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v3.23.1

Loans and borrowings | 12 Months Ended
--- | ---
Dec. 31, 2022
Borrowings [abstract] |
Loans and borrowings |
23 | Loans and borrowings
See accounting policies in notes 36(B), (J)(i), (J)(iii) and (L)(ii).
(a) | Trade financing
During the year ended December 31, 2022, the Group has entered into certain bank facilities amounted to $14,500,000, which were secured by trade receivables. The balance of trade financing was interest bearing at Hong Kong Interbank Offered Rate (“HIBOR”) plus 1.2% per annum or at United States Dollar reference rate (“USD Reference Rate”) plus 1.2% per annum and repayable within one year. The Group has also entered into certain reverse factoring arrangements with banks, under which the Group obtained extended credit in respect of the invoice amounts owed to certain suppliers. Under these arrangements, the banks pay suppliers the amounts owed by the Group on the original due dates, and then the Group settles the banks between 120 - 180 days later than the original due dates with the suppliers, with interest at HIBOR plus 1% per annum or at USD Reference Rate plus 1% per annum. In the consolidated statement of financial position, the Group has presented payables to the banks under these arrangements as “trade financing”, having compared the nature and function of such liabilities with trade payables to suppliers. Proceeds from trade financing of $21,677,075 were received during the year ended December 31, 2022 and the balances were fully repaid as at December 31, 2022.
(b) | Reconciliation of movements of liabilities to cash flows arising from financing activities
The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.
|  | Lease liabilities $ |  |  | Trade financing $ |  |  | Convertible securities $ |  |  | Preference shares liabilities $ |  |  | Amounts due to shareholders $ |  |  | Total $ |
|  | (note 22) |  |  | (note 23(a)) |  |  | (note 24) |  |  | (note 25) |  |  |  |  |  |  |
At January 1, 2021 |  |  | 1,669,857 |  |  |  | — |  |  |  | 15,346,113 |  |  |  | — |  |  |  | 133,314 |  |  |  | 17,149,284 |
Changes from financing cash flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of convertible securities |  |  | — |  |  |  | — |  |  |  | 4,980,718 |  |  |  | — |  |  |  | — |  |  |  | 4,980,718 |
Proceeds from issuance of preference shares liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,970,000 |  |  |  | — |  |  |  | 25,970,000 |
Capital element of lease rentals paid |  |  | (1,299,031 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,299,031 | )
Interest element of lease rentals paid |  |  | (205,915 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (205,915 | )
Decrease in amounts due to shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (128,797 | ) |  |  | (128,797 | )
Total changes from financing cash flows |  |  | (1,504,946 | ) |  |  | — |  |  |  | 4,980,718 |  |  |  | 25,970,000 |  |  |  | (128,797 | ) |  |  | 29,316,975 |
Other changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in lease liabilities from entering into new leases |  |  | 4,896,384 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,896,384 |
Interest expenses (note 8(a)) |  |  | 205,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 205,915 |
Fair value loss on convertible securities (note 2 4 ) |  |  | — |  |  |  | — |  |  |  | 29,054,669 |  |  |  | — |  |  |  | — |  |  |  | 29,054,669 |
Fair value loss on preference shares liabilities (note 2 5 ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 125,398,798 |  |  |  | — |  |  |  | 125,398,798 |
Changes in the carrying amount of preference shares liabilities (note 2 5 ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,009,847 |  |  |  | — |  |  |  | 5,009,847 |
Reclassification of Series A, Series B and Series C preference shares from equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279,832,806 |  |  |  | — |  |  |  | 279,832,806 |
Fair value recognized in other reserve due to amendment of terms (note 2 4 ) |  |  | — |  |  |  | — |  |  |  | 811,819 |  |  |  | — |  |  |  | — |  |  |  | 811,819 |
Converted to Series D preference shares of the Company (note 2 4 ) |  |  | — |  |  |  | — |  |  |  | (50,193,319 | ) |  |  | 50,193,319 |  |  |  | — |  |  |  | — |
Vesting of shares under the restricted share scheme |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,517 | ) |  |  | (4,517 | )
Total other changes |  |  | 5,102,299 |  |  |  | — |  |  |  | (20,326,831 | ) |  |  | 460,434,770 |  |  |  | (4,517 | ) |  |  | 445,205,721 |
At December 31, 2021 |  |  | 5,267,210 |  |  |  | — |  |  |  | — |  |  |  | 486,404,770 |  |  |  | — |  |  |  | 491,671,980 |
|  | Lease liabilities |  |  | Trade financing |  |  | Convertible securities |  |  | Preference shares liabilities |  |  | Amounts due to shareholders |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
|  | (note 22) |  |  | (note 23(a)) |  |  | (note 24) |  |  | (note 25) |  |  |  |  |  |  |
At January 1, 2022 |  |  | 5,267,210 |  |  |  | — |  |  |  | — |  |  |  | 486,404,770 |  |  |  | — |  |  |  | 491,671,980 |
Changes from financing cash flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital element of lease rentals paid |  |  | (1,834,272 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,834,272 | )
Interest element of lease rentals paid |  |  | (244,085 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (244,085 | )
Interest paid |  |  | — |  |  |  | (172,978 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (172,978 | )
Proceeds from trade financing |  |  | — |  |  |  | 21,677,075 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,677,075 |
Repayment of trade financing |  |  | — |  |  |  | (21,677,075 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,677,075 | )
Total changes from financing cash flows |  |  | (2,078,357 | ) |  |  | (172,978 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,251,335 | )
Other changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in lease liabilities from entering into new leases |  |  | 833,538 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 833,538 |
Interest expenses (note 8(a)) |  |  | 244,085 |  |  |  | 172,978 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 417,063 |
Changes in the carrying amount of preference shares liabilities (note 2 5 ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,752,758 |  |  |  | — |  |  |  | 3,752,758 |
Additions from acquisition (note 3 3 (C)) |  |  | 2,379,687 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,379,687 |
Fair value loss on preference shares liabilities (note 2 5 ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60,091,353 |  |  |  | — |  |  |  | 60,091,353 |
Reclassification to share premium (note 25) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (550,248,881 | ) |  |  | — |  |  |  | (550,248,881 | )
Total other changes |  |  | 3,457,310 |  |  |  | 172,978 |  |  |  | — |  |  |  | (486,404,770 | ) |  |  | — |  |  |  | (482,774,482 | )
At December 31, 2022 |  |  | 6,646,163 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,646,163 |

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