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.