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Concentration of Risk
 12 Months Ended
Dec. 31, 2025
Concentration of Risk [Abstract]  
Concentration of Risk

12. Concentration of Risk

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and due from related parties, stablecoin assets. As of December 31, 2025, all of the Company’s cash and cash equivalents were held by major financial institutions located in PRC, U.S., and Cayman. The Company believes that these financial institutions are of high credit quality. For accounts receivable, the Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. Further, the Company reviews the recoverable amount of each individual receivable at each balance sheet date to ensure that adequate allowances are made for credit loss. In this regard, the Company considers that the Company’s credit risk for accounts receivable is significantly reduced. For amount due from related parties, the Company provides advances to the officers for daily operation. For stablecoin assets, we monitor the market closely, to ensure the credit risk of stablecoin assets can be detected when occurred, and adequate impairment is made when necessary. The credit risk is mitigated by ongoing monitoring process of outstanding balance and timely collection when there is no immediate need for such advances.

 

Concentration of customers

 

The following tables summarized the information about the Group’s concentration of customers as of and for the years ended December 31, 2025 and 2024, respectively:

 

   J   K   L   M   N 
Year Ended December 31, 2025                    
Revenues, customer concentration   —    —    —    65%              — 
Year Ended December 31, 2025                         
Purchases, supplier concentration   *    10%   52%   —    — 
As of December 31, 2025                         
Accounts receivable, customer concentration   —    —    —    —    — 
As of December 31, 2025                         
Accounts payable, supplier concentration   *    *    83%   —    — 
   A   B   C   F   H   I   J   K   L 
Year Ended December 31, 2024                                    
Revenues, customer concentration   16%   —    —    *    *    20%   —    —    — 
Year Ended December 31, 2024                                             
Purchases, supplier concentration   —    12%   34%   —    —    —    11%   13%   — 
As of December 31, 2024                                             
Accounts receivable, customer concentration   100%   —    —    —    —    —    —    —    — 
As of December 31, 2024                                             
Accounts payable, supplier concentration   —    15%   —    —    —    —    —    —    76%

 

   A   B   C   D   E   F   G   H 
Year Ended December 31, 2023                                
Revenues, customer concentration   *    —    —    —    —    33%   23%   17%
Year Ended December 31, 2023                                        
Purchases, supplier concentration   —    12%   56%   12%   —    —    —    — 
As of December 31, 2023                                        
Accounts receivable, customer concentration   25%   —    —    —    —    11%   —    63%
As of December 31, 2023                                        
Accounts payable, supplier concentration   —    41%   —    —    50%   —    —    — 

 

* Less than 10%.

 

— No transaction incurred during the year/no balance existed as of the balance sheet date.