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Revenue, Other Income and Other Gain
 12 Months Ended
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.