v3.26.3
CONVERTIBLE NOTES (Tables)
6 Months Ended
Jun. 30, 2026
Convertible notes  
CONVERTIBLE NOTES  
Schedule of convertible notes

  ​ ​ ​

Subsidiary

  ​ ​ ​

2025

  ​ ​ ​

ATW

  ​ ​ ​

2026

  ​ ​ ​

Convertible Note

Convertible Notes

Convertible Note

Convertible Note

Total

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

Balance as of December 31, 2025

62,439

203,378

10,787

276,604

Issuance of convertible notes

128,325

128,325

Interest paid

(4,670)

(361)

(5,031)

Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk

3,144

3,125

(1,010)

572

5,831

Changes in fair values of convertible notes due to the instrument-specific credit risk

(8,415)

351

(8,064)

Repayment

(128,325)

(128,325)

Conversions to ordinary shares

(2,236)

(2,236)

Foreign currency translation adjustment

1,943

1,943

Balance as of June 30, 2026

54,441

78,178

7,531

128,897

269,047

Including:

– Current portion

78,178

128,897

207,075

– Non-current portion

54,441

 

 

7,531

 

61,972

Subsidiary Convertible Note  
CONVERTIBLE NOTES  
Schedule of assumptions used in determination of fair value of Convertible Note

  ​ ​ ​

As of June 30, 2026

Risk-free interest rates

 

1.27

%  

Probability of conversion

 

10

%  

Bond yields

 

21.16%-22.82

%  

2025 Convertible Notes  
CONVERTIBLE NOTES  
Schedule of assumptions used in determination of fair value of Convertible Note

  ​ ​ ​

As of June 30, 2026

Risk‑free interest rate

 

3.95

%

Volatilities

 

42.69

%

Bond yield

 

26.40

%

ATW Convertible Notes  
CONVERTIBLE NOTES  
Schedule of assumptions used in determination of fair value of Convertible Note

  ​ ​ ​

As of June 30, 2026

 

Risk‑free interest rate

 

3.96

%

Volatilities

 

43.32

%

Bond yield

 

26.14

%

2026 Convertible Notes  
CONVERTIBLE NOTES  
Schedule of assumptions used in determination of fair value of Convertible Note

  ​ ​ ​

As of June 30, 2026

 

Risk‑free interest rate

 

3.94

%

Volatilities

 

43.38

%

Bond yield

 

26.30

%