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Fair Value and Fair Value Hierarchy of Financial Instruments (Tables)

12 Months Ended

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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