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Operating Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Operating Segment Information |
4. | OPERATING SEGMENT INFORMATION
The Group now operates its businesses in five operating segments: capital market solutions segment, digital solutions and other services segment, media and entertainment segment, hotel operations, hospitality and VIP services segment and strategic investment segment. The following summary describes the operations in each of the Group’s reportable segment: The Group’s reportable and operating segments are therefore as follows:
| (a) | The capital market solutions segment assists customers in raising funds through equity and debt financing, private placements and debt issuances, providing financial advisory services (including but not limited to domestic and cross border advisory services for merger and acquisitions) and providing asset management products and services.
| (b) | The digital solutions and other services segment provides its institutional and corporate clients with exclusive, paid access to enhance their investor communication, investor relations and corporate communication to potentially maximize their valuation, as well as provides digital financial solution services.
| (c) | Media and entertainment segment. which arises from the business acquisition of L’Officiel and The Art Newspaper SA in current and prior periods, engages in the provision of print and digital advertising campaigns, licensing, and value-added marketing services including branded content, video production, social media activation, event creation, and experiential marketing, among other services.
| (d) | Hotel operations, hospitality and VIP services segment: The Group engages in hotel investments, hotel operations, hospitality and VIP services since the acquisition of AMTD Assets.
| (e) | The strategic investment segment engages in proprietary investments and management of global investment portfolio (including listed and unlisted equity shares investments and movie income right investments).
Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment result, which is a measure of profit before tax from operations. The profit before tax from operations is measured after allocation of ECL, attributable costs of specialized staff, commission paid to asset management segment consistently with the Group’s profit before tax from operations. Net fair value change on derivative financial liability, other income, other gain, finance costs and corporate expenses such as staff costs not directly attributable to segments, office rental and administrative expenses are excluded from such measurement. Segment assets exclude property, plant and equipment other than hotel property, amounts due from immediate holding company, prepayments, deposits and other receivables, tax recoverable, cash and bank balances and other unallocated head office and corporate assets as these assets are managed on a group basis. Segment liabilities exclude tax payable, derivative financial liability, bank borrowings, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. Segment revenue and results The following tables present information by segment, with prior period segment information retrospectively recast to conform to current period presentation: For the year ended December 31, 2021
|  | Capital market solutions US$ |  |  | Strategic investment US$ |  |  | Total US$ |
Segment revenue (Note 5) Revenue |  |  |  |  |  |  |  |  |  |  |  |
—from contract with customers |  |  | 87,535 |  |  |  | — |  |  |  | 87,535 |
—others |  |  | — |  |  |  | 92,280 |  |  |  | 92,280 |
|  |  | 87,535 |  |  |  | 92,280 |  |  |  | 179,815 |
Segment results |  |  | 85,708 |  |  |  | 92,280 |  |  |  | 177,988 |
Unallocated other income |  |  |  |  |  |  |  |  |  |  | 16,149 |
Unallocated finance costs |  |  |  |  |  |  |  |  |  |  | (1,650 | )
Corporate and other unallocated expenses |  |  |  |  |  |  |  |  |  |  | (21,248 | )
Profit before tax |  |  |  |  |  |  |  |  |  |  | 171,239 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  |  |  |  |  |  |  |  |  | 6 |
For the year ended December 31, 2022
|  | Capital market solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Strategic investment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Segment revenue (Note 5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—from contract with customers |  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | — |  |  |  | 105,365 |
—others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,806 |  |  |  | 69,806 |
|  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | 69,806 |  |  |  | 175,171 |
Segment results |  |  | 72,140 |  |  |  | 21,299 |  |  |  | 2,725 |  |  |  | 69,806 |  |  |  | 165,970 |
Unallocated other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,063 |
Unallocated other gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,598 |
Unallocated finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (859 | )
Unallocated net changes in fair value on derivative financial liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,704 |
Corporate and other unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30,605 | )
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 173,871 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 738 |
For the year ended December 31, 2023
|  | Capital market solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Hotel operations, hospitality and VIP services |  |  | Strategic investment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Segment revenue (Note 5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—from contract with customers |  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | — |  |  |  | 38,244 |
—others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 92,670 |  |  |  | 92,670 |
|  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | 92,670 |  |  |  | 130,914 |
Segment results |  |  | (1,276 | ) |  |  | 9,126 |  |  |  | 3,239 |  |  |  | 2,106 |  |  |  | 92,670 |  |  |  | 105,865 |
Unallocated other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,942 |
Unallocated other gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,797 |
Unallocated finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,199 | )
Corporate and other unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,708 | )
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 157,697 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,623 |
Segment assets and liabilities
|  |  |  |  |  |  |  |  | As of December 31, |
|  |  |  |  |  |  |  |  | 2021 |  |  | 2022 |  |  | 2023 |
|  |  |  |  |  |  |  |  | US$ |  |  | US$ |  |  | US$ |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  |  | 30,467 |  |  |  | 10,429 |  |  |  | — |
Digital solut ions and other services |  |  |  | — |  |  |  | 23,691 |  |  |  | 1,480 |
Media and entertainment |  |  |  | — |  |  |  | 93,754 |  |  |  | 126,028 |
Hotel operations, hospitality and VIP services |  |  |  | — |  |  |  | — |  |  |  | 85,495 |
Strategic investment |  |  |  | 481,757 |  |  |  | 380,407 |  |  |  | 79,607 |
Total segment assets |  |  |  | 512,224 |  |  |  | 508,281 |  |  |  | 292,610 |
Unallocated corporate assets |  |  |  | 345,469 |  |  |  | 552,442 |  |  |  | 1,193,980 |
Total assets |  |  |  | 857,693 |  |  |  | 1,060,723 |  |  |  | 1,486,590 |
Segment liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Digital solutions and other services |  |  |  | 19,965 |  |  |  | 2,324 |  |  |  | 15,621 |
Media and entertainment |  |  |  | — |  |  |  | 23,270 |  |  |  | 27,361 |
Hotel operations, hospitality and VIP services |  |  |  | — |  |  |  | — |  |  |  | 106,742 |
Total segment liabilities |  |  |  | 19,965 |  |  |  | 25,594 |  |  |  | 149,724 |
Unallocated corporate liabilities |  |  |  | 95,213 |  |  |  | 32,715 |  |  |  | 43,292 |
Total liabilities |  |  |  | 115,178 |  |  |  | 58,309 |  |  |  | 193,016 |
Geographical information The following table sets forth the Group’s revenue from contract with customers by geographical areas based on the location of the customers: For the year ended December 31, 2021
|  | Total |
|  | US$ |
China (including Hong Kong) |  |  | 87,050 |
Others |  |  | 485 |
|  |  | 87,535 |
For the year ended December 31, 2022
|  | Capital markets solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
China (including Hong Kong) |  |  | 74,305 |  |  |  | 23,253 |  |  |  | — |  |  |  | 97,558 |
Europe |  |  | — |  |  |  | — |  |  |  | 2,461 |  |  |  | 2,461 |
America |  |  | — |  |  |  | — |  |  |  | 4,090 |  |  |  | 4,090 |
Others |  |  | — |  |  |  | 187 |  |  |  | 1,069 |  |  |  | 1,256 |
|  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | 105,365 |
For the year ended December 31, 2023
|  | Capital markets solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Hotel operations, hospitality and VIP services |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
China (including Hong Kong) |  |  | — |  |  |  | 13,469 |  |  |  | — |  |  |  | 5,132 |  |  |  | 18,601 |
Europe |  |  | — |  |  |  | — |  |  |  | 6,582 |  |  |  | — |  |  |  | 6,582 |
America |  |  | — |  |  |  | — |  |  |  | 5,250 |  |  |  | 5,169 |  |  |  | 10,419 |
Others |  |  | — |  |  |  | — |  |  |  | 2,642 |  |  |  | — |  |  |  | 2,642 |
|  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | 38,244 |
As of December 31, 2023, non-current assets other than financial instruments of US$69,739 (2022: US$9 and 2021: US$1,955 ) , US$15,942 (2022: US $11,616 and 2021: nil) and US$118,618 (2022: US$92,879 and 2021: nil), for the purpose of geographical information were located in Hong Kong, Singapore and Europe, respectively.

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