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

%

​