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Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information of the Parent Company [Abstract]  
Parent Company Balance Sheets

PARENT COMPANY BALANCE SHEETS

 

   December 31, 
   2023   2024 
   $’000   $’000 
ASSETS        
Current assets        
Cash and cash equivalents   63,150    10,652 
Prepayments, other receivables and other assets   44    30 
short-term investments at amortized cost   7,000    
—
 
Total current assets   70,194    10,682 
Non-current assets          
Due from related parties   123,102    177,507 
Investment in subsidiaries   129,711    138,588 
Total non-current assets   252,813    316,095 
Total assets   323,007    326,777 
LIABILITIES          
Current liabilities          
Accounts payable   976    538 
Other payables and accruals.   53    95 
Due to related parties   40    
—
 
Interest-bearing bank and other borrowings   10,650    10,810 
Non-current liabilities due within one year   
—
    
—
 
Financial liabilities at FVTPL   
—
    
—
 
Total current liabilities   11,719    11,443 
Non-current liabilities        — 
Long-term loans   
—
    
—
 
Financial liabilities at FVTPL   
—
    
—
 
Total non-current liabilities   
—
    
—
 
Total liabilities   11,719    11,443 
Class A Ordinary shares (par value of $0.0001 per share; 93,710,805 shares outstanding as of December 31, 2023; and 93,710,803 shares outstanding as of December 31, 2024)   9    9 
Class B Ordinary shares (par value of $0.0001 per share; 16,990,000 shares outstanding as of December 31, 2023 and 2024)   2    2 
Share premium   438,707    439,016 
Share based payments reserve   16,059    20,311 
Accumulated deficit   (143,489)   (144,004)
Total shareholders’ deficit   311,288    315,334 
Total liabilities and shareholders’ equity   323,007    326,777 
Parent Company Statements of Income and Comprehensive Income

PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

   For the Years Ended December 31, 
   2022   2023   2024 
   $’000   $’000   $’000 
REVENUE   
—
    
—
    
—
 
Other operating income, net   156    242    1,305 
General and administrative expenses   (1,390)   (6,196)   (1,473)
Research and development expenses   
—
    
—
    
—
 
Total operating loss   (1,234)   (5,954)   (168)
Other income and gains   
—
    
—
    283 
Other expenses   
—
    
—
    
—
 
Investment income   
—
    
—
    
—
 
Fair value loss on financial liabilities at FVTPL   7,194    (39,171)   
—
 
Finance costs   
—
    (249)   (630)
LOSS BEFORE TAX   5,960    (45,374)   (515)
Income tax expense   
—
    
—
    
—
 
LOSS FOR THE YEAR   5,960    (45,374)   (515)
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR   5,960    (45,374)   (515)
Parent Company Statements of Cash Flows

PARENT COMPANY STATEMENTS OF CASH FLOWS

 

   Year ended December 31, 
   2022   2023   2024 
   $’000   $’000   $’000 
Net cash flows used in operating activities   (1,134)   (13,143)   (56,397)
Net cash flows used in investing activities   (35,035)   (38,082)   4,193 
Net cash flows from financing activities   
—
    102,181    (294)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS   (36,169)   50,956    (52,498)
Cash and cash equivalents at beginning of year   48,363    12,194    63,150 
CASH AND CASH EQUIVALENTS AT END OF YEAR   12,194    63,150    10,652