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Financial instruments - Fair values and risk management | 12 Months Ended
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Dec. 31, 2025
Financial Risk Management And Fair Value Of Financial Instruments [Abstract] |
Financial instruments - Fair values and risk management | Financial instruments - Fair values and risk management A.Accounting classification and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
|  |  | Carrying amount |  | Fair value
| Notes |  | Mandatorily at FVTPL - others |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Balance at December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial asset measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVTPL | 20 |  | $ | 31,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,444 |  |  | $ | — |  |  | $ | 19,862 |  |  | $ | 11,582 |  |  | $ | 31,444 |
Financial assets at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables | 19 |  | $ | — |  |  | $ | 2,978 |  |  | $ | — |  |  | $ | 2,978 |  |  | n/a |  | n/a |  | n/a |  | n/a
Deposits and other receivables | 17, 19 |  | — |  |  | 8,439 |  |  | — |  |  | 8,439 |  |  | n/a |  | n/a |  | n/a |  | n/a
Amount due from a related company |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | n/a |  | n/a |  | n/a |  | n/a
Cash and cash equivalents | 21 |  | — |  |  | 32,131 |  |  | — |  |  | 32,131 |  |  | n/a |  | n/a |  | n/a |  | n/a
|  |  | $ | — |  |  | $ | 43,552 |  |  | $ | — |  |  | $ | 43,552 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities | 27 |  | $ | 20,319 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,319 |  |  | 667 |  |  | — |  |  | 19,652 |  |  | 20,319 |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | $ | — |  |  | $ | — |  |  | $ | 3,142 |  |  | $ | 3,142 |  |  | n/a |  | n/a |  | n/a |  | n/a
Other liabilities | 22 |  | — |  |  | — |  |  | 6,927 |  |  | 6,927 |  |  | n/a |  | n/a |  | n/a |  | n/a
|  |  | $ | — |  |  | $ | — |  |  | $ | 10,069 |  |  | $ | 10,069 |  |  |  |  |  |  |  |  |
|  |  | Carrying amount |  | Fair value
| Notes |  | Mandatorily at FVTPL - others |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Balance at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial asset measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVTPL | 20 |  | $ | 11,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,665 |  |  | $ | 11,665 |
Financial assets at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables | 19 |  | $ | — |  |  | $ | 5,242 |  |  | $ | — |  |  | $ | 5,242 |  |  | n/a |  | n/a |  | n/a |  | n/a
Deposits and other receivables | 17, 19 |  | — |  |  | 2,280 |  |  | — |  |  | 2,280 |  |  | n/a |  | n/a |  | n/a |  | n/a
Amount due from a related company |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | n/a |  | n/a |  | n/a |  | n/a
Cash and cash equivalents | 21 |  | — |  |  | 52,251 |  |  | — |  |  | 52,251 |  |  | n/a |  | n/a |  | n/a |  | n/a
|  |  | $ | — |  |  | $ | 59,776 |  |  | $ | — |  |  | $ | 59,776 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities | 27 |  | $ | 175 |  |  | $ | — |  |  | $ | — |  |  | $ | 175 |  |  | 175 |  |  | — |  |  | — |  |  | 175 |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | $ | — |  |  | $ | — |  |  | $ | 3,668 |  |  | $ | 3,668 |  |  | n/a |  | n/a |  | n/a |  | n/a
Other liabilities | 22 |  | — |  |  | — |  |  | 1,828 |  |  | 1,828 |  |  | n/a |  | n/a |  | n/a |  | n/a
Liabilities for puttable financial instrument | 28 |  | — |  |  | — |  |  | 14,309 |  |  | 14,309 |  |  | n/a |  | n/a |  | n/a |  | n/a
|  |  | $ | — |  |  | $ | — |  |  | $ | 19,805 |  |  | $ | 19,805 |  |  |  |  |  |  |  |  |
The Group’s finance team is responsible for overseeing the valuation of the financial instruments of the unlisted securities which are categorized into Level 3 of the fair value hierarchy. The team reports directly to the chief financial officer. Valuation results with analysis of changes in fair value measurement are prepared by the team with the assistance from external valuers where necessary and reviewed by the chief financial officer at each quarter end and annual reporting date. The valuation process is documented and updated where appropriate by the team and reviewed by the chief financial officer quarterly that coincides with the reporting dates. B.Measurement of fair values (i)Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 1 and Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used. Financial instruments measured at fair value
Type |  | Fair value hierarchy |  | Valuation technique |  | Significant unobservable inputs |  | Inter-relationship between significant unobservable inputs and fair value measurement (Note)
Financial assets at FVTPL |  | Level 2 |  | The fair value is based on the published net asset value per share which is determined using observable market data for the underlying assets |  | n/a |  | n/a
| Level 3 |  | Adjusted net asset value |  | Underlying assets’ value |  | The estimated fair value would increase if the underlying assets’ value is higher.
| Level 3 |  | Asset-based approach with equity allocation using option pricing method (2024: Discounted cash flow method) |  | Volatility: 70.0%, risk-free rate: 2.49%, and time to liquidity event: four years (2024: Risk-adjusted discount rate: 17.5% and discount for lack of marketability: 25.1%) |  | The estimated fair value would increase if: - the underlying assets’ value is higher; - the volatility is higher; - the time to liquidity event is longer; or - the risk-free rate is higher. (2024: The estimated fair value would increase if: - the risk-adjusted discount rate was lower; or - the discount for lack of marketability was lower.)
Note: There are often interrelationships between significant unobservable inputs. For instance, the higher underlying assets’ value tends to increase with higher volatility, a longer time to liquidity event, or a higher risk-free rate. No sensitivity analysis is performed for the Level 3 financial assets as the directors of the Company consider that the exposure is insignificant. (ii)Transfers between Levels 1 and 2 There were no transfers from Level 2 to Level 1 for the years ended December 31, 2025 and 2024. (iii)Level 3 recurring fair values Reconciliation of Level 3 fair values The following table shows a reconciliation of financial assets at FVTPL and warrant liabilities from the opening balances to the closing balances for Level 3 fair values.
| Financial assets at FVTPL |  | Warrant liabilities
Balance at January 1, 2024 | $ | 20,405 |  |  | $ | — |
Additions | 129 |  |  | — |
Changes in fair value recognized in profit or loss | (8,869) |  |  | — |
Balance at December 31, 2024 and January 1, 2025 | 11,665 |  |  | — |
Additions | — |  |  | 38,858 |
Redemptions | (1,000) |  |  | — |
Warrants exchange | — |  |  | (36,657) |
Changes in fair value recognized in profit or loss | 917 |  |  | 17,451 |
Balance at December 31, 2025 | $ | 11,582 |  |  | $ | 19,652 |
C.Financial risk management The Group has exposure to the following risks arising from financial instruments: -credit risk (see (C)(ii)); -liquidity risk (see (C)(iii)); and -currency risk (see (C)(iv)). (i)Risk management framework The Company's board of directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The management of the Group establishes policies and procedures around risk identification, measurement and management; and setting and monitoring risk limits and controls, in accordance with the objectives and underlying principles in the risk management framework approved by the board of directors. Risk management policies and procedures are reviewed regularly to reflect changes in market conditions and the Group's activities. (ii)Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers. The carrying amounts of financial assets represent the maximum credit exposure. Trade receivables The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. At December 31, 2025 and 2024, 37% and 5% of the total trade receivables were due from the Group’s largest counterparty, respectively, and 81% and 16% of the total trade receivables were due from the Group’s five largest counterparties, respectively. Expected credit loss assessment During the year ended December 31, 2025, the Group determines the expected credit losses on trade receivables by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions at the reporting date. Internal credit scoring is performed on all customers for the year ended December 31, 2025. These take into account the customer’s past payment history, financial position and other factors. Trade receivables are due within 30 to 90 days from the billing date. The Group does not obtain collateral in respect of trade and other receivables. The Group does not have trade receivable for which no loss allowance is recognized because of collateral. The Group’s current credit risk grading framework comprises the following categories:
Category | Description | Basis for recognizing expected credit losses
Performing | The counterparty has a low risk of default and does not have any past-due amounts. | Lifetime ECL – not credit-impaired
Doubtful | Amount is >30 days past due or there has been a significant increase in credit risk since initial recognition. | Lifetime ECL – not credit-impaired
In default | Amount is >90 days past due or there is evidence indicating the asset is credit-impaired. | Lifetime ECL – credit-impaired
Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. | Amount is written off
The Group has applied the simplified approach in IFRS 9 Financial Instruments to measure the loss allowance at lifetime ECL. The Group determines the expected credit losses on trade receivables by using an internal credit rating for its customers. The following table provides information about the exposure to credit risk for trade receivables which are assessed on a collective basis within lifetime ECL (not credit-impaired) and the estimated loss rates are estimated based on historical observed default rates over the expected life of the debtors. Gross carrying amount
| 2025
Internal credit rating | Average loss rate |  | Trade receivables
Performing | 0 | % |  | $ | 2,562 |
Doubtful | 1 | % |  | 414 |
In default | 13 | % |  | 18 |
Write-off | 100 | % |  | 550 |
|  |  | $ | 3,544 |
Movement in the allowance for impairment in respect of trade receivables Movement in the loss allowance account in respect of trade receivable during the years ended December 31, 2025 and 2024 is as follows:
| 2025 |  | 2024
Balance at January 1 | $ | 740 |  |  | $ | 2,424 |
Additions from acquisition (note 33(III)) | — |  |  | 80 |
Net remeasurement of loss allowance | 1,019 |  |  | 366 |
Amounts written off | (498) |  |  | (2,132) |
Eliminated on disposal of a subsidiary (note 34) | (695) |  |  | — |
Exchange differences | — |  |  | 2 |
Balance at December 31 | $ | 566 |  |  | $ | 740 |
Cash and cash equivalents The Group held cash and cash equivalents of $32,131 at December 31, 2025 (2024: $52,251). The cash and cash equivalents are held with bank and financial institution counterparties with high credit-ratings assigned by international credit-rating agencies. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. (iii)Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include contractual interest payments.
|  |  |  |  | Contractual undiscounted cash flows
| Weighted average effective interest rate |  | Carrying amount |  | Total |  | Within 1 year or on demand |  | 1 - 2 years |  | More than 2 years
Balance at December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | $ | 3,142 |  |  | $ | 3,142 |  |  | $ | 3,142 |  |  | $ | — |  |  | $ | — |
Other liabilities |  |  | 6,927 |  |  | 6,927 |  |  | 6,927 |  |  | — |  |  | — |
Lease liabilities | 9 | % |  | 1,767 |  |  | 1,876 |  |  | 1,428 |  |  | 448 |  |  | — |
|  |  | $ | 11,836 |  |  | $ | 11,945 |  |  | $ | 11,497 |  |  | $ | 448 |  |  | $ | — |
Balance at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | $ | 3,668 |  |  | $ | 3,668 |  |  | $ | 3,668 |  |  | $ | — |  |  | $ | — |
Other liabilities |  |  | 1,828 |  |  | 1,828 |  |  | 1,828 |  |  | — |  |  | — |
Lease liabilities | 7 | % |  | 5,772 |  |  | 7,204 |  |  | 4,034 |  |  | 1,805 |  |  | 1,365 |
Liabilities for puttable financial instrument | 15 | % |  | 14,309 |  |  | 16,834 |  |  | 16,834 |  |  | — |  |  | — |
|  |  | $ | 25,577 |  |  | $ | 29,534 |  |  | $ | 26,364 |  |  | $ | 1,805 |  |  | $ | 1,365 |
(iv)Market risk Market risk is the risk that changes in market prices – e.g. foreign exchange rates – will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases and receivables are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily USD and Hong Kong dollar ("HKD"). The currencies in which these transactions are primarily denominated are USD and HKD. As the HKD is pegged to the USD, the Group considers the risk of movements in exchange rates between the HKD and the USD to be insignificant.

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