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Operating Segment Information
 12 Months Ended
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.