| OPERATING SEGMENT INFORMATION |
| 4. | OPERATING
SEGMENT INFORMATION |
The Group now operates its businesses in five reportable and operating
segments: capital market solutions segment, digital solutions and other services segment, media and entertainment segment, hotel operations,
hospitality and VIP services segment and strategic investment segment. The following summary describes the operations in each of the Group’s
reportable and operating segment:
The Group’s reportable and operating segments are therefore as
follows:
| (a) | The
capital market solutions segment assists customers in raising funds through equity and debt financing, private placements and debt issuances,
providing financial advisory services (including but not limited to domestic and cross border advisory services for merger and acquisitions)
and providing asset management products and services. |
| (b) | The
digital solutions and other services segment provides its institutional and corporate clients with exclusive, paid access to enhance
their investor communication, investor relations and corporate communication to potentially maximize their valuation, as well as provides
digital financial solution services. |
| (c) | Media and entertainment segment engages in the provision of print and
digital advertising campaigns, licensing, and value-added marketing services including branded content, video production, social media
activation, event creation, and experiential marketing, among other services. This segment also includes movie income right investments. |
| (d) | Hotel operations, hospitality and VIP services segment engages in hotel
investments, hotel operations, hospitality and VIP services. |
| (e) | The
strategic investment segment engages in proprietary investments and management of global investment portfolio (including listed and unlisted
equity shares investments). |
Management monitors the results of the Group’s operating segments
separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated
based on reportable segment result, which is a measure of profit before tax from operations. The profit before tax from operations is
measured after allocation of ECL, attributable costs of specialized staff, commission paid to asset management segment consistently with
the Group’s profit before tax from operations. Net fair value change on derivative financial liability, other income, other gain,
finance costs and corporate expenses such as staff costs not directly attributable to segments, office rental and administrative expenses
are excluded from such measurement.
Segment assets exclude property, plant and equipment other than properties,
amounts due from immediate holding company, prepayments, deposits and other receivables, tax recoverable, cash and bank balances and other
unallocated head office and corporate assets as these assets are managed on a group basis.
Segment liabilities exclude tax payable, bank borrowings, deferred
tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.
Segment revenue and results
The following tables present information by segment, with prior period
segment information retrospectively recast to conform to current period presentation:
For the year ended December 31, 2024
| |
|
Capital
market
solutions |
|
|
Digital
solutions and
other services |
|
|
Media and
entertainment |
|
|
Hotel
operations,
hospitality
and VIP
services |
|
|
Strategic
investment |
|
|
Total |
|
| |
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
| Segment revenue (Note 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —from contract with customers |
|
|
— |
|
|
|
3,396 |
|
|
|
18,859 |
|
|
|
23,132 |
|
|
|
— |
|
|
|
45,387 |
|
| —others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,070 |
|
|
|
35,070 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
— |
|
|
|
3,396 |
|
|
|
18,859 |
|
|
|
23,132 |
|
|
|
35,070 |
|
|
|
80,457 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment results |
|
|
— |
|
|
|
2,624 |
|
|
|
2,072 |
|
|
|
(944 |
) |
|
|
35,070 |
|
|
|
38,822 |
|
| Unallocated other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,931 |
|
| Unallocated other gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,757 |
|
| Unallocated finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,425 |
) |
| Corporate and other unallocated expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,868 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,217 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other segment information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,845 |
|
For the year ended December 31, 2023
| |
|
Capital
market
solutions |
|
|
Digital
solutions and
other services |
|
|
Media and
entertainment |
|
|
Hotel
operations,
hospitality
and VIP
services |
|
|
Strategic
investment |
|
|
Total |
|
| |
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
| Segment revenue (Note 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —from contract with customers |
|
|
— |
|
|
|
13,469 |
|
|
|
14,474 |
|
|
|
10,301 |
|
|
|
— |
|
|
|
38,244 |
|
| —others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92,670 |
|
|
|
92,670 |
|
| |
|
|
— |
|
|
|
13,469 |
|
|
|
14,474 |
|
|
|
10,301 |
|
|
|
92,670 |
|
|
|
130,914 |
|
| Segment results |
|
|
(1,276 |
) |
|
|
9,126 |
|
|
|
3,239 |
|
|
|
2,106 |
|
|
|
92,670 |
|
|
|
105,865 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unallocated other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,942 |
|
| Unallocated other gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,797 |
|
| Unallocated finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,199 |
) |
| Corporate and other unallocated expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,708 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,697 |
|
| Other segment information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,623 |
|
For the year ended December 31, 2022
| |
|
Capital
market
solutions |
|
|
Digital
solutions and
other services |
|
|
Media and
entertainment |
|
|
Strategic
investment |
|
|
Total |
|
| |
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
| Segment revenue (Note 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —from contract with customers |
|
|
74,305 |
|
|
|
23,440 |
|
|
|
7,620 |
|
|
|
— |
|
|
|
105,365 |
|
| —others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,806 |
|
|
|
69,806 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
74,305 |
|
|
|
23,440 |
|
|
|
7,620 |
|
|
|
69,806 |
|
|
|
175,171 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment results |
|
|
72,140 |
|
|
|
21,299 |
|
|
|
2,725 |
|
|
|
69,806 |
|
|
|
165,970 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unallocated other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,063 |
|
| Unallocated other gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,598 |
|
| Unallocated finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(859 |
) |
| Unallocated net changes in fair value on derivative financial liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,704 |
|
| Corporate and other unallocated expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,605 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,871 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other segment information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
738 |
|
| | |
As of December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Segment assets | |
| | |
| | |
| |
| Capital market solutions | |
| — | | |
| — | | |
| 10,429 | |
| Digital solutions and other services | |
| 572 | | |
| 1,480 | | |
| 23,691 | |
| Media and entertainment | |
| 137,084 | | |
| 126,028 | | |
| 93,754 | |
| Hotel operations, hospitality and VIP services | |
| 292,335 | | |
| 85,495 | | |
| — | |
| Strategic investment | |
| 152,488 | | |
| 79,607 | | |
| 380,407 | |
| | |
| | | |
| | | |
| | |
| Total segment assets | |
| 582,479 | | |
| 292,610 | | |
| 508,281 | |
| Unallocated corporate assets | |
| 1,487,439 | | |
| 1,193,980 | | |
| 552,442 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 2,069,918 | | |
| 1,486,590 | | |
| 1,060,723 | |
| | |
| | | |
| | | |
| | |
| Segment liabilities | |
| | | |
| | | |
| | |
| Digital solutions and other services | |
| 16,065 | | |
| 15,621 | | |
| 2,324 | |
| Media and entertainment | |
| 6,525 | | |
| 27,361 | | |
| 23,270 | |
| Hotel operations, hospitality and VIP services | |
| 277,368 | | |
| 106,742 | | |
| — | |
| | |
| | | |
| | | |
| | |
| Total segment liabilities | |
| 299,958 | | |
| 149,724 | | |
| 25,594 | |
| Unallocated corporate liabilities | |
| 69,931 | | |
| 43,292 | | |
| 32,715 | |
| | |
| | | |
| | | |
| | |
| Total liabilities | |
| 369,889 | | |
| 193,016 | | |
| 58,309 | |
Geographical information
The following table sets forth the Group’s revenue from contract
with customers by geographical areas based on the location of the customers:
For the year ended December 31, 2024
| | |
Capital markets solutions | | |
Digital solutions and other services | | |
Media and
entertainment | | |
Hotel
operations,
hospitality
and VIP
services | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| China (including Hong Kong) | |
— | | |
832 | | |
664 | | |
5,801 | | |
7,297 | |
| Europe | |
— | | |
— | | |
9,661 | | |
— | | |
9,661 | |
| America | |
| — | | |
| — | | |
| 4,867 | | |
| — | | |
| 4,867 | |
| Southeast Asia | |
| — | | |
| 2,564 | | |
| 3,667 | | |
| 17,331 | | |
| 23,562 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| — | | |
| 3,396 | | |
| 18,859 | | |
| 23,132 | | |
| 45,387 | |
For the year ended December 31, 2023
| | |
Capital markets solutions | | |
Digital solutions and other services | | |
Media and
entertainment | | |
Hotel
operations,
hospitality
and VIP
services | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| China (including Hong Kong) | |
| — | | |
| 13,469 | | |
| — | | |
| 5,132 | | |
| 18,601 | |
| Europe | |
| — | | |
| — | | |
| 6,582 | | |
| — | | |
| 6,582 | |
| America | |
| — | | |
| — | | |
| 5,250 | | |
| 5,169 | | |
| 10,419 | |
| Southeast Asia | |
| — | | |
| — | | |
| 2,642 | | |
| — | | |
| 2,642 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| — | | |
| 13,469 | | |
| 14,474 | | |
| 10,301 | | |
| 38,244 | |
For the year ended December 31, 2022
| | |
Capital
markets
solutions | | |
Digital
solutions and
other services | | |
Media and
entertainment | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| China (including Hong Kong) | |
| 74,305 | | |
| 23,253 | | |
| — | | |
| 97,558 | |
| Europe | |
| — | | |
| — | | |
| 2,461 | | |
| 2,461 | |
| America | |
| — | | |
| — | | |
| 4,090 | | |
| 4,090 | |
| Southeast Asia | |
| — | | |
| 187 | | |
| 1,069 | | |
| 1,256 | |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| 74,305 | | |
| 23,440 | | |
| 7,620 | | |
| 105,365 | |
As of December 31, 2024, non-current assets
other than financial instruments of US$68,905 (2023: US$69,739), US$184,215 (2023: US$15,942), US$38,183 (2023: nil) and US$119,527 (2023:
US$118,618), for the purpose of geographical information were located in Hong Kong, Singapore, America and Europe, respectively.
|