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Revenue, Other Income and Other Gain | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue, Other Income and Other Gain |
5. | REVENUE, OTHER INCOME AND OTHER GAIN
A. Revenue An analysis of revenue is as follows:
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  |  |  |  |  |  |  |  |  |  |
Underwriting commission |  |  | 3,737 |  |  |  | 12,070 |  |  |  | — |
Financial advisory fee |  |  | 73,072 |  |  |  | 54,614 |  |  |  | — |
Management fee and performance-based incentive fee |  |  | 7,362 |  |  |  | 2,144 |  |  |  | — |
Brokerage and handling fees |  |  | 3,262 |  |  |  | 5,403 |  |  |  | — |
Others |  |  | 102 |  |  |  | 74 |  |  |  | — |
|  |  | 87,535 |  |  |  | 74,305 |  |  |  | — |
Digital solutions and other services |  |  |  |  |  |  |  |  |  |  |  |
Insurance brokerage services commission |  |  | — |  |  |  | 1,040 |  |  |  | 1,249 |
Digital solutions fees |  |  | — |  |  |  | 22,400 |  |  |  | 12,220 |
|  |  | — |  |  |  | 23,440 |  |  |  | 13,469 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | — |  |  |  | 3,608 |  |  |  | 11,031 |
Fashion, arts and luxury media licensing and marketing services income |  |  | — |  |  |  | 4,012 |  |  |  | 3,443 |
|  |  | — |  |  |  | 7,620 |  |  |  | 14,474 |
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Hotel operations, hospitality and VIP services |  |  |  |  |  |  |  |  |  |  |  |
Hotel operations, hospitality and VIP services income |  |  | — |  |  |  | — |  |  |  | 10,301 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |
Strategic investments |  |  |  |  |  |  |  |  |  |  |  |
Dividend income |  |  | 6,266 |  |  |  | 6,412 |  |  |  | 9,935 |
Gain related to disposed investments |  |  | 16,094 |  |  |  | 22,106 |  |  |  | 123,634 |
|  |  | 22,360 |  |  |  | 28,518 |  |  |  | 133,569 |
Net fair value changes on financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
-from listed equity shares, at quoted price |  |  | 6,947 |  |  |  | (48,267 | ) |  |  | (40,927 | )
-from unlisted equity shares and movie income right investments (note a) |  |  | 69,920 |  |  |  | 27,658 |  |  |  | 28 |
Total net fair value changes on financial assets at fair value through profit or loss |  |  | 76,867 |  |  |  | (20,609 | ) |  |  | (40,899 | )
Net fair value changes on derivative financial asset |  |  | (6,947 | ) |  |  | 61,897 |  |  |  | — |
|  |  | 92,280 |  |  |  | 69,806 |  |  |  | 92,670 |
Total revenue |  |  | 179,815 |  |  |  | 175,171 |  |  |  | 130,914 |
Note:
| (a) | For the year ended December 2021, 2022 and 2023, net fair value gain arising from investments in equity securities of related parties are US$70,133, US$27,298 and nil, respectively .
| (i) | Disaggregated revenue information
The Company assesses revenues based upon the nature or type of goods or services it provides and the operating segments of the related businesses. For more information on the operating segments, see Note 4, “Operating Segment Information”. The following tables present disaggregated revenue information: For the year ended December 31, 2021
Segments |  | Capital market solutions |  |  | Strategic investment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  |  |  |  |  |  |  |  |  |  |
Underwriting commission |  |  | 3,737 |  |  |  | — |  |  |  | 3,737 |
Financial advisory fee |  |  | 73,072 |  |  |  | — |  |  |  | 73,072 |
Management fee and performance-based incentive fee |  |  | 7,362 |  |  |  | — |  |  |  | 7,362 |
Brokerage and handling fee |  |  | 3,262 |  |  |  | — |  |  |  | 3,262 |
Others |  |  | 102 |  |  |  | — |  |  |  | 102 |
Sub-total |  |  | 87,535 |  |  |  | — |  |  |  | 87,535 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |
Strategic investment |  |  |  |  |  |  |  |  |  |  |  |
Net fair value changes on financial assets at fair value through profit or loss |  |  | — |  |  |  | 76,867 |  |  |  | 76,867 |
Net fair value changes on derivative financial asset |  |  | — |  |  |  | (6,947 | ) |  |  | (6,947 | )
Gain related to disposed investments |  |  | — |  |  |  | 16,094 |  |  |  | 16,094 |
Dividend income |  |  | — |  |  |  | 6,266 |  |  |  | 6,266 |
Total |  |  | 87,535 |  |  |  | 92,280 |  |  |  | 179,815 |
Segments |  | Capital market solutions |
|  | US$ |
Timing of revenue recognition |  |  |  |
Services transferred at a point in time |  |  | 80,142 |
Services transferred over time |  |  | 7,393 |
Total revenue from contracts with customers |  |  | 87,535 |
For the year ended December 31, 2022
Segments |  | Capital market solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Strategic investment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting commission |  |  | 12,070 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,070 |
Financial advisory fee |  |  | 54,614 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 54,614 |
Management fee and performance-based incentive fee |  |  | 2,144 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,144 |
Brokerage and handling fee |  |  | 5,403 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,403 |
Others |  |  | 74 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |
Digital solutions and other services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance brokerage services |  |  | — |  |  |  | 1,040 |  |  |  | — |  |  |  | — |  |  |  | 1,040 |
Digital solutions fees |  |  | — |  |  |  | 22,400 |  |  |  | — |  |  |  | — |  |  |  | 22,400 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | — |  |  |  | — |  |  |  | 3,608 |  |  |  | — |  |  |  | 3,608 |
Fashion, arts and luxury media licensing and marketing services income |  |  | — |  |  |  | — |  |  |  | 4,012 |  |  |  | — |  |  |  | 4,012 |
Sub-total |  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | — |  |  |  | 105,365 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Strategic investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net fair value changes on financial assets at fair value through profit or loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,609 | ) |  |  | (20,609 | )
Net fair value changes on derivative financial assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,897 |  |  |  | 61,897 |
Gain related to disposed investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,106 |  |  |  | 22,106 |
Dividend income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,412 |  |  |  | 6,412 |
Total |  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | 69,806 |  |  |  | 175,171 |
Segments |  | Capital market solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  |  | 72,161 |  |  |  | 1,040 |  |  |  | 3,608 |  |  |  | 76,809 |
Services transferred over time |  |  | 2,144 |  |  |  | 22,400 |  |  |  | 4,012 |  |  |  | 28,556 |
Total revenue from contracts with customers |  |  | 74,305 |  |  |  | 23,440 |  |  |  | 7,620 |  |  |  | 105,365 |
For the year ended December 31, 2023
Segments |  | 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$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial advisory fee |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Digital solutions and other services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance brokerage services |  |  | — |  |  |  | 1,249 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,249 |
Digital solutions fee |  |  | — |  |  |  | 12,220 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,220 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | — |  |  |  | — |  |  |  | 11,031 |  |  |  | — |  |  |  | — |  |  |  | 11,031 |
Fashion, arts and luxury media licensing and marketing services income |  |  | — |  |  |  | — |  |  |  | 3,443 |  |  |  | — |  |  |  | — |  |  |  | 3,443 |
Hotel operations, hospitality and VIP services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel operations, hospitality and VIP services income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,301 |  |  |  | — |  |  |  | 10,301 |
Subtotal |  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | — |  |  |  | 38,244 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Strategic investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net fair value changes on financial assets at fair value through profit or loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40,899 | ) |  |  | (40,899 | )
Gain related to disposed investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 123,634 |  |  |  | 123,634 |
Dividend income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,935 |  |  |  | 9,935 |
Total |  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | 92,670 |  |  |  | 130,914 |
Segments |  | Capital market solutions |  |  | Digital solutions and other services |  |  | Media and entertainment |  |  | Hotel operations, hospitality and VIP services |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  |  | — |  |  |  | 1,249 |  |  |  | 11,031 |  |  |  | 10,301 |  |  |  | 22,581 |
Services transferred over time |  |  | — |  |  |  | 12,220 |  |  |  | 3,443 |  |  |  | — |  |  |  | 15,663 |
Total revenue from contracts with customers |  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | 38,244 |
The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:
|  | As of December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue recognized that was included in contract liabilities at the beginning of the reporting period |  |  |  |  |  |  |  |  |  |  |  |
Capital market solutions |  |  | 6,000 |  |  |  | 81 |  |  |  | — |
Digital solutions services |  |  | — |  |  |  | — |  |  |  | 895 |
|  |  | 6,000 |  |  |  | 81 |  |  |  | 895 |
| (ii) | Performance obligations
The transaction prices allocated to the remaining performance obligations of digital solutions services (unsatisfied or partially unsatisfied) as of December 31, 2021, 2022 and 2023 are as follows: For digital solutions services
|  | As of December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Within one year |  |  | — |  |  |  | 26,138 |  |  |  | — |
More than one year |  |  | — |  |  |  | 12,953 |  |  |  | — |
|  |  | — |  |  |  | 39,091 |  |  |  | — |
The performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year. B. Other income
|  | For the year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Bank interest income |  |  | 2 |  |  |  | 2 |  |  |  | 4,178 |
Other interest income |  |  | — |  |  |  | 6,551 |  |  |  | 5,525 |
Interest income from the immediate holding company (Note 30(A)(iv)) (Note 30(B)(i)) |  |  | 14,926 |  |  |  | 9,703 |  |  |  | 10,489 |
Government grant |  |  | — |  |  |  | 151 |  |  |  | — |
Others |  |  | 1,221 |  |  |  | 1,656 |  |  |  | 2,750 |
|  |  | 16,149 |  |  |  | 18,063 |  |  |  | 22,942 |
C. Other gain Other gain of US$19,598 during the year ended December 31, 2022 consists of (i) gain on bargain purchase of US$4,848 with details included in Note 33(a)(ii); and (ii) gain on disposal of subsidiaries of US$14,750. Other gain of US$68,797 during the year ended December 31, 2023 consists of (i) gain on bargain purchase of US$4,469 with details included in Note 33(a)(ii); and (ii) gain on disposal of subsidiaries of US$64,328.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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