XML 93 R16.htm IDEA: XBRL DOCUMENT v3.26.1
Income tax expense/(credit)
 12 Months Ended
Dec. 31, 2025
Income taxes paid (refund) [abstract]  
Income tax expense/(credit) Income tax expense/(credit)
202520242023
(Restated)(Restated)
Continuing operations
Current tax - Hong Kong Profits Tax
Overprovisions related to prior years$— $(7,422)$(23)
Current tax - Overseas
Underprovisions related to prior years1 — — 
Current year53 (87)68 
Deferred tax
Origination and reversal of temporary differences(20)(130)9 
Tax expense/(credit)$34 $(7,639)$54 
The provision for Hong Kong Profits Tax is calculated by applying the estimated annual effective tax rate of 16.5% for years ended December 31, 2025, 2024 and 2023, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime.
The U.S. federal statutory corporate income tax rate is calculated at 21% for the year ended December 31, 2025.
Taxation for other overseas subsidiaries and branch is charged at the appropriate current rates of taxation ruling in the relevant countries.
The credit for the year can be reconciled to the loss before taxation as follows:
202520242023
(Restated)(Restated)
Continuing operations
Loss before taxation$(36,213)$(46,025)$(42,944)
Tax at average income tax rate (Note)$(4,687)$(1,697)$(7,531)
Tax effect of non-deductible expenses1,399 1,364 3,173 
Tax effect of non-taxable income(93)(2,776)(705)
Tax effect on utilization of previously unrecognized tax losses— — (71)
Under/(over) provision in respect of prior years1 (7,422)— 
Tax effect of tax losses not recognized3,401 3,147 5,143 
Tax effect of deductible temporary differences not recognized3 5 — 
Tax effect of previously unrecognized temporary differences recognized in current year(20)(260)— 
Others30 — 45 
$34 $(7,639)$54 
Note:     The average income tax rates for the years ended December 31, 2025, 2024 and 2023 represent the weighted average tax rate of the operations in different jurisdictions on the basis of the relative amounts of loss before taxation and the relevant statutory rates.