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FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
FINANCIAL INSTRUMENTS |
16. |  | FINANCIAL INSTRUMENTS
(a) |  | Financial assets
Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as of December 31, 2023 and 2024:
Schedule of financial assets |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | CNY |  |  | CNY |  |  | US$ |
Debt instruments at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables: current |  |  | — |  |  |  | — |  |  |  | — |
Trade receivables: non-current |  |  | — |  |  |  | — |  |  |  | — |
Financial assets included in other receivables |  |  | 3 |  |  |  | 15 |  |  |  | 2 |
Financial assets at fair value through other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Bills receivable |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 3 |  |  |  | 15 |  |  |  | 2 |
Total current |  |  | 3 |  |  |  | 15 |  |  |  | 2 |
Total non-current |  |  | — |  |  |  | — |  |  |  | — |
(b) |  | Financial liabilities
Set out below is an overview of financial liabilities of the Group as of December 31, 2023 and 2024:
Schedule of financial liabilities |  |  |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  |  | CNY |  |  |  | CNY |  |  |  | US$ |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities (i) |  |  | — |  |  |  | 3,996 |  |  |  | 548 |
Financial liabilities at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | 100 |  |  |  | 280 |  |  |  | 38 |
Financial liabilities in other payables and accruals |  |  | 7,864 |  |  |  | 3,536 |  |  |  | 485 |
Lease liabilities |  |  | 360 |  |  |  | — |  |  |  | — |
Due to related companies |  |  | 9,069 |  |  |  | 11,361 |  |  |  | 1,557 |
Due to the Shareholder |  |  | 85,673 |  |  |  | 78,567 |  |  |  | 10,766 |
Total |  |  | 103,066 |  |  |  | 97,740 |  |  |  | 13,394 |
Total current |  |  | 103,066 |  |  |  | 19,173 |  |  |  | 2,628 |
Total non-current |  |  | — |  |  |  | 78,567 |  |  |  | 10,766 |
(i) |  | This represents certain warrants issued to institutional investors on February 21, 2024, which was recognized as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY6,134 (US$843)* on the issue date as the investors have the right to exercise their warrants on a cashless basis. In accordance with IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of derivative financial liabilities for the year ended December 31, 2024 was CNY2,138 (US$293).
(c) |  | Fair value
As of December 31, 2023 and 2024, the carrying amounts of the Group’s financial instruments are reasonable approximations of fair values. Level 2: Bills receivable The fair value valuation of bills receivable is based on directly or indirectly observable inputs (such as recent bill discount rate) through valuation techniques. Derivative financial liabilities The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. There is no established public trading market for the warrants issued to investors on February 21, 2024. As of December 31, 2024, the Group measured the fair value of those warrants on a recurring basis using a binomial lattice pricing model with significant inputs including, among other relevant observable inputs, the underlying spot price of the Company’s common shares, exercise price, time to expiration, risk-free rate and equity volatility.

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