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.

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

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.


	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

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.

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.

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.


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.


	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

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.

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.


					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

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.

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.