v3.26.1
Business combination (Tables)
 12 Months Ended
Dec. 31, 2025
Business combination  
Schedule of assets acquired and liabilities assumed in the business combination

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Amount

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US$

Fair value of issuance of Class A Ordinary Shares for acquisition of Ziitech

 

2,320

Fair value of non-controlling interests(i)

 

4,851

Total

 

7,171

Recognized amounts of identifiable assets acquired and liabilities assumed:

 

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Cash and cash equivalents

 

152

Accounts receivable, net

 

315

Inventories

 

142

Prepayments and other current assets

 

36

Intangible assets, net

 

3,847

Property, equipment and software, net

 

10

Operating right-of-use assets, net

 

124

Other non-current assets

 

31

Accounts payable

 

(102)

Accrued expenses and other liabilities

 

(946)

Operating lease liabilities, current

 

(86)

Deferred tax liabilities

 

(65)

Operating lease liabilities, non-current

 

(46)

Goodwill(ii)

 

3,759

Total

 

7,171

(i) Non-controlling interests mainly represent the interests allocated to shareholders with 75% equity interest in Ziitech. Fair value of the non-controlling interests was estimated with reference to the purchase price per share as of the acquisition date, with assistance of independent appraiser.

(ii) Goodwill represents the excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed in the acquisition. Goodwill primarily represents the expected synergies from combining operations of Ziitech in Australia with those of the Group. The goodwill is not deductible for tax purposes.