XML 26 R10.htm IDEA: XBRL DOCUMENT
v3.26.1

Operating Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Operating Segment Information [Abstract] |
OPERATING SEGMENT INFORMATION |
| 4. | OPERATING SEGMENT INFORMATION
The Group now operates its businesses in five reportable and 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 and operating 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 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 engages in hotel investments, hotel operations, hospitality and VIP services.
| (e) | The strategic investment segment engages in proprietary investments and management of global investment portfolio (including listed and unlisted equity shares investments and movie 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 CECL, 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 properties, 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, 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, 2025
|  | 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 |  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | — |  |  |  | 48,594 |
—others |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 52,621 |  |  |  | 52,621 |
|  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | 52,621 |  |  |  | 101,215 |
Cost of production and hotel operation |  |  | — |  |  |  | — |  |  |  | (8,206 | ) |  |  | (11,774 | ) |  |  | — |  |  |  | (19,980 | )
Staff costs |  |  | — |  |  |  | (428 | ) |  |  | (6,807 | ) |  |  | (4,876 | ) |  |  | — |  |  |  | (12,111 | )
Depreciation |  |  | — |  |  |  | — |  |  |  | (538 | ) |  |  | (9,033 | ) |  |  | — |  |  |  | (9,571 | )
Other segment expenses |  |  | — |  |  |  | — |  |  |  | (2,027 | ) |  |  | (380 | ) |  |  | — |  |  |  | (2,407 | )
Segment results |  |  | — |  |  |  | 2,461 |  |  |  | 162 |  |  |  | 1,902 |  |  |  | 52,621 |  |  |  | 57,146 |
Unallocated other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,632 |
Unallocated other gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,514 |
Unallocated finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,742 | )
Corporate and other unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,731 | )
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,819 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,913 |
For the year ended December 31, 2024
|  | 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 |  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | — |  |  |  | 45,387 |
—others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,070 |  |  |  | 35,070 |
|  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | 35,070 |  |  |  | 80,457 |
Cost of production and hotel operation |  |  | — |  |  |  | — |  |  |  | (7,102 | ) |  |  | (8,510 | ) |  |  | — |  |  |  | (15,612 | )
Staff costs |  |  | — |  |  |  | (772 | ) |  |  | (7,340 | ) |  |  | (3,844 | ) |  |  | — |  |  |  | (11,956 | )
Depreciation |  |  | — |  |  |  | — |  |  |  | (304 | ) |  |  | (6,426 | ) |  |  | — |  |  |  | (6,730 | )
Other segment expenses |  |  | — |  |  |  | — |  |  |  | (2,041 | ) |  |  | (5,296 | ) |  |  | — |  |  |  | (7,337 | )
Segment results |  |  | — |  |  |  | 2,624 |  |  |  | 2,072 |  |  |  | (944 | ) |  |  | 35,070 |  |  |  | 38,822 |
Unallocated other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,931 |
Unallocated other gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,757 |
Unallocated finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,425 | )
Corporate and other unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,868 | )
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,217 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,845 |
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 |
Cost of production and hotel operation |  |  | — |  |  |  | — |  |  |  | (3,761 | ) |  |  | (3,477 | ) |  |  | — |  |  |  | (7,238 | )
Staff costs |  |  | (1,276 | ) |  |  | (4,343 | ) |  |  | (6,242 | ) |  |  | (347 | ) |  |  | — |  |  |  | (12,208 | )
Depreciation |  |  | — |  |  |  | — |  |  |  | (94 | ) |  |  | (1,672 | ) |  |  | — |  |  |  | (1,766 | )
Other segment expenses |  |  | — |  |  |  | — |  |  |  | (1,138 | ) |  |  | (2,699 | ) |  |  | — |  |  |  | (3,837 | )
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 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Segment assets |  |  |  |  |  |  |  |  |
Capital market solutions |  |  | — |  |  |  | — |  |  |  | — |
Digital solutions and other services |  |  | — |  |  |  | 572 |  |  |  | 1,480 |
Media and entertainment |  |  | 126,874 |  |  |  | 137,084 |  |  |  | 126,028 |
Hotel operations, hospitality and VIP services |  |  | 376,349 |  |  |  | 292,335 |  |  |  | 85,495 |
Strategic investment |  |  | 208,273 |  |  |  | 152,488 |  |  |  | 79,607 |
Total segment assets |  |  | 711,496 |  |  |  | 582,479 |  |  |  | 292,610 |
Unallocated corporate assets |  |  | 1,588,818 |  |  |  | 1,487,439 |  |  |  | 1,193,980 |
Total assets |  |  | 2,300,314 |  |  |  | 2,069,918 |  |  |  | 1,486,590 |
Segment liabilities |  |  |  |  |  |  |  |  |  |  |  |
Digital solutions and other services |  |  | — |  |  |  | 16,065 |  |  |  | 15,621 |
Media and entertainment |  |  | 1,804 |  |  |  | 6,525 |  |  |  | 27,361 |
Hotel operations, hospitality and VIP services |  |  | 288,814 |  |  |  | 277,368 |  |  |  | 106,742 |
Total segment liabilities |  |  | 290,618 |  |  |  | 299,958 |  |  |  | 149,724 |
Unallocated corporate liabilities |  |  | 94,759 |  |  |  | 69,931 |  |  |  | 43,292 |
Total liabilities |  |  | 385,377 |  |  |  | 369,889 |  |  |  | 193,016 |
Geographical information The following table sets forth the Group’s revenue from contracts with customers by geographical areas based on the location of the customers: For the year ended December 31, 2025
|  | 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) |  |  | — |  |  |  | 324 |  |  |  | 241 |  |  |  | 6,211 |  |  |  | 6,776 |
Europe |  |  | — |  |  |  | — |  |  |  | 8,192 |  |  |  | — |  |  |  | 8,192 |
America |  |  | — |  |  |  | — |  |  |  | 5,271 |  |  |  | — |  |  |  | 5,271 |
Southeast Asia |  |  | — |  |  |  | 2,565 |  |  |  | 4,036 |  |  |  | 21,754 |  |  |  | 28,355 |
|  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | 48,594 |
For the year ended December 31, 2024
|  | 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) |  |  | — |  |  |  | 832 |  |  |  | 664 |  |  |  | 5,801 |  |  |  | 7,297 |
Europe |  |  | — |  |  |  | — |  |  |  | 9,661 |  |  |  | — |  |  |  | 9,661 |
America |  |  | — |  |  |  | — |  |  |  | 4,867 |  |  |  | — |  |  |  | 4,867 |
Southeast Asia |  |  | — |  |  |  | 2,564 |  |  |  | 3,667 |  |  |  | 17,331 |  |  |  | 23,562 |
|  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | 45,387 |
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 |
Southeast Asia |  |  | — |  |  |  | — |  |  |  | 2,642 |  |  |  | — |  |  |  | 2,642 |
|  |  | — |  |  |  | 13,469 |  |  |  | 14,474 |  |  |  | 10,301 |  |  |  | 38,244 |
As of December 31, 2025, non-current assets other than financial instruments of US$67,682 (2024: US$68,905), US$189,255 (2024: US$184,215), US$56,989 (2024: US$38,183) and US$119,242 (2024: US$119,527), for the purpose of geographical information were located in Hong Kong, Singapore, Americas and Europe, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration