Operating Segment Information

6 Months Ended

Jun. 30, 2026

Operating Segment Information [Abstract]

4.	OPERATING SEGMENT INFORMATION

Segment information is presented based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker, being the executive directors of the Company, for the purpose of allocating resources to segments and assessing their performance.

The Group now operates its businesses in three operating segments: media and entertainment segment, hotel operations, hospitality and VIP services segment and strategic investment segment.

Management closely monitors the performance of the Group’s operating segments separately to support informed decisions on resource allocation and performance evaluation. Segment performance is evaluated based on reportable segment result, which is a measure of profit (loss) before tax from operations. The profit (loss) before tax from operations is measured after allocation of attributable costs of specialized staff and direct operating costs consistently with the Group’s profit (loss) before tax from operations. Other income, gain from a bargain purchase, finance costs, share-based payment expenses and corporate expenses such as staff costs not directly attributable to segments, short-term leases and administrative expenses are excluded from such measurement.

Segment assets exclude prepayments, deposits and other receivables, investments held in trust accounts and cash and bank balances, as these assets are managed on a group basis.

Segment liabilities exclude tax payable, borrowings, redeemable shares classified as financial liabilities, financial liabilities at FVTPL, amount due to ultimate holding company, lease liabilities and deferred tax liabilities as these liabilities are managed on a group basis.

Segment revenue and results

The following tables present information by segment:

For the six months ended June 30, 2026 (unaudited)

	Media and entertainment		Hotel operation, hospitality and VIP services			Strategic investment		Total
	US$’000		US$’000			US$’000		US$’000
Segment revenue
Revenue
- from contract with customers		10,513		20,245			—		30,758
- other		—		—			35,106		35,106
		10,513		20,245			35,106		65,864
Segment results		1,820		(1,740	)		35,106		35,186
Other income									2,080
Fair value change on financial liabilities at FVTPL									71
Finance costs									(7,343	)
Corporate and other unallocated expenses									(2,019	)
Profit before tax									27,975

For the six months ended June 30, 2025 (unaudited)

	Media and entertainment		Hotel operation, hospitality and VIP services			Strategic investment		Total
	US$’000		US$’000			US$’000		US$’000
Segment revenue
Revenue
- from contract with customers		9,976		12,668			—		22,644
- other		—		—			64,785		64,785
		9,976		12,668			64,785		87,429
Segment results		1,137		(2,289	)		64,785		63,633
Other income									7
Share-based payments									(58,878	)
Fair value change on financial liabilities at FVTPL									5,221
Finance costs									(4,614	)
Corporate and other unallocated expenses									(1,732	)
Profit before tax									3,637

Segment assets and liabilities

	As of		As of
	June 30,		December 31,
	2026		2025
	US$’000		US$’000
	(unaudited)		(audited)

Segment assets
Media and entertainment		122,697		126,874
Hotel operation, hospitality and VIP services		977,982		595,474
Strategic investments		516,972		494,524
Total segment assets		1,617,651		1,216,872
Unallocated corporate assets		187,164		247,204
Total assets		1,804,815		1,464,076

Segment liabilities
Media and entertainment		2,899		1,866
Hotel operation, hospitality and VIP services		92,094		70,519
Total segment liabilities		94,993		72,385
Unallocated corporate liabilities		777,367		552,602
Total liabilities		872,360		624,987

Geographical information

The following table sets forth the Group’s revenue from contract with customers by geographical areas based on the location of the operations:

	Six months ended
	June 30,
	2026		2025
	US$’000		US$’000
	(unaudited)		(unaudited)
Media and entertainment
- China (including Hong Kong)		387		111
- Europe		4,557		4,317
- America		3,276		3,690
- Southeast Asia		2,293		1,858
		10,513		9,976
Hotel operation, hospitality and VIP services
- China (including Hong Kong)		2,861		2,929
- Europe		188		-
- America		3,410		-
- Australia		2,219		-
- Southeast Asia		11,567		9,739
		20,245		12,668
Total		30,758		22,644