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Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended
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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 |

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