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Revenue, Other Income and Other Gain
 12 Months Ended
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.