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Fair Value and Fair Value Hierarchy of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of the Carrying Amounts and Fair Values of the Group's Financial Instruments | The carrying amounts and fair values of the Group’s financial instruments measured at fair value are as follows:
|  | Fair values |
|  | As of December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | 357,352 |  |  |  | 195,337 |  |  |  | 79,607 |
Derivative financial asset |  |  | 124,404 |  |  |  | 185,069 |  |  |  | — |
|  |  | 481,756 |  |  |  | 380,406 |  |  |  | 79,607 |
Summary of Significant Unobservable Inputs to Valuation of Financial Instruments | There is no change in valuation technique and basis of significant unobservable input on Level 3 financial assets and derivative financial asset as of December 31, 2021, 2022 and 2023. Below is summary of significant unobservable inputs to valuation of financial instruments as of December 31, 2023:
|  | Valuation technique |  | Significant unobservable input |  | Range or estimate
Unlisted equity investment Investment E |  | Multiple/ EVA |  | Equity volatility |  | 69.60%
Movie income right investments |  | Income approach |  | Discount rate |  | 10.40%-12.59%
Below is summary of significant unobservable inputs to valuation of financial instruments as of December 31, 2022:
|  | Valuation technique |  | Significant unobservable input |  | Range or estimate
Unlisted equity investment Investment D |  | Net asset value method |  | Net asset value |  | Note (a)
Unlisted equity investment Investment E |  | Multiple/ EVA |  | Equity volatility |  | 69.60%
Movie income right investments |  | Income approach |  | Discount rate |  | 10.40%-12.59%
Derivative financial asset |  | MCS |  | Volatility of Underlying Assets |  | 49.78%
Below is summary of significant unobservable inputs to valuation of financial instruments as of December 31, 2021:
|  | Valuation technique |  | Significant unobservable input |  | Range or estimate
Unlisted equity investment Investment D |  | Net asset value method |  | Net asset value |  | Note (a)
Unlisted equity investment Investment H |  | Multiple/ EVA |  | Equity volatility |  | 75.29%
|  |  |  | Median Forward P/E multiple of peers |  | 2.10
Unlisted equity investment Investment I |  | Multiple/ EVA |  | Equity volatility |  | 48.52%
|  |  |  | Median Forward P/E multiple of peers |  | 18.97
Unlisted equity investment Investment J |  | Multiple/ EVA |  | Average P/E multiple of peers |  | 61.29
|  |  |  | Discount of lack of marketability |  | 45%
Derivative financial assets in relation to the Agreements |  | MCS |  | Volatility of Underlying Assets |  | 35.95%
Derivative financial liability |  | Binomial option pricing model |  | Volatility |  | 46.21%
|  |  |  | Discount rate |  | 12.52%
Note:
| (a) | The fair value is derived from the net asset value of Investment D that is mostly attributable from its underlying property investments with their fair value being measured by income approach. The directors of the Company considered that remaining assets or liabilities in Investment D are not significant to the amount of overall investment and approximated to their fair value.
Summary of Assets Measured at Fair Value | Fair Value Hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value :
|  | Fair value measurement using |
|  | Quoted prices in active markets (Level 1) |  |  | Recent transaction price (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | 135,373 |  |  |  | 2,761 |  |  |  | 219,218 |  |  |  | 357,352 |
Derivative financial asset |  |  | — |  |  |  | — |  |  |  | 124,404 |  |  |  | 124,404 |
|  |  | 135,373 |  |  |  | 2,761 |  |  |  | 343,622 |  |  |  | 481,756 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | 110,474 |  |  |  | 4,335 |  |  |  | 80,528 |  |  |  | 195,337 |
Derivative financial asset |  |  | — |  |  |  | 17,681 |  |  |  | 167,388 |  |  |  | 185,069 |
|  |  | 110,474 |  |  |  | 22,016 |  |  |  | 247,916 |  |  |  | 380,406 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | 72,053 |  |  |  | 1,813 |  |  |  | 5,741 |  |  |  | 79,607 |
Summary of the Movements in Fair Value Measurements within Level 3 | The movements in fair value measurements within Level 3 during the years are as follow:
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Unlisted equity shares at fair value through profit or loss: |  |  |  |  |  |  |  |  |  |  |  |
At January 1, |  |  | 38,681 |  |  |  | 219,219 |  |  |  | 80,528 |
Addition |  |  | 20,930 |  |  |  | 21,712 |  |  |  | — |
Disposal |  |  | (25,289 | ) |  |  | (45,404 | ) |  |  | (25,539 | )
Transfer |  |  | 143,689 |  |  |  | 1,491 |  |  |  | 4,118 |
Derecognition upon acquisition of subsidiaries |  |  | — |  |  |  | (162,747 | ) |  |  | (66,190 | )
Receipt of investment return |  |  | — |  |  |  | (2,680 | ) |  |  | — |
Total gains in profit or loss |  |  | 41,208 |  |  |  | 49,267 |  |  |  | 12,804 |
Exchange realignment |  |  | — |  |  |  | (330 | ) |  |  | 20 |
At December 31, |  |  | 219,219 |  |  |  | 80,528 |  |  |  | 5,741 |
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Derivative financial assets in relation to the Agreement (Note 14): |  |  |  |  |  |  |  |  |  |  |  |
At January 1, |  |  | 132,080 |  |  |  | 124,404 |  |  |  | 167,388 |
Net fair value (loss)/gains recognized in profit or loss |  |  | (6,947 | ) |  |  | 44,461 |  |  |  | 34,234 |
Gain related to disposed investment |  |  | — |  |  |  | 486 |  |  |  | — |
Settlement |  |  | — |  |  |  | (1,963 | ) |  |  | (201,411 | )
Exchange realignment |  |  | (729 | ) |  |  | — |  |  |  | (211 | )
At December 31, |  |  | 124,404 |  |  |  | 167,388 |  |  |  | — |
Summary of Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation |
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Derivative financial liability (Note 26): |  |  |  |  |  |  |  |  |  |  |  |
At January 1, |  |  | 1,662 |  |  |  | 1,764 |  |  |  | — |
Net fair value changes recognized in profit or loss |  |  | — |  |  |  | (1,704 | ) |  |  | — |
Converted into class A shares |  |  | — |  |  |  | (55 | ) |  |  | — |
Exchange alignment |  |  | 102 |  |  |  | (5 | ) |  |  | — |
At December 31, |  |  | 1,764 |  |  |  | — |  |  |  | — |

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