| Condensed Balance Sheets |
| | | | | | | As of December 31, | | | 2022 | | 2023 | | | US$ | | US$ | | | | | | ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | | 2,926 | | 22,311 | Prepayments and other current assets | | 126 | | 1 | Amounts from subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries | | — | | 441,251 | Amounts due from subsidiaries | | 4,270 | | 1,045 | Total current assets | | 7,322 | | 464,608 | | | | | | Non-current assets: | | | | | Long-term investments | | 17,355 | | 34,470 | Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries | | 984,175 | | 709,711 | Total non-current assets | | 1,001,530 | | 744,181 | Total assets | | 1,008,852 | | 1,208,789 | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | Current liabilities: | | | | | Long-term bond payable, current | | 103,380 | | 50,590 | Accrued expenses and other liabilities: | | 31,440 | | 69,779 | Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries | | 282,228 | | 669,847 | Amount due to related parties | | — | | 34,676 | Total current liabilities | | 417,048 | | 824,892 | Total liabilities | | 417,048 | | 824,892 | | | | | | Commitments and contingencies | | — | | — | | | | | | Shareholders’ equity: | | | | | | | | | | Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 71,775,686 shares issued as of December 31, 2022 and 2023, respectively; 66,020,679 shares outstanding as of December 31, 2022, and 2023, respectively. | | 9,244 | | 9,244 | Class B ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 24,336,650 shares issued and outstanding as of December 31, 2022, and 2023, respectively; each Class B ordinary share is convertible into one Class A ordinary share. | | 3,124 | | 3,124 | Additional paid-in capital | | 545,173 | | 545,364 | Accumulated other comprehensive loss | | (9,031) | | (37,408) | Retained earnings | | 154,577 | | (25,144) | Less: Treasury shares (5,755,007 shares as of December 31, 2022 and 2023, respectively.) | | (111,283) | | (111,283) | Total shareholders’ equity | | 591,804 | | 383,897 | Total liabilities and shareholders’ equity | | 1,008,852 | | 1,208,789 |
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| Condensed Statements of Comprehensive Income |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | | | | | | | | Revenues | | — | | — | | — | Cost of revenues | | — | | — | | — | Gross profit | | — | | — | | — | General and administrative expenses | | (8,347) | | (2,257) | | (1,664) | Other income (loss) | | — | | — | | (8,010) | Operating loss | | (8,347) | | (2,257) | | (9,674) | Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries | | (6,291) | | (69,947) | | (157,843) | Foreign exchange gain (loss) | | 2,814 | | 264 | | (12) | Interest income | | 22 | | 484 | | 1,117 | Interest expenses | | (7,452) | | (4,932) | | (4,264) | Change in fair value of securities | | (19,142) | | 826 | | (9,045) | Investment income, net | | 18,812 | | — | | — | Loss before income taxes | | (19,584) | | (75,562) | | (179,721) | Income tax expenses | | — | | — | | — | Net loss | | (19,584) | | (75,562) | | (179,721) | Other comprehensive income (loss) | | | | | | | Foreign currency translation adjustments | | 34,089 | | (47,413) | | (27,872) | Gain (loss) on intra-entity foreign transactions of long-term investment nature | | 756 | | (2,794) | | (505) | Other comprehensive income (loss) | | 34,845 | | (50,207) | | (28,377) | Comprehensive income (loss) | | 15,261 | | (125,769) | | (208,098) |
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| Condensed Statements of Cash Flows |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | | | | | | | | Net cash generated from operating activities | | 52,462 | | 146,815 | | 86,652 | Net cash generated from (used in) investing activities | | 22,149 | | (176) | | (14,477) | Net cash used in financing activities | | (99,804) | | (162,929) | | (52,790) | Exchange rate effect on cash, cash equivalents and restricted cash | | — | | (4) | | — | Net increase (decrease) in cash, cash equivalents and restricted cash | | (25,193) | | (16,294) | | 19,385 | Cash, cash equivalents and restricted cash at beginning of year | | 44,413 | | 19,220 | | 2,926 | Cash, cash equivalents and restricted cash at end of year | | 19,220 | | 2,926 | | 22,311 |
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