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Revenue, Other Income and Other Gain | 12 Months Ended
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Dec. 31, 2025
Revenue, Other Income and Other Gain [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, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |
Digital solutions and other services |  |  |  |  |  |  |  |  |
Insurance brokerage services commission |  |  | 324 |  |  |  | 832 |  |  |  | 1,249 |
Digital solutions fees |  |  | 2,565 |  |  |  | 2,564 |  |  |  | 12,220 |
|  |  | 2,889 |  |  |  | 3,396 |  |  |  | 13,469 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | 13,518 |  |  |  | 13,376 |  |  |  | 11,031 |
Fashion, arts and luxury media licensing and marketing services income |  |  | 4,222 |  |  |  | 5,483 |  |  |  | 3,443 |
|  |  | 17,740 |  |  |  | 18,859 |  |  |  | 14,474 |
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Hotel operations, hospitality and VIP services |  |  |  |  |  |  |  |  |
Hotel operations, hospitality and VIP services income |  |  | 27,965 |  |  |  | 23,132 |  |  |  | 10,301 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |
Strategic investments |  |  |  |  |  |  |  |  |  |  |  |
Dividend income |  |  | 8,616 |  |  |  | 8,681 |  |  |  | 9,935 |
Gain related to disposed investments |  |  | — |  |  |  | — |  |  |  | 123,634 |
|  |  | 8,616 |  |  |  | 8,681 |  |  |  | 133,569 |
Net fair value changes on financial assets at FVTPL |  |  |  |  |  |  |  |  |  |  |  |
-from listed equity shares, at quoted price |  |  | 44,005 |  |  |  | 26,389 |  |  |  | (40,927 | )
-from unlisted equity shares and movie income right investments |  |  | — |  |  |  | — |  |  |  | 28 |
Total net fair value changes on financial assets at FVTPL |  |  | 44,005 |  |  |  | 26,389 |  |  |  | (40,899 | )
|  |  | 52,621 |  |  |  | 35,070 |  |  |  | 92,670 |
Total revenue |  |  | 101,215 |  |  |  | 80,457 |  |  |  | 130,914 |
| (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, 2025
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital solutions and other services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance brokerage services |  |  | — |  |  |  | 324 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 324 |
Digital solutions fee |  |  | — |  |  |  | 2,565 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,565 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | — |  |  |  | — |  |  |  | 13,518 |  |  |  | — |  |  |  | — |  |  |  | 13,518 |
Fashion, arts and luxury media licensing and marketing services income |  |  | — |  |  |  | — |  |  |  | 4,222 |  |  |  | — |  |  |  | — |  |  |  | 4,222 |
Hotel operations, hospitality and VIP services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel operations, hospitality and VIP services income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,965 |  |  |  | — |  |  |  | 27,965 |
Subtotal |  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | — |  |  |  | 48,594 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Strategic investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net fair value changes on financial assets at FVTPL |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44,005 |  |  |  | 44,005 |
Dividend income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,616 |  |  |  | 8,616 |
Total |  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | 52,621 |  |  |  | 101,215 |
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 rendered at a point in time |  |  | — |  |  |  | 324 |  |  |  | 13,518 |  |  |  | — |  |  |  | 13,842 |
Services rendered over time |  |  | — |  |  |  | 2,565 |  |  |  | 4,222 |  |  |  | 27,965 |  |  |  | 34,752 |
Total revenue from contracts with customers |  |  | — |  |  |  | 2,889 |  |  |  | 17,740 |  |  |  | 27,965 |  |  |  | 48,594 |
For the year ended December 31, 2024
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital solutions and other services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance brokerage services |  |  | — |  |  |  | 832 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 832 |
Digital solutions fee |  |  | — |  |  |  | 2,564 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,564 |
Media and entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fashion, arts and luxury magazines and advertising services income |  |  | — |  |  |  | — |  |  |  | 13,376 |  |  |  | — |  |  |  | — |  |  |  | 13,376 |
Fashion, arts and luxury media licensing and marketing services income |  |  | — |  |  |  | — |  |  |  | 5,483 |  |  |  | — |  |  |  | — |  |  |  | 5,483 |
Hotel operations, hospitality and VIP services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel operations, hospitality and VIP services income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,132 |  |  |  | — |  |  |  | 23,132 |
Subtotal |  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | — |  |  |  | 45,387 |
Revenue from other sources |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Strategic investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net fair value changes on financial assets at FVTPL |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,389 |  |  |  | 26,389 |
Dividend income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,681 |  |  |  | 8,681 |
Total |  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | 35,070 |  |  |  | 80,457 |
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 rendered at a point in time |  |  | — |  |  |  | 832 |  |  |  | 13,376 |  |  |  | — |  |  |  | 14,208 |
Services rendered over time |  |  | — |  |  |  | 2,564 |  |  |  | 5,483 |  |  |  | 23,132 |  |  |  | 31,179 |
Total revenue from contracts with customers |  |  | — |  |  |  | 3,396 |  |  |  | 18,859 |  |  |  | 23,132 |  |  |  | 45,387 |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 FVTPL |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (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 rendered at a point in time |  |  | — |  |  |  | 1,249 |  |  |  | 11,031 |  |  |  | — |  |  |  | 12,280 |
Services rendered over time |  |  | — |  |  |  | 12,220 |  |  |  | 3,443 |  |  |  | 10,301 |  |  |  | 25,964 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue recognized that was included in contract liabilities at the beginning of the reporting period |  |  |  |  |  |  |  |  |
Digital solutions services |  |  | — |  |  |  | — |  |  |  | 895 |
|  |  | — |  |  |  | — |  |  |  | 895 |
| (ii) | Performance obligations
All the remaining performance obligations are expected to be recognized within one year. B. Other income
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |  |  | US$ |
Bank interest income |  |  | 1,141 |  |  |  | 1,840 |  |  |  | 4,178 |
Other interest income |  |  | 737 |  |  |  | 251 |  |  |  | 5,525 |
Interest income from the immediate holding company (Note 28) |  |  | 31,638 |  |  |  | 16,828 |  |  |  | 10,489 |
Others |  |  | 116 |  |  |  | 12 |  |  |  | 2,750 |
|  |  | 33,632 |  |  |  | 18,931 |  |  |  | 22,942 |
C. Other gain 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 31(a); and (ii) gain on disposal of subsidiaries of US$64,328. Other gain of US$24,816 during the year ended December 31, 2024 consists of gain on disposal of subsidiaries. The Group disposed the entire equity interests in certain subsidiaries which engaged in the media and entertainment segment with a consideration of Euro 2,888,000 to an independent third party. These subsidiaries owned certain intellectual properties pertaining to non-core media and entertainment business of the Group. The disposal was part of a strategic reorganization aimed at divesting non-core business and intellectual properties to sharpen the Group’s focus on its primary existing operating business units within the media and entertainment segment. The consideration is settled through intercompany account under the Group’s central treasury management policy. Other gain of US$1,514 during the year ended December 31, 2025 consists of (i) fair value gain on over-allotment option of US$126; and (ii) gain on disposal of subsidiaries of US$1,388.

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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