolidated results of the Group as a whole when making decisions about allocating resources and assessing performance.

The following table summarizes the revenue information of the Group:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
E-commerce of discount coupons	411,097,123	182,940,792	28,385,689
E-commerce of commission coupons	—	95,522,903	237,748,379
Online advertising	122,522,232	64,707,215	50,720,362
Listing	497,615	11,274	—
	534,116,970	343,182,184	316,854,430

Geographic

Substantially all of the Group’s revenues from external customers are located in the PRC.

Major customers

There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Summary of Principal Accounting Policies - Income (Loss) per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) per share
Net loss attributable to Leju ordinary shareholders-basic and diluted	$ (55,934,159)	$ (89,668,194)	$ (150,933,535)
Weighted average number of ordinary shares outstanding-basic (in shares)	13,754,135	13,704,238	13,665,216
Weighted average number of ordinary shares outstanding-diluted (in shares)	13,754,135	13,704,238	13,665,216
Basic loss per share (in dollars per share)	$ (4.07)	$ (6.54)	$ (11.05)
Diluted loss per share (in dollars per share)	$ (4.07)	$ (6.54)	$ (11.05)
Share options and restricted shares
Income (loss) per share
Stock options and restricted shares	972,201	15,156,318	15,617,986

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of major related parties and their relationships


Company Name		Relationship with the Group
E-House Enterprise		Mr. Xin Zhou, executive chairman of Leju, is E-House Enterprise’s chairman. E-House Enterprise was a subsidiary of E-House before it became a listed company in Hong Kong in July, 2018. Leju became a subsidiary of E-House Enterprise as of November 4, 2020.
E-House		Under the common control of E-House Holdings until December 30, 2016, and E-House Holdings was the largest shareholder from December 31, 2016 to November 4, 2020. Mr. Xin Zhou, executive chairman of Leju, is E-House’s ultimate controller.(Note 1).
TM Home		The Company’s parent company, which was controlled by E-house Enterprise. TM Home is owned by E-House Enterprise and Alibaba Investment Limited as to approximately 89.207% and 10.793%.
SINA		A shareholder with significant influence
Tencent Holdings Ltd. or certain of its affiliates (“Tencent”)		A shareholder with significant influence
Alibaba Investment Ltd. or certain of its affiliates (“Alibaba”)		A shareholder with significant influence on TM Home, the Company’s controlling shareholder, from November 4, 2021 to August 15, 2023.
Shanghai Tianji Haofang Network Services Ltd. (“Tianji Network”) (formerly known as Shanghai Yunchuang Information & Technology Ltd.)		Mr. Xin Zhou, executive chairman of Leju, is Tianji Network’s ultimate controller by May 2021. Tianji Network became a subsidiary of E-House Enterprise since May 2021.
Yunnan Huixiangju Information & Consultant Ltd. (“Huixiangju”)		One of the Group’s investment affiliates and the Group owns 51% equity interest and has significant influence
Shanghai Quanzhuyi Home Furnishing Accessories Ltd. (“QuanZhuYi”)		One of the Group’s investment affiliates and the Group owns 13.5% equity interest and has significant influence
Jupai Holdings Ltd. (“Jupai”)		Mr. Xin Zhou, executive chairman of Leju, is Jupai’s director. E-House Holdings has significant influence on Jupai and Leju

Schedule of significant related party transactions


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Corporate service provided by E-House under service agreements	1,352,382	—	—
Corporate service provided by E-House Enterprise	—	1,335,164	569,092
Reimbursement to TM Home (Note A)	—	—	3,087,796
Online advertising resources fee recognized as cost of revenues purchased from SINA	10,078,875	110,464	35,259
Online advertising resources fee recognized as cost of revenues purchased from Tencent	18,671,019	14,787,449	13,727,964
Services purchased from/rental cost paid to E-House	886,866	700,726	131,511
Services purchased from E-House Enterprise	20,557,777	7,694,981	9,562,138
Services purchased from Alibaba (Note B)	875,072	855,183	135,987
Services purchased from Jupai	—	24,372	—
Services purchased from Tianji Network (Note C)	69,762	—	—
Total services purchased from related parties	52,491,753	25,508,339	27,249,747
Online advertising services provided to E-House	484,185	—	—
Services provided to E-House Enterprise	36,334	—	—
Services provided to Investing affiliates	548,075	109,934	—
Total online advertising services provided to related parties	1,068,594	109,934	—
Fee paid to Tencent for advertising resources on behalf of customers (Note D)	2,502,309	1,798,079	1,667,914

Schedule of amounts due from related parties


	As of December 31,
	2022	2023
	$	$
Tencent (1)	1,855,275	782,140
Alibaba(2)	498,258	239,973
E-House Enterprise(3)	—	30,827,666
E-House(4)	123,010	26,493
Allowance for current expected credit losses	(743)	(12,995,675)
Total	2,475,800	18,880,597

Schedule of amounts due to related parties


	As of December 31,
	2022	2023
	$	$
SINA (5)	1,382,173	1,346,340
Investing affiliates(6)	124,208	150,177
E-House Enterprise (3)	3,298,210	—

Total	4,804,591	1,496,517

(1)	The amounts due from Tencent as of December 31, 2022 and 2023 represent prepaid fees for online advertising resources.

(2)	The amounts due from Alibaba as of December 31 2022 and 2023 represent prepaid fees for online advertising resources and technical service.

(3)	The amounts due from/to E-House Enterprise as of December 31, 2022 and 2023 represent net results for receivable for online advertising revenue from E-House Enterprise, payable for marketing service fees charged by E-House Enterprise and payable to TM Home (See Note A).

(4)	The amount due from E-House as of December 31, 2022 and 2023 was primarily for the prepayment for the service purchased from E-House.

(5)	The amounts due to SINA as of December 31, 2022 and 2023 represent payable for online advertising resources fee.

(6)	The amounts due to affiliates as of December 31, 2022 and 2023 represent the advance from Huixiangju.

Related parties | E-House

Schedule of rollforward of the payable to / (receivable from) balance with related party


		Year Ended December 31,
		2021	2022	2023
		$	$	$
Balance at January 1		129,566	2,201,127	(123,010)
Corporate service provided by E-House under services agreements	(A)	1,352,382	—	—
Service provided to E-House	(A)	(484,185)	—	—
Service purchased from/rental cost paid to E-House	(A)	886,866	700,726	131,511
Net received/(payment)	(B)	316,498	(3,024,863)	(34,994)
Balance at December 31		2,201,127	(123,010)	(26,493)


	As of December 31,
	2022	2023
	$	$
Net results for service fee (A and B)	(123,010)	(26,493)
Amounts due/(from) to E-House	(123,010)	(26,493)

(A)	Represents the services provided by or to E-House.

(B)	Represents net cash flow for activities between the Company and E-House.

Related parties | E-House Enterprise

Schedule of rollforward of the payable to / (receivable from) balance with related party


		Year Ended December 31,
		2021	2022	2023
		$	$	$
Balance at January 1		2,238,543	3,950,839	3,298,210
Corporate service provided by E-House Enterprise	(C)	—	1,335,164	569,092
Service provided to E-House Enterprise	(C)	(36,334)	—	—
Service purchased from E-House Enterprise	(C)	20,557,777	7,694,981	9,562,138
Compensation to TM Home	(D)	—	—	3,087,796
Net payment	(E)	(18,809,147)	(9,682,774)	(47,344,902)
Balance at December 31		3,950,839	3,298,210	(30,827,666)

(C)	Represents services provided by or to E-House Enterprise.

(D)	Represents compensation to TM Home. See Note A above.

(E)	Represents net cash flow for the activities between the Company and E-House Enterprise.

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Principal Accounting Policies

Summary of Principal Accounting Policies

2. Summary of Principal Accounting Policies

(a) Basis of presentation

The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

(b ) Liquidity and going concern

VIE arrangements


	Foreign Owned
Name of Foreign	Subsidiaries’
Owned	Economic Ownership
Subsidiaries	of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Leju Hao Fang	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

Agreements that Transfer Economic Benefits of the VIEs to the Group

Agreements that Provide Effective Control over VIEs

Risks in relation to the VIE structure


	As of December 31,
	2022	2023
	$	$
Cash and cash equivalents	90,795,643	22,838,932
Restricted cash	4,270,695	6,098,009
Accounts receivable, net	2,627,814	1,009,192
Customer deposits, net	3,860,127	60,075
Amounts due from related parties, net	2,289,594	18,750,385
Other current assets, net	4,007,633	2,792,808
Total current assets	107,851,506	51,549,401
Total non-current assets	47,690,614	18,002,672
Total assets	155,542,120	69,552,073
Accounts payable	653,700	36,210
Accrued payroll and welfare expenses	10,717,186	5,244,295
Other tax payable	8,684,712	6,654,473
Amounts due to related parties	668,153	1,496,517
Advances from customers	43,096,996	39,858,256
Lease liabilities, current	5,013,721	3,026,771
Accrued marketing and advertising expenses	29,533,704	27,027,664
Other current liabilities	10,317,192	6,955,252
Total current liabilities	108,685,364	90,299,438
Deferred tax liabilities	435,848	383,124
Lease liabilities, non-current	15,400,328	7,979,349
Total liabilities	124,521,540	98,661,911


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Total revenues	533,619,355	343,170,910	316,854,430
Cost of revenues	(47,730,331)	(24,394,266)	(16,773,390)
Net loss	(81,530,172)	(10,882,414)	(35,447,389)
Net cash used in operating activities	(41,427,975)	(93,191,543)	(65,797,108)
Net cash provided by/ (used in) investing activities	431,057	(73,872)	705,572
Net cash provided by/ (used in) financing activities	—	—	—

(d) Use of estimates

(e) Fair value of financial instruments

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

There are no assets or liabilities measured at fair value on a nonrecurring basis in 2021, 2022 and 2023.

(f) Business combinations

(g) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

(h) Restricted cash

(i) Marketable securities

(j) Customer deposits

(k) Investment in affiliates

(l) Leases

Lease expense for lease payments is recognized on a straight-line basis over the lease term.

(m) Property and equipment, net

Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives:


Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Gains and losses from the disposal of property and equipment are included in income (loss) from operations.

(n) Intangible assets, net

(o) Impairment of long-lived assets

(p) Income taxes

(q) Share-based compensation

(r) Treasury stock

(s) Revenue recognition

●	Step 1: Identify the contract(s) with a customer

●	Step 2: Identify the performance obligations in the contract

●	Step 3: Determine the transaction price

●	Step 4: Allocate the transaction price to the performance obligations in the contract

●Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

E-commerce of discount coupons

E-commerce of commission coupons

Set out below is the disaggregation of the Group’s revenue from E-commerce:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
E-commerce of discount coupons	411,097,123	182,940,792	28,385,689
E-commerce of commission coupons	—	95,522,903	237,748,379

Total revenue from E-commerce	411,097,123	278,463,695	266,134,068

Online advertising

Listing

Listing services entitle real estate brokers to post and make changes to information for properties in a particular area on the website for a specified period of time, in exchange for a fixed fee.

Contract balances

Disaggregation of revenue

Practical Expedients and Exemptions

(t) Cost of revenue

(u) Marketing and advertising expenses

(v) Commissions under commission coupons business

(w) Foreign currency translation and transaction.

(x) Government subsidies

(y) Concentration of credit risk

Balances of the allowance for credit losses for accounts receivable and contract assets by each risk category are as follows:


	As of December 31,
	2022	2023
	$	$
Balances of customers with pledged credit risk	2,354,182	2,119,799
Balances of customers with high credit risk	105,189,074	99,692,281
Balances of customers with normal risk	4,305,326	2,165,475
	111,848,582	103,977,555

Movement of the allowance for credit losses for accounts receivable and contract assets is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	12,683,779	115,374,631	111,848,582
Provisions/(reversal)	101,172,959	9,148,173	(3,977,566)
Write-offs	(600,847)	(2,665,754)	(2,079,499)
Changes due to foreign exchange	2,118,740	(10,008,468)	(1,813,962)
Balance as of December 31	115,374,631	111,848,582	103,977,555

Movement of the allowance for customer deposits, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,480	10,259,195	3,878,996
Provisions/(reversal)	10,286,671	4,035,869	(613,238)
Write-offs	—	(10,216,240)	—
Changes due to foreign exchange	(30,956)	(199,828)	(59,520)
Balance as of December 31	10,259,195	3,878,996	3,206,238

Movement of the allowance for other receivables in prepaid expenses and other current assets, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	335,386	150,770	555,963
Provisions/(reversal)	(190,200)	434,867	(184,361)
Write-offs	—	—	—
Changes due to foreign exchange	5,584	(29,674)	(7,722)
Balance as of December 31	150,770	555,963	363,880

Movement of the allowance for amount due from related parties, is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,188	1,175	743
Provisions/(reversal)⁽¹⁾	(2,034)	(346)	13,105,115
Write-offs	—	—	—
Changes due to foreign exchange	21	(86)	(110,183)
Balance as of December 31	1,175	743	12,995,675

(1)	The addition of Provisions in 2023 is mainly influenced by E-House Enterprise. Refer to Note 13 for details.

Movement of the allowance for other non-current assets, is as follows:


	As of December 31,
	2022	2023
	$	$
Balance as of January 1	—	120,130
Provisions/(reversal)	124,995	(11,564)
Write-offs	—	—
Changes due to foreign exchange	(4,865)	(1,906)
Balance as of December 31	120,130	106,660

Details of the accounts receivable and contract assets from customers accounting for 10% or more of total accounts receivable and contract assets are as follows:


	As of December 31,
	2022	2023
Customer A	$	$
Accounts receivable, gross	88,285,716	86,338,094
Allowance for credit losses	(88,285,716)	(86,338,094)
Accounts receivable, net	—	—

(z) Income (Loss) per ADS

Basic income (loss) per ADS is computed by dividing income (loss) attributable to holders of ADS by the weighted average number of ADS outstanding during the period.

Diluted income (loss) per ADS reflects the potential dilution that could occur if securities or other contracts to issue ADS were exercised or converted into ADS.

The following table sets forth the computation of basic and diluted income (loss) per ADS for the periods indicated:


	Year Ended December 31,
	2021		2022		2023
Net loss attributable to Leju ordinary shareholders—basic and diluted	$	(150,933,535)	$	(89,668,194)	$	(55,934,159)

Weighted average number of ADS outstanding—basic		13,665,216		13,704,238		13,754,135

Stock options and restricted shares		—		—		—
Weighted average number of ADS outstanding-diluted		13,665,216		13,704,238		13,754,135

Basic loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

Diluted loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

(aa) Non-controlling interest

(ab) Comprehensive income (loss)

(ac) Impact of newly adopted accounting pronouncement

(ac) Recent issued accounting pronouncements not yet adopted

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net

Schedule of property and equipment, net


	As of December 31,
	2022	2023
	$	$
Furniture, fixtures and equipment	9,160,115	6,570,915
Leasehold improvements	4,238,863	2,907,169
Buildings	11,742,004	8,783,340
Motor vehicles	806,712	699,823

Total	25,947,694	18,961,247
Accumulated depreciation	(11,743,331)	(9,029,291)

Property and equipment, net	14,204,363	9,931,956

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

10. Employee Benefit Plans

The Group’s PRC subsidiaries and VIEs are required by law to contribute a certain percentage of applicable salaries for retirement benefits, medical insurance benefits, housing funds, unemployment and other statutory benefits. The PRC government is directly responsible for the payments of such benefits. The Group contributed $14,677,938, $12,357,772, and $6,462,449 for the years ended December 31, 2021, 2022 and 2023, respectively, for such benefits.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 48,204,096	$ 123,378,034
Restricted cash	6,149,118	4,270,695
Accounts receivable, net of allowance of $111,848,582 and $103,977,555 as of December 31, 2022 and 2023, respectively	1,717,150	3,407,877
Contract assets, net of allowance of $ nil and nil as of December 31, 2022 and 2023, respectively	0	0
Customer deposits, net of allowance of $3,878,996 and $3,206,238 as of December 31, 2022 and 2023, respectively	60,075	3,860,127
Prepaid expenses and other current assets, net of allowance of $555,963 and $363,880 as of December 31, 2022 and 2023, respectively	4,411,773	6,110,770
Amounts due from related parties, net of allowance of $743 and $12,995,675 as of December 31, 2022 and 2023, respectively	$ 18,880,597	$ 2,475,800
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties
Total current assets	$ 79,422,809	$ 143,503,303
Property and equipment, net	9,931,956	14,204,363
Intangible assets, net	1,790,070	12,458,175
Right-of-use assets	9,943,411	18,943,473
Deferred tax assets, net		25,457,487
Other non-current assets, net of allowance of $120,130 and $106,660 as of December 31, 2022 and 2023, respectively	1,102,985	1,544,658
TOTAL ASSETS	102,191,231	216,111,459
Current liabilities:
Short-term borrowings (including short-term borrowings of the consolidated VIEs without recourse to Leju of nil and nil as of December 31, 2022 and 2023 respectively)		717,915
Accounts payable (including accounts payable of the consolidated VIEs without recourse to Leju of $653,700 and $36,210 as of December 31, 2022 and 2023, respectively)	36,210	653,700
Accrued payroll and welfare expenses (including accrued payroll and welfare expenses of the consolidated VIEs without recourse to Leju of $10,717,186 and $5,244,295 as of December 31, 2022 and 2023, respectively)	6,875,651	12,728,091
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Leju of nil and nil as of December 31, 2022 and 2023, respectively)		25,202,771
Other tax payable (including other tax payable of the consolidated VIEs without recourse to Leju of $8,684,712 and $6,654,473 as of December 31, 2022 and 2023, respectively)	7,129,280	9,695,893
Advances from customers (including advance from customers of the consolidated VIEs without recourse to Leju of $43,096,996 and $39,858,256 as of December 31, 2022 and 2023, respectively)	39,924,941	43,100,136
Lease liabilities, current (including lease liabilities, current of the consolidated VIEs without recourse to Leju of $5,013,721 and $3,026,771 as of December 31, 2022 and 2023, respectively)	3,026,771	5,037,796
Accrued marketing and advertising expenses (including accrued marketing and advertising expenses of the consolidated VIEs without recourse to Leju of $29,533,704 and $27,027,664 as of December 31, 2022 and 2023, respectively)	27,437,583	29,988,108
Total current liabilities	94,683,006	144,193,896
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to Leju of $435,848 and $383,124 as of December 31, 2022 and 2023, respectively)	824,771	3,517,837
Lease liabilities, non-current (including lease liabilities, non-current of the consolidated VIEs without recourse to Leju of $15,400,328 and $7,979,349 as of December 31, 2022 and 2023, respectively)	7,979,349	15,439,595
Total liabilities	103,487,126	163,151,328
Commitments and contingencies (Note 14)
Shareholders' Equity (Deficit):
Ordinary shares ($0.001 par value): 1,000,000,000 shares authorized, 137,172,601 and 137,839,249 shares issued and outstanding, as of December 31, 2022 and 2023, respectively	137,839	137,173
Additional paid-in capital	805,105,876	803,300,763
Treasury stock: nil and 52,334 shares as of December 31, 2022 and 2023, respectively	(60,930)
Accumulated deficit	(794,536,455)	(738,602,296)
Accumulated other comprehensive loss	(11,819,819)	(11,601,054)
Total Leju Holdings Limited Shareholders' Equity (Deficit)	(1,173,489)	53,234,586
Non-controlling interests	(122,406)	(274,455)
Total equity (deficit)	(1,295,895)	52,960,131
TOTAL LIABILITIES AND EQUITY (DEFICIT)	102,191,231	216,111,459
Nonrelated Parties
Current liabilities:
Other current liabilities	8,756,053	12,264,895
Related parties
Current liabilities:
Other current liabilities	$ 1,496,517	$ 4,804,591

Distribution of Profits

12 Months Ended

Dec. 31, 2023

Distribution of Profits

Distribution of Profits

11. Distribution of Profits

Relevant PRC statutory laws and regulations permit payment of dividends by the Group’s PRC subsidiaries and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of the Group’s PRC subsidiaries and VIEs is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of the Group’s subsidiaries with foreign investment is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund at the discretion of the board. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends, loans or advances except in the event of liquidation of these subsidiaries.

The amounts of the reserve fund for the Group as of December 31, 2022 and 2023 were $10,125,676 and $10,225,550, respectively.

As a result of these PRC laws and regulations, the Group’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to $35,914,216 and $36,014,090, as of December 31, 2022 and 2023, respectively. The amount of $8,982,249 and $8,974,110 was attributed to general reserve and registered capital of the VIEs.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)	May 10, 2022 shares
CONSOLIDATED STATEMENTS OF OPERATIONS
Number of American depositary share ("ADS") representing ordinary share ("Share")	10

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-36396
Entity Registrant Name	Leju Holdings Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	S7-02, Building 1, Yard 22, Xidawang Road
Entity Address, Address Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100022
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	137,839,249
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001596856
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Yu Certified Public Accountant, P.C.
Auditor Firm ID	5910
Auditor Location	New York
ADSs
Document and Entity Information
Title of 12(g) Security	American depositary shares, each representing ten ordinary shares
Ordinary Shares
Document and Entity Information
Title of 12(g) Security	Ordinary shares, par value US$0.001 per share
Business Contact [Member]
Document and Entity Information
Entity Registrant Name	Leju Holdings Ltd
Entity Address, Address Line One	S7-02, Building 1, Yard 22, Xidawang Road
Entity Address, Address Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100022
Entity Address, Country	CN
Contact Personnel Name	Li Yuan
City Area Code	86
Local Phone Number	10 8515 0515
Contact Personnel Email Address	ir@leju.com

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans
Contribution by group	$ 6,462,449	$ 12,357,772	$ 14,677,938

Borrowings (Details) ¥ in Millions	1 Months Ended
Borrowings (Details) ¥ in Millions	Mar. 31, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Borrowings
Shortterm borrowings				$ 717,915
SPD Bank
Borrowings
Debt instrument term	1 year	1 year
Line of credit facility \| ¥	¥ 5.0	¥ 5.0
SPD Bank \| LPR
Borrowings
Basic points over LPR	0.80%	0.65%
Interest expenses recorded in interest income, net			$ 1,534	$ 51,972	$ 9,147

Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of foreign owned subsidiaries economic ownership in variable interest entities


	Foreign Owned
Name of Foreign	Subsidiaries’
Owned	Economic Ownership
Subsidiaries	of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Leju Hao Fang	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

Schedule of financial statement amounts and balances of the Group's VIEs


	As of December 31,
	2022	2023
	$	$
Cash and cash equivalents	90,795,643	22,838,932
Restricted cash	4,270,695	6,098,009
Accounts receivable, net	2,627,814	1,009,192
Customer deposits, net	3,860,127	60,075
Amounts due from related parties, net	2,289,594	18,750,385
Other current assets, net	4,007,633	2,792,808
Total current assets	107,851,506	51,549,401
Total non-current assets	47,690,614	18,002,672
Total assets	155,542,120	69,552,073
Accounts payable	653,700	36,210
Accrued payroll and welfare expenses	10,717,186	5,244,295
Other tax payable	8,684,712	6,654,473
Amounts due to related parties	668,153	1,496,517
Advances from customers	43,096,996	39,858,256
Lease liabilities, current	5,013,721	3,026,771
Accrued marketing and advertising expenses	29,533,704	27,027,664
Other current liabilities	10,317,192	6,955,252
Total current liabilities	108,685,364	90,299,438
Deferred tax liabilities	435,848	383,124
Lease liabilities, non-current	15,400,328	7,979,349
Total liabilities	124,521,540	98,661,911


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Total revenues	533,619,355	343,170,910	316,854,430
Cost of revenues	(47,730,331)	(24,394,266)	(16,773,390)
Net loss	(81,530,172)	(10,882,414)	(35,447,389)
Net cash used in operating activities	(41,427,975)	(93,191,543)	(65,797,108)
Net cash provided by/ (used in) investing activities	431,057	(73,872)	705,572
Net cash provided by/ (used in) financing activities	—	—	—

Schedule of property, plant and equipment, useful life


Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Schedule of disaggregation of the group's revenue from E-commerce


	Year Ended December 31,
	2021	2022	2023
	$	$	$
E-commerce of discount coupons	411,097,123	182,940,792	28,385,689
E-commerce of commission coupons	—	95,522,903	237,748,379

Total revenue from E-commerce	411,097,123	278,463,695	266,134,068

Schedule of balances of allowance for credit losses for accounts receivable and contract assets by each risk category


	As of December 31,
	2022	2023
	$	$
Balances of customers with pledged credit risk	2,354,182	2,119,799
Balances of customers with high credit risk	105,189,074	99,692,281
Balances of customers with normal risk	4,305,326	2,165,475
	111,848,582	103,977,555

Schedule of movement of the allowance for doubtful accounts for accounts receivable


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	12,683,779	115,374,631	111,848,582
Provisions/(reversal)	101,172,959	9,148,173	(3,977,566)
Write-offs	(600,847)	(2,665,754)	(2,079,499)
Changes due to foreign exchange	2,118,740	(10,008,468)	(1,813,962)
Balance as of December 31	115,374,631	111,848,582	103,977,555

Schedule of allowances for other receivables


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	335,386	150,770	555,963
Provisions/(reversal)	(190,200)	434,867	(184,361)
Write-offs	—	—	—
Changes due to foreign exchange	5,584	(29,674)	(7,722)
Balance as of December 31	150,770	555,963	363,880

Schedule of allowance for customer deposits


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,480	10,259,195	3,878,996
Provisions/(reversal)	10,286,671	4,035,869	(613,238)
Write-offs	—	(10,216,240)	—
Changes due to foreign exchange	(30,956)	(199,828)	(59,520)
Balance as of December 31	10,259,195	3,878,996	3,206,238

Schedule of allowance for amount due from related parties


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	3,188	1,175	743
Provisions/(reversal)⁽¹⁾	(2,034)	(346)	13,105,115
Write-offs	—	—	—
Changes due to foreign exchange	21	(86)	(110,183)
Balance as of December 31	1,175	743	12,995,675

(1)	The addition of Provisions in 2023 is mainly influenced by E-House Enterprise. Refer to Note 13 for details.

Schedule of movement of allowance for other non-current assets


	As of December 31,
	2022	2023
	$	$
Balance as of January 1	—	120,130
Provisions/(reversal)	124,995	(11,564)
Write-offs	—	—
Changes due to foreign exchange	(4,865)	(1,906)
Balance as of December 31	120,130	106,660

Schedule of the computation of basic and diluted income (loss) per ADS


	Year Ended December 31,
	2021		2022		2023
Net loss attributable to Leju ordinary shareholders—basic and diluted	$	(150,933,535)	$	(89,668,194)	$	(55,934,159)

Weighted average number of ADS outstanding—basic		13,665,216		13,704,238		13,754,135

Stock options and restricted shares		—		—		—
Weighted average number of ADS outstanding-diluted		13,665,216		13,704,238		13,754,135

Basic loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

Diluted loss per ADS	$	(11.05)	$	(6.54)	$	(4.07)

Schedule of antidilutive securities excluded from computation of diluted income (loss) per share

Customer risk | Accounts receivable

Schedule of concentration risk


	As of December 31,
	2022	2023
Customer A	$	$
Accounts receivable, gross	88,285,716	86,338,094
Allowance for credit losses	(88,285,716)	(86,338,094)
Accounts receivable, net	—	—

Income Tax - Tax carry forwards, Unrecognized Deferred Tax Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax
Tax operating loss carry forwards	$ 0	$ 35,032,374
PRC
Income Tax
Undistributed	151,205,387
Provision for Chinese dividend withholding taxes	$ 0

Intangible Assets, Net (Details) - USD ($)	1 Months Ended	12 Months Ended
Intangible Assets, Net (Details) - USD ($)	Mar. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Intangible assets subject to amortization		$ 187,589,394	$ 189,291,885
Less: Accumulated amortization		185,799,324	176,833,710
Total intangible assets, net		$ 1,790,070	12,458,175
Weighted Average Remaining Amortization Period		3 months 3 days
Amortization expenses		$ 10,665,705	10,839,284	$ 10,994,923
Expected amortization expenses
2024		1,786,075
2025		3,996
Related parties \| SINA \| Advertising agency agreement and license agreements
Intangible Assets, Net
Percentage of revenue fee on sales	15.00%
Additional consideration upon extension term of agreement	$ 0
Advertising agency agreement \| Related parties \| SINA
Intangible Assets, Net
Intangible assets subject to amortization		106,790,000	106,790,000
Less: Accumulated amortization		$ 105,780,844	99,725,921
Weighted Average Remaining Amortization Period		3 months
Extension term of agreement	5 years
License agreements \| Related parties \| SINA
Intangible Assets, Net
Intangible assets subject to amortization		$ 80,660,000	80,660,000
Less: Accumulated amortization		$ 79,909,416	75,405,899
Weighted Average Remaining Amortization Period		3 months
Computer software licenses
Intangible Assets, Net
Intangible assets subject to amortization		$ 139,394	1,841,885
Less: Accumulated amortization		$ 109,064	$ 1,701,890
Weighted Average Remaining Amortization Period		11 months 8 days

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Share-Based Compensation

9. Share-Based Compensation

Leju Plan

In November 2013, the Company adopted a share incentive plan (“Leju Plan”), which allows the Company to offer a variety of share-based incentive awards to employees, officers, directors and individual consultants who render services to the Group. Under the Leju Plan, the maximum number of shares that may be issued would be 8% of the total outstanding shares on an as-converted and fully diluted basis as of the effective date of the plan, and would be increased automatically by 5% of the then total outstanding shares on an as-converted fully diluted basis on each of the third, sixth and ninth anniversaries of the effective date of the Leju Plan. On December 1, 2016, the award pool under Leju plan was automatically increased by 7,553,422 ordinary shares. On December 1, 2019, the award pool under Leju plan was automatically increased by 7,833,224 ordinary shares. On December 1, 2022, the award pool under Leju plan was automatically increased by 8,020,119 ordinary shares. Options have a ten-year life.

Share Options:

During 2022 and 2023, there were no options granted under Leju Plan.

During 2021, the Company granted 4,267,000 options to purchase its ordinary shares to certain of the Group’s employees at an exercise price from $0.10 to $1.00 per share, including 600,000 options granted to senior management team as part of 2020 bonus as described below. The options expire ten years from the date of grant and vest ratably at each grant date anniversary over a period of three years.

The Company has used the binomial model to estimate the fair value of the options granted under the Leju Plan. The fair value per option was estimated at the date of grant using the following assumptions:


	2021
Risk-free rate of return	1.56	%
Contractual life of option	10 years
Estimated volatility	72.06	%
Dividend yield	0.00	%

A summary of option activities under the Leju Plan during the year ended December 31, 2023 is presented below:


			Weighted
			Average
			Remaining	Aggregate
		Weighted	Contractual	Intrinsic
	Number of	Average	Term	Value of
	Options	Exercise Price	(in years)	Options
		$		$
Outstanding, as of January 1, 2023	14,889,650	2.70	4.74
Granted	—	—
Exercised	(399,980)	0.10		83,773
Forfeited	(1,439,283)	3.19
Expired	(3,328,379)	4.60
Outstanding, as of December 31, 2023	9,722,008	2.15	4.91
Vested and expected to vest as of December 31, 2023	9,659,055	2.16	4.89
Exercisable as of December 31, 2023	8,622,676	2.32	4.60

The weighted average grant-date fair value of the options granted in 2021 was $1.74 per share. For the years ended December 31, 2021, 2022 and 2023, the Company recorded compensation expenses of $1,519,778, $1,789,992 and $1,765,781 for the share options granted to the Group’s employees, respectively. During the years ended December 31, 2021, 2022 and 2023, 146,582, nil and 399,980 options were exercised having a total intrinsic value of $193,492, nil and $83,773, respectively. The proceeds from exercise of options were $208,025, nil and $39,998 for the years ended December 31, 2021, 2022 and 2023, respectively.

During the year ended December 1, 2023, 3,328,379 options were expired.

As of December 31, 2023, there was $560,602 of total unrecognized compensation expense related to unvested share options granted under the Leju Plan. That cost is expected to be recognized over a weighted-average period of 0.31 years.

Restricted Shares:

Restricted shares are restricted from voting or receiving dividends until the shares are vested based on the stipulated service periods as set out in the award agreements.

The Company granted 250,000 restricted shares to certain employees in 2019. Under the terms of each restricted shares, restricted shares vest over three years.

On March 15, 2019, the board of directors approved that portion of bonus for the senior management team would be paid in the form of restricted shares. For the year ended December 31, 2019, the Company recorded compensation expenses of $1,225,000 for 800,000 restricted shares that were granted to the senior management team in June, 2020.

On May 28, 2020, the board of directors also approved that portion of bonus for the senior management team would be paid in the form of restricted shares. For the year ended December 31, 2020, the Company recorded compensation expenses of $1,425,000,and 600,000 options were granted to the senior management team at an exercise price of $0.10 per share on April 23, 2021.

There were no restricted shares granted under Leju Plan in 2022 and 2023.

A summary of restricted share activity under the Leju Plan during the year ended December 31, 2023 is presented below:


		Weighted
	Number of	Average
	Restricted	Grant-date
	Shares	Fair Value
		$
Outstanding, as of January 1, 2023	266,668	1.50
Granted	—	—
Vested	(266,668)	1.50
Forfeited	—	—
Outstanding, as of December 31, 2023	—	—

The total grant-date fair value of restricted shares vested in 2021, 2022 and 2023 was $537,498, $537,500 and $400,002, respectively.

For the years ended December 31, 2021, 2022 and 2023, the Company recorded compensation expenses of $137,500, $34,375 and nil for the restricted shares granted to the Group’s employees which did not include the restricted shares granted as the bonus for the senior management team, respectively.

As of December 31, 2023, there was no unrecognized compensation expense related to unvested restricted shares granted under the Leju Plan.

Repurchase of Shares

12 Months Ended

Dec. 31, 2023

Repurchase of Shares

Repurchase of Shares

14. Repurchase of Shares

On November 14, 2023, the Company’s board of directors has authorized a share repurchase program under which the Company may repurchase up to US$2 million of its shares over the next 12 months, ending on November 13, 2024. In 2023, The Company repurchased a total of 52,334 shares for $60,930. The ultimate disposition has not been decided, the Company has shown the cost separately as a deduction from stockholders’ equity.

Other Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income (Loss), Net

Schedule of other income (loss), net


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Realized gain on marketable securities	2,127,985	31,891	—
Unrealized gain (loss) on marketable securities	(1,722,700)	—	—
Income (loss) from sales of properties held for sales	(17,430)	742	—
Foreign exchange gain (loss)	(431,686)	1,217,262	(74,190)
Others	252,706	246,497	—

Total	208,875	1,496,392	(74,190)

Share-Based Compensation - Options (Details) - USD ($)		12 Months Ended
Share-Based Compensation - Options (Details) - USD ($)	Dec. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Expired (in shares)	(3,328,379)
Additional disclosure
Proceeds from exercise of options		$ 39,998		$ 258,311
Expired share options	3,328,379
Leju Plan \| Share Options
Number of Options
Outstanding at beginning of the year (in shares)		14,889,650
Exercised ( in shares)		399,980	0	146,582
Forfeited (in shares)		(1,439,283)
Expired (in shares)		(3,328,379)
Outstanding at end of the year (in shares)		9,722,008	14,889,650
Vested and expected to vest at end of the year (in shares)		9,659,055
Exercisable at end of the year (in shares)		8,622,676
Weighted Average Exercise Price
Outstanding at beginning of the year (in dollars per share)		$ 2.70
Exercised (in dollars per share)		0.10
Forfeited (in dollars per share)		3.19
Expired (in dollars per share)		4.60
Outstanding at end of the year (in dollars per share)		2.15	$ 2.70
Vested and expected to vest at end of the year (in dollars per share)		2.16
Exercisable at end of the year (in dollars per share)		$ 2.32
Weighted Average Remaining Contractual Term
Outstanding at end of the year		4 years 10 months 28 days	4 years 8 months 26 days
Vested and expected to vest at end of the year		4 years 10 months 20 days
Exercisable at end of the year		4 years 7 months 6 days
Aggregate Intrinsic Value of Options
Exercised		$ 83,773	$ 0	$ 193,492
Additional disclosure
Weighted-average grant-date fair value of options granted (in dollars per share)				$ 1.74
Compensation expense		1,765,781	1,789,992	$ 1,519,778
Total unrecognized compensation expense		$ 560,602
Weighted-average period over which cost is expected to be recognized		3 months 21 days
Proceeds from exercise of options		$ 39,998	$ 0	$ 208,025
Exercise of share options		399,980	0	146,582
Expired share options		3,328,379

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and Principal Activities

Schedule of major subsidiaries and consolidated VIEs


	Date of	Place of	Percentage of
	Incorporation	Incorporation	Ownership
Shanghai SINA Leju Information Technology Co., Ltd (“Shanghai SINA Leju”)	08-May-08	PRC	100	%
E-House City Re-House Real Estate Agency (Shanghai) Co., Ltd (“City Re-House”)	04-Mar-10	PRC	100	%
Shanghai Yi Yue Information Technology Co., Ltd (“Shanghai Yi Yue”)	16-Sep-11	PRC	100	%
Beijing Maiteng Fengshun Science and Technology Co., Ltd (“Beijing Maiteng”)	04-Jan-12	PRC	84	%
Beijing Yisheng Leju Information Services Co., Ltd. (“Beijing Leju”)	13-Feb-08	PRC	VIE
Shanghai Leju Hao Fang Information Service Co., Ltd. (“Leju Hao Fang”) (formerly known as Shanghai Yi Xin E-Commerce Co., Ltd.)	05-Dec-11	PRC	VIE
Beijing Jiajujiu E-Commerce Co., Ltd. (“Beijing Jiajujiu”)	22-Mar-12	PRC	VIE

Share-Based Compensation - Restricted Shares (Details) - Leju Plan - Restricted Shares - USD ($)				12 Months Ended
	Apr. 23, 2021	Jun. 17, 2020	Mar. 15, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of restricted share activity
Outstanding at beginning of the year (in shares)				266,668
Granted (in shares)				0	0
Vested (in shares)				(266,668)
Forfeited (in shares)				0
Outstanding at end of the year (in shares)					266,668
Weighted Average Grant-date Fair Value
Outstanding at beginning of the year (in dollars per share)				$ 1.50
Vested (in dollars per share)				1.50
Forfeited (in dollars per share)				$ 0
Outstanding at end of the year (in dollars per share)					$ 1.50
Additional disclosure
Restricted shares granted				0	0
Total grant date fair value of restricted shares vested				$ 400,002	$ 537,500	$ 537,498
Unrecognized compensation expense				0
Group's employees
Additional disclosure
Compensation expense				$ 0	$ 34,375	$ 137,500
Senior management Team
Share-Based Compensation
Award vesting period								3 years
Summary of restricted share activity
Granted (in shares)		800,000						250,000
Additional disclosure
Restricted shares granted		800,000						250,000
Compensation expense			$ 1,225,000				$ 1,425,000
Options granted for purchase of shares	600,000
Exercise price of shares granted (in dollars per share)	$ 0.10

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax

Income Tax

8. Income Tax

The following table summarizes income (loss) before income taxes incurred in the PRC and outside of the PRC:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Loss before income taxes:
PRC	(148,696,060)	(99,596,774)	(54,239,842)
Outside of PRC	(14,711,876)	(2,197,049)	(3,314,311)

Total	(163,407,936)	(101,793,823)	(57,554,153)

Expenses (benefits) for income taxes are comprised of:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Current Tax
PRC	(1,409,996)	(32,295,286)	(24,342,764)
Outside of PRC	4,895	276	2,075

	(1,405,101)	(32,295,010)	(24,340,689)

Deferred Tax
PRC	(12,092,683)	20,174,775	22,559,108
Outside of PRC	—	—	—

	(12,092,683)	20,174,775	22,559,108

Income tax benefits	(13,497,784)	(12,120,235)	(1,781,581)

The Company is incorporated in the Cayman Islands, which is exempted from tax.

Enterprise Income Tax Law in China applies a statutory 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

Shanghai SINA Leju was granted a high and new technology enterprise (“HNTE”) status. Shanghai SINA Leju renewed its qualification of “high and new technology enterprise” in 2018 and 2021, and was entitled to a favorable statutory tax rate of 15% from 2018 through 2023.

The Group’s subsidiaries in Hong Kong are subject to a profit tax at the rate of 16.5% on assessable profit determined under relevant Hong Kong tax regulations. The Company’s subsidiaries incorporated in the BVI are not subject to taxation.

The Group does not have uncertain tax positions in accordance with ASC740-10, nor does it anticipate any significant increase to its liability for unrecognized tax benefit within next 12 months. The Group will classify interest and penalties related to income tax matters, if any, as income tax expense.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to tax authority’s mistake or due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of tax liability exceeding RMB100,000 ($14,119) is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion.

The principal components of the deferred income tax assets/liabilities are as follows:


	As of December 31,
	2022	2023
	$	$
Deferred tax assets:
Accrued salary expenses	2,792,431	1,330,327
Bad debt provision	29,096,796	24,530,121
Net operating loss carry-forwards	24,801,075	15,226,856
Advertising expenses	1,013,274	413,645
Accrued expense	8,862,609	7,471,246
Others	508,950	41,955
Gross deferred tax assets	67,075,135	49,014,150
Valuation allowance	(41,617,648)	(49,014,150)
Total deferred tax assets	25,457,487	—

Deferred tax liabilities:
Intangible assets from acquisition and other assets	3,517,837	824,771
Total deferred tax liabilities	3,517,837	824,771

The majority of deferred tax liabilities were recognized for temporary differences between the tax basis of intangible assets recognized from acquisitions and their reported amounts in the financial statements.

Movement of the valuation allowance is as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Balance as of January 1	(5,714,480)	(26,732,045)	(41,617,648)
Reversal/(Additions)	(20,905,451)	(17,978,965)	(8,158,994)
Write-offs	393,251	138,479	—
Changes due to exchange rate translation	(505,365)	2,954,883	762,492
Balance as of December 31	(26,732,045)	(41,617,648)	(49,014,150)

The Group recognized a valuation allowance against deferred tax assets of $20,905,451, $17,978,965 and $8,158,994 for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2023. Such objective evidence limits the Group’s ability to consider other subjective evidence such as its projections for future growth.

Reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:


	Year Ended December 31,
	2021		2022		2023
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	(0.25)	%	(0.45)	%	(0.77)	%
Other expenses not deductible for tax purposes	0.17	%	0.30	%	(0.03)	%
Effect of tax holiday	(5.29)	%	(5.15)	%	(4.97)	%
Effect of different tax rate of subsidiary operation in other jurisdiction	(2.00)	%	(0.09)	%	(0.68)	%
Valuation allowance movement	(12.37)	%	(8.17)	%	(15.46)	%
Withholding tax	3.01	%	0.48	%	—	%
	8.27	%	11.92	%	3.09	%

The aggregate amount and per share effect of the tax holiday are as follows:


	Year Ended December 31,
	2021	2022	2023
	$	$	$
The aggregate dollar effect	(8,646,324)	(5,247,214)	(2,862,485)
Per ADS effect—basic	(0.63)	(0.38)	(0.21)
Per ADS effect—diluted	(0.63)	(0.38)	(0.21)

As of December 31, 2022 and 2023, the Group had net tax operating loss carry-forwards of $35,032,374, and nil, respectively. The tax operating losses of entities not qualified as HNTE are available for offset against future profits that may be carried forward until calendar years 2027 and 2028, respectively and further to 2032 and 2033, respectively for qualified HNTE according to the public announcement made by the State Administration of Taxation in China in 2022.

Undistributed losses of the Company’s PRC subsidiaries of approximately $151,205,387 at December 31, 2023, no provision for PRC dividend withholding tax has been provided thereon.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information

Schedule of the revenue information of the Group


	Year Ended December 31,
	2021	2022	2023
	$	$	$
E-commerce of discount coupons	411,097,123	182,940,792	28,385,689
E-commerce of commission coupons	—	95,522,903	237,748,379
Online advertising	122,522,232	64,707,215	50,720,362
Listing	497,615	11,274	—
	534,116,970	343,182,184	316,854,430

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 103,977,555	$ 111,848,582
Customer deposits, accumulated allowance	3,206,238	3,878,996
Prepaid expenses and other current assets, net of allowance	363,880	555,963
Amounts due from related parties, net of allowance	12,995,675	743
Other non-current assets, net of allowance	106,660	120,130
Shortterm borrowings		717,915
Accounts payable	36,210	653,700
Accrued payroll and welfare expenses	6,875,651	12,728,091
Income tax payable		25,202,771
Other tax payable	7,129,280	9,695,893
Advances from customers	39,924,941	43,100,136
Lease liabilities, current	3,026,771	5,037,796
Accrued marketing and advertising expenses	27,437,583	29,988,108
Deferred tax liabilities	824,771	3,517,837
Lease liabilities, non-current	$ 7,979,349	$ 15,439,595
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	137,839,249	137,172,601
Common stock, shares outstanding	137,839,249	137,172,601
Treasury stock shares	52,334	0
Consolidated VIEs without recourse
Shortterm borrowings	$ 0	$ 0
Accounts payable	36,210	653,700
Accrued payroll and welfare expenses	5,244,295	10,717,186
Income tax payable	0	0
Other tax payable	6,654,473	8,684,712
Advances from customers	39,858,256	43,096,996
Lease liabilities, current	3,026,771	5,013,721
Accrued marketing and advertising expenses	27,027,664	29,533,704
Other current liabilities	6,955,252
Deferred tax liabilities	383,124	435,848
Lease liabilities, non-current	7,979,349	15,400,328
Nonrelated Parties
Other current liabilities	8,756,053	12,264,895
Nonrelated Parties \| Consolidated VIEs without recourse
Other current liabilities	6,955,252	10,317,192
Related parties
Other current liabilities	1,496,517	4,804,591
Related parties \| Consolidated VIEs without recourse
Other current liabilities	$ 1,496,517	$ 668,153

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 11
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Subparagraph (SX 210.5-03(21))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Other Income (Loss), Net

12 Months Ended

Dec. 31, 2023

Other Income (Loss), Net

Other Income (Loss), Net

7. Other Income (Loss), Net


	Year Ended December 31,
	2021	2022	2023
	$	$	$
Realized gain on marketable securities	2,127,985	31,891	—
Unrealized gain (loss) on marketable securities	(1,722,700)	—	—
Income (loss) from sales of properties held for sales	(17,430)	742	—
Foreign exchange gain (loss)	(431,686)	1,217,262	(74,190)
Others	252,706	246,497	—

Total	208,875	1,496,392	(74,190)

Organization and Principal Activities (Details)	May 20, 2022	Nov. 24, 2021 shares	Nov. 04, 2020 shares	Dec. 30, 2016 USD ($) shares	Dec. 31, 2023	Aug. 15, 2023
Variable Interest Entity [Line Items]
Share split ratio	10
Related parties \| SINA \| Leju Holdings Limited
Variable Interest Entity [Line Items]
Shares purchased from related party			24,475,251
Related parties \| Zhou Parties \| Leju Holdings Limited
Variable Interest Entity [Line Items]
Shares purchased from related party			51,925,996
E-House \| Reportable Legal Entities \| Related parties \| SINA
Variable Interest Entity [Line Items]
Total ordinary shares repurchased, ordinary shares transferred (in shares)				40,651,187
Total cash consideration for repurchase of ordinary shares \| $				$ 129,038,150
E-House Enterprise \| Leju Holdings Limited
Variable Interest Entity [Line Items]
Shares purchased from related party			76,401,247
Shanghai SINA Leju
Variable Interest Entity [Line Items]
Ownership percentage					100.00%
City RE-House
Variable Interest Entity [Line Items]
Ownership percentage					100.00%
Shanghai Yi Yue
Variable Interest Entity [Line Items]
Ownership percentage					100.00%
Beijing Maiteng
Variable Interest Entity [Line Items]
Ownership percentage					84.00%
E-House Enterprise \| TM Home Limited
Variable Interest Entity [Line Items]
Ownership percentage		70.23%			89.207%	89.207%
Shares purchased from related party		76,401,247
Alibaba Investment Limited \| TM Home Limited
Variable Interest Entity [Line Items]
Ownership percentage		29.77%			10.793%	10.793%