v3.25.1
Revenue, Other Income and Other Gain
 12 Months Ended
Dec. 31, 2024
Revenue, Other Income and Other Gain [Abstract]  
REVENUE, OTHER INCOME AND OTHER GAIN
5.REVENUE, OTHER INCOME AND OTHER GAIN

 

A. Revenue

 

An analysis of revenue is as follows:

 

   For the year ended December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Revenue from contracts with customers            
Capital market solutions            
Underwriting commission   —    —    12,070 
Financial advisory fee   —    —    54,614 
Management fee and performance-based incentive fee   —    —    2,144 
Brokerage and handling fees   —    —    5,403 
Others   —    —    74 
                
    —    —    74,305 
                
Digital solutions and other services               
Insurance brokerage services commission   832    1,249    1,040 
Digital solutions fees   2,564    12,220    22,400 
                
    3,396    13,469    23,440 
                
Media and entertainment               
Fashion, arts and luxury magazines and advertising services income   13,376    11,031    3,608 
Fashion, arts and luxury media licensing and marketing services income   5,483    3,443    4,012 
                
    18,859    14,474    7,620 
   For the year ended December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Hotel operations, hospitality and VIP services            
Hotel operations, hospitality and VIP services income   23,132    10,301    — 
                
Revenue from other sources               
Strategic investments               
Dividend income   8,681    9,935    6,412 
Gain related to disposed investments   
—
    123,634    22,106 
                
    8,681    133,569    28,518 
Net fair value changes on financial assets at fair value through profit or loss               
-from listed equity shares, at quoted price   26,389    (40,927)   (48,267)
-from unlisted equity shares and movie income right investments (note a)   
—
    28    27,658 
                
Total net fair value changes on financial assets at fair value through profit or loss   26,389    (40,899)   (20,609)
Net fair value changes on derivative financial asset   
—
    —    61,897 
                
    35,070    92,670    69,806 
                
Total revenue   80,457    130,914    175,171 

 

Note:

 

  (a) For the year ended December 31, 2022, net fair value gain arising from investments in equity securities of related parties are US$27,298. There are no fair value changes arising from investments in equity securities of related parties during the year ended December 31, 2023 and 2024.
  (i) Disaggregated revenue information

 

The Company assesses revenues based upon the nature or type of goods or services it provides and the operating segments of the related businesses. For more information on the operating segments, see Note 4, “Operating Segment Information”. The following tables present disaggregated revenue information:

 

For the year ended December 31, 2024

 

Segments  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$ 
Revenue from contracts with customers                        
Digital solutions and other services                        
Insurance brokerage services   
—
    832    
—
    
—
    
—
    832 
Digital solutions fee   
—
    2,564    
—
    
—
    
—
    2,564 
                               
Media and entertainment                              
Fashion, arts and luxury magazines and advertising services income   
—
    
—
    13,376    
—
    
—
    13,376 
Fashion, arts and luxury media licensing and marketing services income   
—
    
—
    5,483    
—
    
—
    5,483 
                               
Hotel operations, hospitality and VIP services                              
Hotel operations, hospitality and VIP services income   
—
    
—
    
—
    23,132    
—
    23,132 
Subtotal   
—
    3,396    18,859    23,132    
—
    45,387 
                               
Revenue from other sources                              
Strategic investment                              
Net fair value changes on financial assets at fair value through profit or loss   
—
    
—
    
—
    
—
    26,389    26,389 
Dividend income   
—
    
—
    
—
    
—
    8,681    8,681 
Total   
—
    3,396    18,859    23,132    35,070    80,457 

 

Segments  Capital
market
solutions		   Digital solutions
and other
services		   Media and
entertainment		   Hotel
operations,
hospitality
and VIP
services		   Total 
   US$   US$   US$   US$   US$ 
Timing of revenue recognition                    
Services rendered at a point in time   —    832    13,376    
—
    14,208 
Services rendered over time   —    2,564    5,483    23,132     31,179 
Total revenue from contracts with customers   —    3,396    18,859    23,132    45,387 

For the year ended December 31, 2023

 

Segments  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$ 
Revenue from contracts with customers                        
Digital solutions and other services                        
Insurance brokerage services   —    1,249    
—
    —    
—
    1,249 
Digital solutions fee   —    12,220    
—
    —    
—
    12,220 
                               
Media and entertainment                              
Fashion, arts and luxury magazines and advertising services income   —    —    11,031    
—
    —    11,031 
Fashion, arts and luxury media licensing and marketing services income   —    —    3,443    
—
    —    3,443 
Hotel operations, hospitality and VIP services                              
Hotel operations, hospitality and VIP services income   —    —    —    10,301    —    10,301 
Subtotal   
—
    13,469    14,474    10,301    
—
    38,244 
                               
Revenue from other sources                              
Strategic investment                              
Net fair value changes on financial assets at fair value through profit or loss   —    —    
—
    
—
    (40,899)   (40,899)
Gain related to disposed investment   —    —    
—
    
—
    123,634    123,634 
Dividend income   —    —    
—
    
—
    9,935    9,935 
Total   —    13,469    14,474    10,301    92,670    130,914 

 

Segments  Capital
market
solutions		   Digital solutions
and other
services		   Media and
entertainment		   Hotel
operations,
hospitality
and VIP
services		   Total 
   US$   US$   US$   US$   US$ 
Timing of revenue recognition                    
Services rendered at a point in time   —    1,249    11,031    10,301    22,581 
Services rendered over time   —    12,220    3,443    —    15,663 
Total revenue from contracts with customers   —    13,469    14,474    10,301    38,244 

For the year ended December 31, 2022

 

Segments  Capital
market
solutions		  

Digital
solutions and
other

services

   Media and
entertainment		   Strategic
investment		   Total 
   US$   US$   US$   US$   US$ 
Revenue from contracts with customers                    
Capital market solutions                    
Underwriting commission   12,070    —    —    —    12,070 
Financial advisory fee   54,614    —    —    —    54,614 
Management fee and performance-based incentive fee   2,144    —    —    —    2,144 
Brokerage and handling fee   5,403    —    —    —    5,403 
Others   74    —    —    —    74 
                          
Digital solutions and other services                         
Insurance brokerage services   —    1,040    —    —    1,040 
Digital solutions fees   —    22,400    —    —    22,400 
                          
Media and entertainment                         
Fashion, arts and luxury magazines and advertising services income   —    —    3,608    —    3,608 
Fashion, arts and luxury media licensing and marketing services income   —    —    4,012    —    4,012 
Sub-total   74,305    23,440    7,620    —    105,365 
                          
Revenue from other sources                         
                          
Strategic investment                         
Net fair value changes on financial assets at fair value through profit or loss   —    —    —    (20,609)   (20,609)
Net fair value changes on derivative financial assets   —    —    —    61,897    61,897 
Gain related to disposed investment   —    —    —    22,106    22,106 
Dividend income   —    —    —    6,412    6,412 
Total   74,305    23,440    7,620    69,806    175,171 

 

Segments  Capital
market
solutions		   Digital
solutions and
other services		   Media and
entertainment		   Total 
   US$   US$   US$   US$ 
Timing of revenue recognition                
Services rendered at a point in time   72,161    1,040    3,608    76,809 
Services rendered over time    2,144    22,400    4,012    28,556 
                     
Total revenue from contracts with customers   74,305    23,440    7,620    105,365 

The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:

 

   As of December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Revenue recognized that was included in contract liabilities at the beginning of the reporting period            
Capital market solutions   
—
    
—
    81 
Digital solutions services    —     895    — 
    
—
    895    81 

 

(ii)Performance obligations

 

The transaction prices allocated to the remaining performance obligations of digital solutions services (unsatisfied or partially unsatisfied) as of December 31, 2023 and 2024 are as follows:

 

For digital solutions services

 

   As of December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Within one year   —    —    26,138 
More than one year   —    —    12,953 
    —    —    39,091 

 

The performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year.

 

B. Other income

 

   For the year ended December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Bank interest income   1,840    4,178    2 
Other interest income   251    5,525    6,551 
Interest income from the immediate holding company (Note 29)   16,828    10,489    9,703 
Government grant   —    —    151 
Others   12    2,750    1,656 
    18,931    22,942    18,063 

 

C. Other gain

 

Other gain of US$19,598 during the year ended December 31, 2022 consists of (i) gain on bargain purchase of US$4,848; and (ii) gain on disposal of subsidiaries of US$14,750.

 

Other gain of US$68,797 during the year ended December 31, 2023 consists of (i) gain on bargain purchase of US$4,469 with details included in Note 32(a); and (ii) gain on disposal of subsidiaries of US$64,328.

 

Other gain of US$24,816 during the year ended December 31, 2024 consists of gain on disposal of subsidiaries. The Group disposed the entire equity interests in certain subsidiaries which engaged in the media and entertainment segment with a consideration of Euro 2,888,000 to an independent third party. These subsidiaries owned certain intellectual properties pertaining to non-core media and entertainment business of the Group. The disposal was part of a strategic reorganization aimed at divesting non-core business and intellectual properties to sharpen the Group’s focus on its primary existing operating business units within the media and entertainment segment. The consideration is settled through intercompany account under the Group’s central treasury management policy.