| Summary of balance sheet |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | US$ | | US$ | ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | | 96 | | 512 | Amounts due from subsidiaries | | 272,159 | | 199,945 | Prepayments and other current assets | | 549 | | 92 | Total current assets | | 272,804 | | 200,549 | Non-current assets: | | | | | Investment in subsidiaries and VIE | | 740,268 | | 823,856 | Total non-current assets | | 740,268 | | 823,856 | Total assets | | 1,013,072 | | 1,024,405 | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | Liabilities | | | | | Accruals and other current liabilities | | 4,857 | | 1,800 | Other non-current liabilities | | 767 | | — | Total liabilities | | 5,624 | | 1,800 | Shareholders’ equity: | | | | | Ordinary shares (US$0.00005 par value; nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively) | | — | | — | Class A ordinary shares (US$0.00005 par value; 800,000,000 and 800,000,000 shares authorized as of December 31, 2024 and 2025, respectively; 504,387,299 and 541,364,923 shares issued as of December 31, 2024 and 2025, respectively; 495,601,588 and 541,119,562 shares outstanding as of December 31, 2024 and 2025, respectively) | | 25 | | 27 | Class B ordinary shares (US$0.00005 par value; 200,000,000 and 200,000,000 shares authorized as of December 31, 2024 and 2025, respectively; 70,205,300 and 70,163,253 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | | 4 | | 4 | Treasury stock (US$0.00005 par value; 8,785,711 and 245,361 shares as of December 31, 2024 and 2025, respectively) | | (15,726) | | (12) | Additional paid-in capital | | 1,612,712 | | 1,549,389 | Accumulated other comprehensive loss | | (19,716) | | (14,842) | Accumulated deficit | | (569,851) | | (511,961) | Total shareholders’ equity | | 1,007,448 | | 1,022,605 | Total liabilities and shareholders’ equity | | 1,013,072 | | 1,024,405 |
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| Summary of statement of comprehensive loss |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Operation expense | | | | | | | General and administrative expenses | | (4,212) | | (5,671) | | (2,797) | Share of (loss)/gain of subsidiaries and the VIE | | (59,372) | | 6,314 | | 55,520 | Total operating expenses | | (63,584) | | 643 | | 52,723 | Other non-operating income, net | | 3,113 | | 4,180 | | 5,215 | Financial income, net | | 238 | | 296 | | — | Foreign exchange loss | | (82) | | (122) | | (48) | (Loss)/profit before income tax expense | | (60,315) | | 4,997 | | 57,890 | Net (loss)/profit | | (60,315) | | 4,997 | | 57,890 | | | | | | | | Net (loss)/profit attributable to ordinary shareholders | | (60,315) | | 4,997 | | 57,890 | | | | | | | | Net (loss)/profit | | (60,315) | | 4,997 | | 57,890 | Other comprehensive income/(loss) | | | | | | | Changes in fair value of long-term investments | | (7,791) | | 14 | | 115 | Transfer out of fair value changes of long-term investments | | 15,537 | | (65) | | — | Foreign currency translation | | (2,722) | | (2,574) | | 4,759 | Total comprehensive (loss)/income | | (55,291) | | 2,372 | | 62,764 |
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| Summary of statement of cash flows |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Net cash used in operating activities | | (3,478) | | (3,606) | | (739) | Advance to, and investment in subsidiaries | | (7,940) | | — | | (1,189) | Net cash provided by inter-company transactions | | 30,349 | | 15,509 | | 72,214 | Net cash generated from investing activities | | 22,409 | | 15,509 | | 71,025 | Payment for repurchase of ordinary shares | | (3,339) | | (70) | | (12) | Payment for cancellation of treasury shares | | — | | — | | (12) | Payments of dividend | | — | | (33,022) | | (69,848) | Proceeds from exercise of share options | | 1,187 | | 168 | | 2 | Payments of deferred offering costs | | (71) | | (276) | | — | Net cash used in financing activities | | (2,223) | | (33,200) | | (69,870) | Effect of exchange rate changes on cash and cash equivalents, restricted cash | | — | | — | | — | Net increase/(decrease) in cash and cash equivalents | | 16,708 | | (21,297) | | 416 | Cash and cash equivalents at the beginning of the year | | 4,685 | | 21,393 | | 96 | Cash and cash equivalents at the end of the year | | 21,393 | | 96 | | 512 |
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