Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	20-F/A
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	AMTD IDEA GROUP
Entity Central Index Key	0001769731
Entity File Number	001-39006
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	66 rue Jean-JacquesRousseau
Entity Address, City or Town	Paris
Entity Address, Country	FR
Entity Address, Postal Zip Code	75001
Entity Listings [Line Items]
Title of 12(b) Security	American depositary shares, each representing six Class A ordinary shares, par value US$0.0001 per share Class A ordinary shares
Trading Symbol	AMTD
Security Exchange Name	NYSE
Class A Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	254,923,518
Class B Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	233,526,979
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Feridun Hamdullahpur
Entity Address, Address Line One	66 rue Jean-JacquesRousseau
Entity Address, City or Town	Paris
Entity Address, Country	FR
Entity Address, Postal Zip Code	75001
Entity Phone Fax Numbers [Line Items]
City Area Code	+33 (0)
Local Phone Number	1 4236 4597

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor [Table]
Auditor Name	AUDIT ALLIANCE LLP
Auditor Firm ID	3487
Auditor Location	Singapore
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of AMTD IDEA Group and its subsidiaries (the “Group”) as of December 31, 2024 and 2023, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the years ended December 31, 2024, 2023 and 2022 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024, 2023 and 2022 in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 30, 2025 expressed an unqualified opinion thereon.

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Capital market solutions services income			$ 74,305
Digital solutions and other services income	3,396	13,469	23,440
Fashion, arts and luxury media advertising and marketing services income (including income generated from related parties	18,859	14,474	7,620
Hotel operations, hospitality and VIP services income	23,132	10,301
Dividend income and gain from disposed financial assets at fair value through profit or loss and settled derivative financial assets	8,681	133,569	28,518
Net fair value changes on financial assets at fair value through profit or loss (except fair value changes on derivative financial assets and gain from disposed financial assets at fair value through profit or loss and settled derivative financial assets)	26,389	(40,899)	(20,609)
Net fair value changes on derivative financial assets			61,897
Revenue	80,457	130,914	175,171
Other income	18,931	22,942	18,063
Other gain	24,757	68,797	19,598
Impairment losses under expected credit loss model on financial assets		(4,988)	(501)
Other operating expenses	(39,473)	(29,351)	(22,801)
Staff costs	(15,471)	(20,083)	(16,504)
Finance costs	(13,425)	(8,199)	(859)
Share of losses of joint ventures	(559)	(2,335)
Net fair value changes on derivative financial liability			1,704
PROFIT BEFORE TAX	55,217	157,697	173,871
Income tax expense	(1,639)	(4,314)	(13,405)
PROFIT FOR THE YEAR	53,578	153,383	160,466
Owners of the parent:
- Ordinary shareholders	46,727	134,436	141,733
- Holders of perpetual securities	4,312	8,558	15,702
Non-controlling interests	2,539	10,389	3,031
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
PROFIT FOR THE YEAR	53,578	153,383	160,466
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of foreign operations	(2,415)	(2,382)	213
Share of other comprehensive income (expense) of joint ventures	1,842	(306)
Cumulative exchange differences reclassified to profit or loss upon disposal of foreign operations		2,695	16
Exchange differences on translation from functional currency to presentation currency	7,984	(489)	2,103
OTHER COMPREHENSIVE INCOME FOR THE YEAR	7,411	(482)	2,332
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	60,989	152,901	162,798
Owners of the parent:
- Ordinary shareholders	54,204	134,116	144,254
- Holders of perpetual securities	4,312	8,558	15,702
Non-controlling interests	2,473	10,227	2,842
Total comprehensive income for the period	$ 60,989	$ 152,901	$ 162,798
Class A Ordinary Shares
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic (in Dollars per share)	$ 0.12	$ 0.37	$ 0.47
Diluted (in Dollars per share)			0.47
Class B Ordinary Shares
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic (in Dollars per share)	0.12	0.37	0.47
Diluted (in Dollars per share)			$ 0.47

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parentheticals) - Related Parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capital Market Solutions Service Income
Capital market solutions services income (including income generated from related parties)			$ 1,152
Digital Solutions And Other Service Income
Capital market solutions services income (including income generated from related parties)		2,554	1,596
Fashion, Arts and Luxury Media Advertising and Marketing Services Income
Fashion, art and luxury media advertising and marketing services income		$ 2,726	$ 2,888

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Accounts receivable	$ 7,029	$ 5,525
Prepayments, deposits and other receivables	23,346	16,436
Due from immediate holding company	1,400,612	1,057,007
Financial assets at fair value through profit or loss	24,987
Tax recoverable		2,327
Other assets	609	1,020
Restricted cash		135
Cash and bank balances	62,872	120,234
Total current assets	1,519,455	1,202,684
Non-current assets
Property, plant and equipment	291,449	70,054
Intangible assets	119,381	118,423
Financial assets at fair value through profit or loss	139,633	79,607
Interests in joint ventures		15,822
Total non-current assets	550,463	283,906
Total assets	2,069,918	1,486,590
Current liabilities
Accounts payable	3,640	9,382
Bank borrowings	63,539	65,793
Other payables and accruals	10,396	19,260
Due to a non-controlling shareholder	63,019	55,803
Provisions		3,866
Tax payable	2,539	2,956
Total current liabilities	143,133	157,060
Non-current liabilities
Bank borrowings	219,434	30,373
Deferred tax liabilities	5,658	5,583
Provisions	1,664
Total non-current liabilities	226,756	35,956
Total liabilities	369,889	193,016
Equity
Treasury shares	(734,658)	(734,658)
Capital reserve	1,175,546	924,348
Exchange reserve	10,148	2,671
Retained profits	906,576	859,849
Total equity attributable to ordinary shareholders of the Company	1,357,660	1,052,258
Non-controlling interests	108,124	7,078
Perpetual securities	234,245	234,238
Total equity	1,700,029	1,293,574
Total liabilities and equity	2,069,918	1,486,590
Class A Ordinary Shares
Equity
Ordinary shares, value	22	22
Class B Ordinary Shares
Equity
Ordinary shares, value	$ 26	$ 26

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Share capital	Capital reserve	Treasury shares	Exchange reserve	Retained profits	Equity attributable to ordinary shareholders of the Company	Equity attributable to holders of perpetual securities	Non-controlling interests	Total
Beginning balance at Dec. 31, 2021	$ 25	$ 581,997	$ (642,055)	$ 470	$ 571,129	$ 511,566	$ 228,527	$ 2,422	$ 742,515
Profit for the year					141,733	141,733	15,702	3,031	160,466
Other comprehensive income for the year				2,521		2,521		(189)	2,332
Total comprehensive income for the year				2,521	141,733	144,254	15,702	2,842	162,798
Conversion of convertible bond (Note 25)		14,469				14,469			14,469
Distribution to holders of perpetual securities (Note 27)							(15,753)		(15,753)
Issuance of shares (Note 26)	1	49,999				50,000			50,000
Acquisition of AMTD Digital under common control (Note 32(b))		(774,197)				(774,197)		14,095	(760,102)
Issuance of shares in acquisition of AMTD Digital (Note 32(b))	12	992,633				992,645			992,645
Issuance of shares by AMTD Digital upon listing		84,433				84,433		53,792	138,225
Disposal of subsidiaries								(1,780)	(1,780)
Repurchase of shares by a subsidiary		39,631				39,631		(39,631)
Repurchase of shares from a shareholder			(320,603)			(320,603)			(320,603)
Ending balance at Dec. 31, 2022	38	988,965	(962,658)	2,991	712,862	742,198	228,476	31,740	1,002,414
Profit for the year					134,436	134,436	8,558	10,389	153,383
Other comprehensive income for the year				(320)		(320)		(162)	(482)
Total comprehensive income for the year				(320)	134,436	134,116	8,558	10,227	152,901
Distribution to holders of perpetual securities (Note 27)							(2,796)		(2,796)
Issuance of shares (Note 26)	9	93,591				93,600			93,600
Issuance of shares in acquisition of WME Assets (Note 32(a))		(275,154)	268,000			(7,154)		4,000	(3,154)
Issuance of shares in acquisition of The Art Newspaper SA (Note 32(a))	1	11,213				11,214			11,214
Issuance of shares by AMTD Digital		78,686				78,686		21,314	100,000
Acquisition of additional interests of the subsidiaries		12,551				12,551		(14,198)	(1,647)
Disposal of subsidiaries		(12,551)			12,551			(18,958)	(18,958)
Change in shareholding of subsidiaries during the year without losing control		(694)				(694)		694
Repurchase of shares by a subsidiary		27,741				27,741		(27,741)
Repurchase of shares from a shareholder			(40,000)			(40,000)			(40,000)
Ending balance at Dec. 31, 2023	48	924,348	(734,658)	2,671	859,849	1,052,258	234,238	7,078	1,293,574
Profit for the year					46,727	46,727	4,312	2,539	53,578
Other comprehensive income for the year				7,477		7,477		(66)	7,411
Total comprehensive income for the year				7,477	46,727	54,204	4,312	2,473	60,989
Distribution to holders of perpetual securities (Note 27)							(4,305)		(4,305)
Issuance of shares (Note 26)		20,000				20,000			20,000
Recognition of subsidiaries on control over Singapore hotel companies								(6,817)	(6,817)
Issuance of shares by subsidiaries		231,198				231,198		105,390	336,588
Ending balance at Dec. 31, 2024	$ 48	$ 1,175,546	$ (734,658)	$ 10,148	$ 906,576	$ 1,357,660	$ 234,245	$ 108,124	$ 1,700,029

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	$ 55,217	$ 157,697	$ 173,871
Adjustments for:
Interest income	(18,919)	(20,192)	(16,256)
Finance costs	13,425	8,199	859
Depreciation of property, plant and equipment	6,730	1,766	12
Amortization of intangible assets	115	857	726
Dividend income	(8,681)	(9,935)	(6,412)
Gain on disposed financial assets at fair value through profit or loss and settled derivative financial assets		(123,634)	(22,106)
Gain from a bargain purchase		(4,469)	(4,848)
Gain on disposal of subsidiaries	(24,757)	(64,328)	(14,750)
Net fair value changes on financial assets at fair value through profit or loss (except derivative financial assets)	(26,389)	40,899	20,609
Net fair value changes on derivative financial assets			(61,897)
Net fair value changes on derivative financial liability			(1,704)
Share of losses of joint ventures	559	2,335
Impairment losses under expected credit loss model on financial assets		4,988	501
Operating cash flows before changes in working capital	(2,700)	(5,817)	68,605
(Increase)/decrease in accounts receivable	(4,113)	10,668	(29,225)
(Increase)/decrease in prepayments, deposits and other receivables	(1,352)	5,326	11,489
Increase/(decrease) in other payables and accruals	1,159	15,570	(11,432)
(Increase)/decrease in restricted cash	(72)	280	65
Increase/(decrease) in provisions	142	(355)	(95)
Changes in accounts payable and other assets	1,603	(1,156)	7,736
Payment of operating lease liabilities	(280)	(81)
Cash (used in)/generated from operations	(5,613)	24,435	47,143
Profits tax paid		(1,605)	(30,992)
Dividend received	8,681	9,935	6,412
Interest received	2,091	7,213	4,058
Net cash generated from operating activities	5,159	39,978	26,621
CASH FLOWS FROM INVESTING ACTIVITIES
Addition to property, plant and equipment	(8)	(72)	(2)
Addition to financial assets at fair value through profit or loss	(7,228)	(1,591)	(4,806)
Increase in amount due from immediate holding company	(41,422)	(404,364)	(68,723)
Acquisition of subsidiaries, net of cash acquired	4,273	1,347	13,326
Net cash outflow from disposal of subsidiaries	(953)	(514)	(18,473)
Acquisition of additional interests in subsidiaries		(1,647)
Collection of consideration receivable		90,687
Amount received from former subsidiaries		23,860
Amount received from a non-controlling shareholder of a subsidiary		20,000
Amount received from amounts due from joint ventures		6,515
Advance to a non-controlling shareholder of a subsidiary		(1,561)
Receipt of returns from movie income right investments			2,680
Proceeds from disposal of financial assets at fair value through profit or loss		373	2,047
Net cash used in investing activities	(45,338)	(266,967)	(73,951)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares		93,600	25,041
Proceeds from issuance of shares of a subsidiary		100,000	139,149
Repayment of bank borrowings	(16,757)	(396)	(29,895)
Repayment to non-controlling shareholder of a subsidiary	(15,675)
Proceeds from bank borrowings	33,000	25,000
Distribution to perpetual securities holders	(4,305)	(2,796)	(15,853)
Finance costs paid	(13,603)	(6,060)	(803)
Net cash flows (used in)/generated from financing activities	(17,340)	209,348	117,639
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(57,519)	(17,641)	70,309
Cash and cash equivalents at beginning of year	120,234	138,297	67,494
Effect of foreign exchange rate change, net	157	(422)	494
CASH AND CASH EQUIVALENTS AT END OF YEAR	62,872	120,234	138,297
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances	$ 62,872	$ 120,234	$ 138,297

Corporate Information

12 Months Ended

Dec. 31, 2024

Corporate Information [Abstract]

CORPORATE INFORMATION

1

CORPORATE INFORMATION

AMTD IDEA Group (the “Company”) is a limited liability company incorporated in Cayman Islands on February 4, 2019. The Company completed its initial public offering on New York Stock Exchange on August 5, 2019 and its shares are listed on Singapore Exchange on April 8, 2020.

The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “Group”) are involved in the provision of capital market solutions services, digital solutions and other services, fashion, arts and luxury media advertising and marketing services, hotel operations, hospitality and VIP services and strategic investment.

The Company’s immediate holding company is AMTD Group Inc. (“AMTD Group”), a company incorporated in the British Virgin Islands (“BVI”).

Information about principal subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

		Issued and		Percentage of equity attributable to the Company
	Place of	registered share		2024						2023
Name	incorporation	capital#		Direct			Indirect			Direct			Indirect			Principal activities
AMTD International Holding Group Limited (“AMTD IHG”)	Hong Kong (“HK”)	HK$	500,000		100	%		—			100	%		—		Investment holding
AMTD Digital Inc. (“AMTD Digital”)	Cayman Islands	US$	12,616		51.6	%		—			95.5	%		—		Investment holding
AMTD Risk Solutions Group Limited	HK	HK$	500,000		—			51.6	%		—			95.5	%	Provision of digital solutions and other services
WME Assets Group (“WME Assets”)	Cayman Islands	US$	10,410		—			62.3	%		—			83.4	%	Investment holdings and hotel operation, hospitality and VIP services
The Generation Essentials Group	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding
L’Officiel Group Inc.(“L’Officiel”)	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding and provision of fashion, arts and luxury media advertising and marketing services
The Art Newspaper Group Inc.	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding and provision of fashion, arts and luxury media advertising and marketing services

#

All amounts in dollars in this note only.

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit or loss and derivative financial assets which are measured at fair value. The consolidated financial statements are presented in United States Dollars (“US$”) unless otherwise stated.

Basis of Presentation

12 Months Ended

Dec. 31, 2024

Corporate Information [Abstract]

BASIS OF PRESENTATION

2.1

BASIS OF PRESENTATION

Basis of preparation

The Group’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decision made by primary users.

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit or loss, derivative financial assets and derivative financial liability which are measured at fair value.

Recent accounting pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. This standard is effective for the Company for the annual period beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU2023-09 is intended to improve transparency of income tax disclosure by requiring income tax disclosures to contain consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard affects the disclosure of income taxes not the accounting for income taxes. This standard is effective for the Company for the annual period beginning after December 15,2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-09.

In November 2024, the FASB ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). which enhances the disclosures required for expense disaggregation in the Company’s annual and interim consolidated financial statements. ASU 2024-03 is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements disclosures.

2.2

SIGNIFICANT ACCOUNTING POLICIES

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended December 31, 2022, 2023 and 2024. A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group has power over investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each item of other comprehensive income, if any, is attributed to the owners of the parent of the Group (including ordinary shareholders and holders of perpetual securities) and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions among members of the Group are eliminated in full on consolidation.

Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

Changes in the Group’s interests in existing subsidiaries

Changes in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.

Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, the assets and liabilities of that subsidiary and non-controlling interests (if any) are derecognized. A gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

Business combinations

A business is an integrated set of activities and assets which includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes are considered substantive if they are critical to the ability to continue producing outputs, including an organized workforce with the necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue producing outputs and are considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

Acquisitions of businesses, other than business combination under common control are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:

●

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with relevant guidance;

●

liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with relevant guidance;

●

assets (or disposal groups) that are classified as held for sale are measured in accordance with that standard; and

	●	lease liabilities are recognized and measured at the present value of the remaining lease payments as if the acquired leases were new leases at the acquisition date, except for leases for which the lease terms ends within 12 months of the acquisition date.

		Right-of-use assets are recognized and measured at the same amount as the relevant lease liabilities, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any

non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as of acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at fair value.

Business combinations under common control

The Company accounts for the business combination with entities under common control using historical carrying values and under a prospective basis (referred to herein as predecessor accounting) which involves the Company accounting for the combination prospectively from the date on which it occurred. For predecessor accounting:

●

Assets and liabilities of the acquired entity are stated at carrying amounts. Fair value measurement is not required.

●

Income statement reflects the results of the combining parties.

●

No new goodwill arises in predecessor accounting.

●

Any difference between the consideration given and the aggregate carrying value of the assets and liabilities of the acquired entity at the date of the transaction is recognized in capital reserve within the unaudited interim condensed consolidated statements of changes in equity.

Investments in joint ventures

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The Group’s investment in joint ventures are stated in the consolidated statement of financial position at cost and the Group’s share of net assets under the equity method of accounting, less any impairment losses. The financial statements of joint ventures used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for similar transactions and events in similar circumstances. Appropriate adjustments have been made to conform the joint venture’s accounting policies to those of the Group. The Group’s share of the post-acquisition results and other comprehensive income of joint ventures is included in the consolidated statement of profit or loss and other comprehensive income, respectively. Changes in net assets of joint venture other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture exceeds the Group’s interest in that joint venture, the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.

On acquisition of the investment in a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired.

Impairments of investments in joint ventures are recognized only if the impairment are other than temporary.

Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. A fair value of investments in joint ventures that is less than its carrying amount may indicate a loss in investments in joint ventures. An impairment loss of investments in joint ventures that is other than a temporary decline is recognized to profit or loss and such impairment loss cannot be reversed subsequently.

When a group entity transacts with a joint venture of the Group, profits and losses resulting from the transactions with the joint venture are recognized in the Group’s consolidated financial statements only to the extent of interests in the joint venture that are not related to the Group.

Fair value measurement

The Group measures its derivative financial instruments, movie income right investments and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1	—	based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2	—	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

Level 3	—	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets and intangible assets with finite useful lives to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the fair value of the relevant asset is estimated, which is the sum of undiscounted cash flows that are expected to result from the use and eventual disposition of asset or asset group. The fair value of property, plant and equipment, right-of-use assets, and intangible assets with definite life are estimated fair value of an asset group (i.e. the lowest level of identifiable cash flows that are largely independent of the net cash flows of other groups of assets). An impairment loss is recognized for a depreciable or amortizable asset (asset group) only if the carrying amount of the asset (asset group) exceeds its fair value. If the asset is not recoverable, then an asset’s (asset group’s) impairment is calculated with reference to the fair value of that asset (asset group) in comparison to its carrying amount.

The Group performs an initial qualitative assessment before proceeding with the quantitative test on goodwill and indefinite life intangible asset. If the Group concludes, based on qualitative assessment, that it is not more likely than not that a reporting unit that goodwill allocated to or indefinite life intangible assets is impaired, then the Group is not required to perform a quantitative test for that reporting unit or indefinite life intangible assets.

Intangible assets with indefinite life are estimated individually. An impairment loss for an indefinite life intangible asset is recognized if the fair value of the asset is less than the asset’s carrying amount. Goodwill is allocated to those reporting units which are operating segments or one level below the operating segment level (component level), if it constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that segment. Goodwill is impaired if the carrying amount of the reporting unit to which it is allocated exceeds the fair value of the reporting unit. An impairment is the excess of the reporting unit’s carrying amount over its fair value.

Corporate assets are not allocated to asset groups in testing long-lived assets for impairment. An additional high-level of asset group is identified (which may be at the entity level), which is tested for impairment after the related lower-level assets groups have been tested.

An impairment loss is not reversed if the fair value of the impaired asset or asset group increase subsequently.

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

(i)

has control or joint control over the Group;

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group;

or

(b)

the party is an entity where any of the following conditions applies:

(i)

the entity and the Group are members of the same group;

(ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii)

the entity and the Group are joint ventures of the same third party;

(iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;

(vi)

the entity is controlled or jointly controlled by a person identified in (a);

(vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii)

the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Properties	Over the shorter of the useful life of 40 years and the remaining lease term

Furniture and fixtures	20%

Computer equipment	33 1⁄3%

Where parts of an item of property, plant and equipment have different useful lives.

The cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately.

Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified on or after the date of initial application or arising from business combinations, the Group assesses whether a contract is or contains a lease at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

Group as a lessee

Allocation of consideration to components to a lease

For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Non-lease components are separated from lease component and are accounted for by applying other applicable standards.

For both finance and operating leases, the right-of-use asset (“ROU”) is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

For finance leases, the ROU asset is subsequently amortized on a straight-line basis, over the shorter of the lease term or the useful life of the ROU asset.

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received.

The Group presents right-of-use assets in “property, plant and equipment”, the same line item within which the corresponding underlying assets would be presented if they were owned.

(b)

Lease liabilities

Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term.

The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs.

The lease term is determined as the non-cancellable period of a lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification including a change in the lease term and a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

Intangible assets (other than goodwill)

Intangible assets acquired in a business combination

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost).

Subsequent to initial recognition, intangible assets acquired in a business combination with finite useful lives are reported at costs less accumulated amortization and any accumulated impairment losses being their fair value at the date of the revaluation less subsequent accumulated amortization and any accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets acquired in a business combination with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses.

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized.

Financial instruments - Investments and other financial assets

The Group’s financial assets are classified into financial assets at fair value through profit or loss and loans and receivables. The classification depends on nature and purpose of financial assets and is determined at the time of initial recognition.

Financial assets at fair value through profit or loss

Equity investments are generally measured at fair value with changes in fair value recognized through profit or loss.

Loans and receivables

Loans and receivables are classified as either held-for-sale or held-for-investment. When the Group holds an originated or purchased loans or receivables for which it has the intent and ability to hold for the foreseeable future or to maturity or payoff, the loans or receivables should be classified as held-for-investment. Loans and receivables held-for-investment are measured at their amortized cost. If the Group intends to sell loans or receivables, the loans or receivables should be classified as held for sale. Loans and receivables classified as loans held for sale are measured at the lower of cost or fair value, or carried at fair value if the fair value option is elected.

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at amortized cost

Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the consolidated statements of profit or loss when the asset is derecognized, modified or impaired.

The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss.

This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends income which is derived from Group’s ordinary course of business is recognized as revenue in the consolidated statements of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Derecognition of financial assets

Financial assets are derecognized when the Group surrenders control over those assets. The Group has surrendered control over transferred assets only if all the following conditions are met.

●

Legal control: The transferred assets is isolated from the Group, i.e. put legally beyond the reach of the Group.

●

Actual control: (i) the transferee has the right to pledge or exchange the assets (or beneficial interests) that it received; and (ii) no condition both (a) constrains the transferee from taking advantage of its right to pledge or exchange and (b) provides more than a trivial benefit to the Group.

●

Effective control: The Group does not maintain effective control over the transferred financial assets or third party beneficial interests related to those transferred assets.

In derecognizing a transferred financial assets, a gain or loss is recognized based on the difference between the carrying amount of the financial assets of the carrying amount and the sum of the proceeds received for the asset or the participating interest derecognized.

Impairment of financial assets

The Group utilizes the expected credit losses (“ECL”) model to determine an allowance that reflects its best estimate of the expected credit losses on accounts receivable, prepayments, deposits and other receivables which is recorded as a liability to offset the receivables. The ECL model is prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts to estimate expected credit losses. Accounts receivable, prepayments, deposits and other receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.

The Group uses simplified flow rate matrix approach to estimate expected credit losses for the accounts receivable. The allowance for credit loss is estimated for accounts receivable that share similar risk characteristics based on a collective assessment using a combination of measurement models and management judgment. The approach considers factors including historical aging schedule and forward-looking macroeconomic conditions.

The allowance for expected credit loss is disclosed accordingly in the relevant notes.

General approach

The ECL model is based on a single measurement approach of full lifetime ECL throughout the life of an instrument.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortized cost of the financial asset.

Credit-impaired financial assets

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

a)

significant financial difficulty of the issuer or the borrower;

b)

a breach of contract, such as a default or past due event;

c)

the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;

d)

it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or

e)

the disappearance of an active market for that financial asset because of financial difficulties.

Write-off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss.

Measurement and recognition of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data and forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.

ECL for trade receivables from contract with customers are considered on a collective basis taking into consideration past due information and relevant credit information such as forward looking macroeconomic information.

For collective assessment, the Group takes into consideration the following characteristics when formulating the grouping:

●

Past-due status;

●

Nature, size and industry of debtors; and

●

External credit ratings where available.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortized cost of the financial asset.

The Group recognizes an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables from contracts with customers where the corresponding adjustment is recognized through a loss allowance account.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (warrants and derivative financial instruments), as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs. Transaction costs directly attributable to the acquisition of financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

The Group’s financial liabilities include accounts payable, bank borrowings, financial liabilities included in other payables and accruals, derivative financial liability and convertible bond.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss.

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.

Derivative financial instruments

Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial instruments are carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial instruments is taken directly to profit or loss.

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

Perpetual instruments, which include no contractual obligation for the Group to deliver cash or other financial assets or the Group has the sole discretion to defer payment of distribution and redemption of principal amount indefinitely are classified as equity instruments.

Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancelation of the Company’s own equity instruments.

Provisions

A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

Capital market solutions

Capital market solutions service income is composed of underwriting commission, brokerage and handling fee and financial advisory fee and asset management fee. Underwriting commission earned from underwriting equity and debt securities is recognized at the point in time when the Group’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction if there is no uncertainty or contingency related to the amount to be paid.

The Group considers that all the services promised in a particular contract of being a financial advisor are interdependent and interrelated and should be therefore accounted for as a single performance obligation. As it is unlikely that a customer can obtain benefit before the Group completes all its services from the completion of the underlying transaction and since the contracts do not provide the Group an enforceable right to payment performance completed up to date, the financial advisory fees are recognized at a point in time upon underlying transactions are completed.

Asset management fee primarily includes fees associated with asset management, performance-based incentive fee, brokerage and handling fee. The management fee and the performance-based incentive fee are earned for the provision of asset management services, being provided continuously over the contract period. Asset management fees consist of management and performance fees that are fixed or variable. Variable consideration is determined based on underlying assets under management, i.e. AUM, of a customer’s account at a specified period end.

Management fee is recognized when services are performed. Fixed consideration is recognized over the schedule period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Company. Performance-based incentive fee is recognized when the performance target is met and the revenue is not probable of a significant reversal. For asset management services, when a single contract contains both asset management services and brokerage services, the stand-alone selling prices of each of the distinct services underlying the performance obligations (i.e. management fee and performance-based incentive fee for asset management service and brokerage and handling fee for transaction processing service) are stated separately in the contract. These are the observable prices of services when the Company sells each of them separately.

Brokerage and handling fee is recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

Digital solutions and other service income

(i)

Insurance brokerage services

The Group earns commission income by facilitating the arrangement between insurance company partners and individuals/businesses. The service promised to the customer is placement of an effective insurance or reinsurance policy. Commission revenue is usually a percentage of the premium paid by the insured and generally depends upon the type of insurance or reinsurance policy and the insurance company partner. Revenue is recognized at a point in time upon execution and effectiveness of insurance contracts.

(ii)

Digital solutions services

The Group provides its corporate clients exclusive access to the membership program for a fixed membership fee negotiated on case by case basis and agreed upon entering the contract with each customer based on the level of annual fee under the digital solutions and other services segment, which provides its members networking opportunities with prestigious corporate members, prominent business executives and partners. Contract terms of contracts entered during the period generally ranged from 1 to 3 years. Revenue from such service is recognized over time as the customers simultaneously receive and consume the service provided by the Group. When the Group receives an upfront payment, this will give rise to contract liabilities at the time of the initial sales transaction for which revenue is recognized over the membership service period.

Fashion, arts and luxury media advertising and marketing services

Fashion, arts and luxury media advertising and marketing services income is composed of fashion, arts and luxury magazines and advertising service income and fashion, arts and luxury media licensing and marketing services income. The Group distributes of fashion, arts and luxury publications. The Group also provides advertising services on fashion, arts and luxury magazines to the customers. Revenue is recognized at a point in time when control of the goods has transferred to the customers or upon the edition in which the advertisement is displayed. The Group also provides fashion, arts and luxury media licensing and marketing services to its customers on its multimedia channels. The Group recognizes revenues of such services over time based on the contract term.

Hotel operations, hospitality and VIP services

The Group provides accommodations and other ancillary services to hotel guests. Revenue of hotel operations, hospitality and VIP services are recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation, as the hotel guest simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs.

A contract liability represents the Group’s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

Revenue from other sources

Fair value changes on financial assets at fair value through profit or loss and derivative financial assets are recognized in the period in which they arise. Gain/loss recognized during the current period is recognized as gain/loss related to disposed investments, whereas gain/loss recognized for those financial assets at fair value through profit or loss and derivative financial assets held at the end of the reporting period is recognized as net fair value changes on financial assets at fair value through profit or loss and net fair value changes on derivative financial assets.

Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Contract liabilities

A contract liability is recognized when the payment is made and received or the payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

For certain customers, the Company requires upfront payment and recorded such upfront fee as contract liabilities in other payables and accruals. Upfront fee is recognized as revenue based on the time elapsed for the service period.

Government grant

Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable. Such grants are presented under other income.

Employee benefits

Retirement benefit cost

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized as an expense.

A liability is recognized for benefits accruing to employees (such as wages and salaries) after deducting any amount already paid.

Foreign currencies

These financial statements are presented in US$. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognized in other comprehensive income or profit or loss is also recognized in other comprehensive income or profit or loss, respectively).

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in an exchange reserve (attributed to non-controlling interests as appropriate).

On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in a foreign exchange translation reserve in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals, the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

Significant Accounting Estimates and Judgments

12 Months Ended

Dec. 31, 2024

Significant Accounting Estimates and Judgments [Abstract]

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

3.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

Estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below:

Impairment assessment of intangible assets

Determining whether intangible assets are impaired requires an estimation of the fair value of the reporting unit to which intangible assets have been allocated, which is the higher of the value in use or fair value less costs of disposal. The value in use calculation requires the Group to estimate the future discounted cash flows projections based on forecast from the reporting unit. Where the actual future revenue are less than expected, or change in facts and circumstances which results in downward revision of future cash flows or upward revision of discount rate, a material impairment loss or further impairment loss may arise. Details of the impairment assessment of intangible assets are disclosed in note 19.

Fair value of unlisted equity investments and movie income right investments

The Group’s unlisted equity instruments and movie income right investments are measured at fair value with fair value being determined based on significant unobservable inputs using valuation techniques. Judgment and estimation are required in establishing the relevant valuation techniques and the relevant inputs thereof. Changes in assumptions relating to these factors could result in material adjustments to the fair value of these instruments.

Credit risk management and ECL estimation

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Group’s exposure of its counterparties is continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management periodically.

The carrying amount of financial assets recorded in the consolidated financial statements, grossed up for any allowances for losses, represents the Group’s maximum exposure to credit risk.

Other than accounts receivable mentioned in Note 11, the credit risk on liquid funds is limited because the counterparties are mainly banks with sound credit. The directors of the Company consider the credit risk on other receivables are not significant after considering counterparties’ financial background and creditability. During the year ended December 31, 2022, the Group recognized ECL for other receivables of US$501.

The directors of the Company continuously monitor the credit quality and financial position of the immediate holding company and the level of exposure to ensure that the follow-up action is taken to recover the debt. The directors of the Company make individual assessment based on historical settlement records, past experience, and also quantitative and qualitative information that are reasonable and supportive forward-looking information (i.e. the forecasted default rate expected by the international credit-rating agencies). During the year ended December 31, 2023, the Group recognized ECL for amount due from immediate holding company of US$4,988. No further ECL for amount due from immediate holding company is recognized during the year ended December 31, 2024.

The Group has loss allowance for other receivables of US$501 and US$501 and amount due from immediate holding company of US$4,988 and US$4,988 as of December 31, 2023 and 2024, respectively.

Operating Segment Information

12 Months Ended

Dec. 31, 2024

Operating Segment Information [Abstract]

OPERATING SEGMENT INFORMATION

4.

OPERATING SEGMENT INFORMATION

The Group now operates its businesses in five reportable and operating segments: capital market solutions segment, digital solutions and other services segment, media and entertainment segment, hotel operations, hospitality and VIP services segment and strategic investment segment. The following summary describes the operations in each of the Group’s reportable and operating segment:

The Group’s reportable and operating segments are therefore as follows:

(a)

The capital market solutions segment assists customers in raising funds through equity and debt financing, private placements and debt issuances, providing financial advisory services (including but not limited to domestic and cross border advisory services for merger and acquisitions) and providing asset management products and services.

(b)

The digital solutions and other services segment provides its institutional and corporate clients with exclusive, paid access to enhance their investor communication, investor relations and corporate communication to potentially maximize their valuation, as well as provides digital financial solution services.

(c)

Media and entertainment segment engages in the provision of print and digital advertising campaigns, licensing, and value-added marketing services including branded content, video production, social media activation, event creation, and experiential marketing, among other services. This segment also includes movie income right investments.

(d)

Hotel operations, hospitality and VIP services segment engages in hotel investments, hotel operations, hospitality and VIP services.

(e)

The strategic investment segment engages in proprietary investments and management of global investment portfolio (including listed and unlisted equity shares investments).

Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment result, which is a measure of profit before tax from operations. The profit before tax from operations is measured after allocation of ECL, attributable costs of specialized staff, commission paid to asset management segment consistently with the Group’s profit before tax from operations. Net fair value change on derivative financial liability, other income, other gain, finance costs and corporate expenses such as staff costs not directly attributable to segments, office rental and administrative expenses are excluded from such measurement.

Segment assets exclude property, plant and equipment other than properties, amounts due from immediate holding company, prepayments, deposits and other receivables, tax recoverable, cash and bank balances and other unallocated head office and corporate assets as these assets are managed on a group basis.

Segment liabilities exclude tax payable, bank borrowings, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.

Segment revenue and results

The following tables present information by segment, with prior period segment information retrospectively recast to conform to current period presentation:

For the year ended December 31, 2024

	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services			Strategic investment		Total
	US$		US$		US$		US$			US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		—		3,396		18,859		23,132			—		45,387
—others		—		—		—		—			35,070		35,070

		—		3,396		18,859		23,132			35,070		80,457

Segment results		—		2,624		2,072		(944	)		35,070		38,822
Unallocated other income													18,931
Unallocated other gain													24,757
Unallocated finance costs													(13,425	)
Corporate and other unallocated expenses													(13,868	)

Profit before tax													55,217

Other segment information
Depreciation and amortization													6,845

For the year ended December 31, 2023

	Capital market solutions			Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment		Total
	US$			US$		US$		US$		US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		—			13,469		14,474		10,301		—		38,244
—others		—			—		—		—		92,670		92,670
		—			13,469		14,474		10,301		92,670		130,914
Segment results		(1,276	)		9,126		3,239		2,106		92,670		105,865

Unallocated other income													22,942
Unallocated other gain													68,797
Unallocated finance costs													(8,199	)
Corporate and other unallocated expenses													(31,708	)

Profit before tax													157,697
Other segment information
Depreciation and amortization													2,623

For the year ended December 31, 2022

	Capital market solutions		Digital solutions and other services		Media and entertainment		Strategic investment		Total
	US$		US$		US$		US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		74,305		23,440		7,620		—		105,365
—others		—		—		—		69,806		69,806

		74,305		23,440		7,620		69,806		175,171

Segment results		72,140		21,299		2,725		69,806		165,970

Unallocated other income										18,063
Unallocated other gain										19,598
Unallocated finance costs										(859	)
Unallocated net changes in fair value on derivative financial liability										1,704
Corporate and other unallocated expenses										(30,605	)

Profit before tax										173,871

Other segment information
Depreciation and amortization										738

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Segment assets
Capital market solutions		—		—		10,429
Digital solutions and other services		572		1,480		23,691
Media and entertainment		137,084		126,028		93,754
Hotel operations, hospitality and VIP services		292,335		85,495		—
Strategic investment		152,488		79,607		380,407

Total segment assets		582,479		292,610		508,281
Unallocated corporate assets		1,487,439		1,193,980		552,442

Total assets		2,069,918		1,486,590		1,060,723

Segment liabilities
Digital solutions and other services		16,065		15,621		2,324
Media and entertainment		6,525		27,361		23,270
Hotel operations, hospitality and VIP services		277,368		106,742		—

Total segment liabilities		299,958		149,724		25,594
Unallocated corporate liabilities		69,931		43,292		32,715

Total liabilities		369,889		193,016		58,309

Geographical information

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

For the year ended December 31, 2024

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
China (including Hong Kong)	—		832		664		5,801		7,297
Europe	—		—		9,661		—		9,661
America		—		—		4,867		—		4,867
Southeast Asia		—		2,564		3,667		17,331		23,562

		—		3,396		18,859		23,132		45,387

For the year ended December 31, 2023

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
China (including Hong Kong)		—		13,469		—		5,132		18,601
Europe		—		—		6,582		—		6,582
America		—		—		5,250		5,169		10,419
Southeast Asia		—		—		2,642		—		2,642

		—		13,469		14,474		10,301		38,244

For the year ended December 31, 2022

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Total
	US$		US$		US$		US$
China (including Hong Kong)		74,305		23,253		—		97,558
Europe		—		—		2,461		2,461
America		—		—		4,090		4,090
Southeast Asia		—		187		1,069		1,256

		74,305		23,440		7,620		105,365

As of December 31, 2024, non-current assets other than financial instruments of US$68,905 (2023: US$69,739), US$184,215 (2023: US$15,942), US$38,183 (2023: nil) and US$119,527 (2023: US$118,618), for the purpose of geographical information were located in Hong Kong, Singapore, America and Europe, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Revenue, Other Income and Other Gain

12 Months Ended

Dec. 31, 2024

Revenue, Other Income and Other Gain [Abstract]

REVENUE, OTHER INCOME AND OTHER GAIN

5.

REVENUE, OTHER INCOME AND OTHER GAIN

A. Revenue

An analysis of revenue is as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Revenue from contracts with customers
Capital market solutions
Underwriting commission		—		—		12,070
Financial advisory fee		—		—		54,614
Management fee and performance-based incentive fee		—		—		2,144
Brokerage and handling fees		—		—		5,403
Others		—		—		74

		—		—		74,305

Digital solutions and other services
Insurance brokerage services commission		832		1,249		1,040
Digital solutions fees		2,564		12,220		22,400

		3,396		13,469		23,440

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		13,376		11,031		3,608
Fashion, arts and luxury media licensing and marketing services income		5,483		3,443		4,012

		18,859		14,474		7,620

	For the year ended December 31,
	2024		2023			2022
	US$		US$			US$
Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		23,132		10,301			—

Revenue from other sources
Strategic investments
Dividend income		8,681		9,935			6,412
Gain related to disposed investments		—		123,634			22,106

		8,681		133,569			28,518
Net fair value changes on financial assets at fair value through profit or loss
-from listed equity shares, at quoted price		26,389		(40,927	)		(48,267	)
-from unlisted equity shares and movie income right investments (note a)		—		28			27,658

Total net fair value changes on financial assets at fair value through profit or loss		26,389		(40,899	)		(20,609	)
Net fair value changes on derivative financial asset		—		—			61,897

		35,070		92,670			69,806

Total revenue		80,457		130,914			175,171

Note:

(a)

For the year ended December 31, 2022, net fair value gain arising from investments in equity securities of related parties are US$27,298. There are no fair value changes arising from investments in equity securities of related parties during the year ended December 31, 2023 and 2024.

(i)

Disaggregated revenue information

The Company assesses revenues based upon the nature or type of goods or services it provides and the operating segments of the related businesses. For more information on the operating segments, see Note 4, “Operating Segment Information”. The following tables present disaggregated revenue information:

For the year ended December 31, 2024

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment		Total
	US$		US$		US$		US$		US$		US$
Revenue from contracts with customers
Digital solutions and other services
Insurance brokerage services		—		832		—		—		—		832
Digital solutions fee		—		2,564		—		—		—		2,564

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		13,376		—		—		13,376
Fashion, arts and luxury media licensing and marketing services income		—		—		5,483		—		—		5,483

Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		—		—		—		23,132		—		23,132
Subtotal		—		3,396		18,859		23,132		—		45,387

Revenue from other sources
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		—		26,389		26,389
Dividend income		—		—		—		—		8,681		8,681
Total		—		3,396		18,859		23,132		35,070		80,457

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		—		832		13,376		—		14,208
Services rendered over time		—		2,564		5,483		23,132		31,179
Total revenue from contracts with customers		—		3,396		18,859		23,132		45,387

For the year ended December 31, 2023

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment			Total
	US$		US$		US$		US$		US$			US$
Revenue from contracts with customers
Digital solutions and other services
Insurance brokerage services		—		1,249		—		—		—			1,249
Digital solutions fee		—		12,220		—		—		—			12,220

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		11,031		—		—			11,031
Fashion, arts and luxury media licensing and marketing services income		—		—		3,443		—		—			3,443
Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		—		—		—		10,301		—			10,301
Subtotal		—		13,469		14,474		10,301		—			38,244

Revenue from other sources
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		—		(40,899	)		(40,899	)
Gain related to disposed investment		—		—		—		—		123,634			123,634
Dividend income		—		—		—		—		9,935			9,935
Total		—		13,469		14,474		10,301		92,670			130,914

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		—		1,249		11,031		10,301		22,581
Services rendered over time		—		12,220		3,443		—		15,663
Total revenue from contracts with customers		—		13,469		14,474		10,301		38,244

For the year ended December 31, 2022

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Strategic investment			Total
	US$		US$		US$		US$			US$
Revenue from contracts with customers
Capital market solutions
Underwriting commission		12,070		—		—		—			12,070
Financial advisory fee		54,614		—		—		—			54,614
Management fee and performance-based incentive fee		2,144		—		—		—			2,144
Brokerage and handling fee		5,403		—		—		—			5,403
Others		74		—		—		—			74

Digital solutions and other services
Insurance brokerage services		—		1,040		—		—			1,040
Digital solutions fees		—		22,400		—		—			22,400

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		3,608		—			3,608
Fashion, arts and luxury media licensing and marketing services income		—		—		4,012		—			4,012
Sub-total		74,305		23,440		7,620		—			105,365

Revenue from other sources

Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		(20,609	)		(20,609	)
Net fair value changes on derivative financial assets		—		—		—		61,897			61,897
Gain related to disposed investment		—		—		—		22,106			22,106
Dividend income		—		—		—		6,412			6,412
Total		74,305		23,440		7,620		69,806			175,171

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Total
	US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		72,161		1,040		3,608		76,809
Services rendered over time		2,144		22,400		4,012		28,556

Total revenue from contracts with customers		74,305		23,440		7,620		105,365

The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Revenue recognized that was included in contract liabilities at the beginning of the reporting period
Capital market solutions		—		—		81
Digital solutions services		—		895		—
		—		895		81

(ii)

Performance obligations

The transaction prices allocated to the remaining performance obligations of digital solutions services (unsatisfied or partially unsatisfied) as of December 31, 2023 and 2024 are as follows:

For digital solutions services

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Within one year		—		—		26,138
More than one year		—		—		12,953
		—		—		39,091

The performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year.

B. Other income

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Bank interest income		1,840		4,178		2
Other interest income		251		5,525		6,551
Interest income from the immediate holding company (Note 29)		16,828		10,489		9,703
Government grant		—		—		151
Others		12		2,750		1,656
		18,931		22,942		18,063

C. Other gain

Other gain of US$19,598 during the year ended December 31, 2022 consists of (i) gain on bargain purchase of US$4,848; and (ii) gain on disposal of subsidiaries of US$14,750.

Other gain of US$68,797 during the year ended December 31, 2023 consists of (i) gain on bargain purchase of US$4,469 with details included in Note 32(a); and (ii) gain on disposal of subsidiaries of US$64,328.

Other gain of US$24,816 during the year ended December 31, 2024 consists of gain on disposal of subsidiaries. The Group disposed the entire equity interests in certain subsidiaries which engaged in the media and entertainment segment with a consideration of Euro 2,888,000 to an independent third party. These subsidiaries owned certain intellectual properties pertaining to non-core media and entertainment business of the Group. The disposal was part of a strategic reorganization aimed at divesting non-core business and intellectual properties to sharpen the Group’s focus on its primary existing operating business units within the media and entertainment segment. The consideration is settled through intercompany account under the Group’s central treasury management policy.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Other Operating Expenses

12 Months Ended

Dec. 31, 2024

Other Operating Expenses [Abstract]

OTHER OPERATING EXPENSES

6.

OTHER OPERATING EXPENSES

Other operating expenses included in the consolidated statements of profit or loss and other comprehensive income are as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Other operating expenses
Cost of production		7,102		3,761		1,505
Cost of hotel operation		8,510		3,477		—
Marketing and brand promotional expenses		638		649		1,049
Premises costs and office utilities
—Premises costs		3,639		4,970		1,672
—Office utilities		7		417		1,167
		3,646		5,387		2,839

Traveling and business development expenses		272		223		991
Commissions and bank charges		302		232		167
Office and maintenance expenses		5		274		3
Administrative service fee		4,615		4,597		3,806
Legal and professional related fees		5,644		5,631		9,414
Staff recruitment expenses		1,039		1,272		540
Others
—Depreciation of property, plant and equipment		6,730		1,766		12
—Amortization of intangible assets		115		857		726
—Foreign exchange differences, net		228		225		252
—Other expenses		627		1,000		1,497
		7,700		3,848		2,487
		39,473		29,351		22,801

Staff Costs

12 Months Ended

Dec. 31, 2024

Staff Costs [Abstract]

STAFF COSTS

7.

STAFF COSTS

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Salaries, bonuses and staff welfare		14,007		18,493		15,490
Pension scheme contributions (defined contribution schemes)		1,464		1,590		1,014
		15,471		20,083		16,504

Finance Costs

12 Months Ended

Dec. 31, 2024

Finance Costs [Abstract]

FINANCE COSTS

8.

FINANCE COSTS

An analysis of finance costs is as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Interests on convertible bond		—		—		55
Interests on bank borrowings		12,180		6,010		804
Interests on amount due to a non-controlling shareholder		1,115		2,140		—
Interests on lease liabilities		130		49		—
		13,425		8,199		859

Income Tax Expense

12 Months Ended

Dec. 31, 2024

Income Tax Expense [Abstract]

INCOME TAX EXPENSE

9.

INCOME TAX EXPENSE

Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong. Overseas tax is calculated at rates of tax applicable in countries in which the Group is assessable for tax:

	For the year ended December 31,
	2024		2023			2022
	US$		US$			US$
Hong Kong profits tax:
- Charge for the year		771		4,261			12,926
- Overprovision in prior year		—		(800	)		—
The People’s Republic of China withholding tax:
- Charge for the year		868		993			641
Other jurisdictions:
- Charge for the year		—		—			80
Deferred tax		—		(140	)		(242	)
		1,639		4,314			13,405

Under the two-tiered profits tax rates regime of Hong Kong Profits Tax, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. For the year ended December 31, 2022, 2023 and 2024, the Hong Kong Profits Tax of the qualifying group entity is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

A income tax expense can be reconciled to profit before taxation as follows:

	For the year ended December 31,
	2024			2023			2022
	US$			US$			US$
Profit before tax		55,217			157,697			173,871

Tax at statutory tax rate of domestic income tax rate		13,804			26,020			28,689
Tax effect of foreign tax jurisdictions		(40	)		108			34
Tax effect of two-tiered profit tax rate		-			(21	)		(21	)
Tax effect of non-taxable income		(24,150	)		(31,954	)		(15,604	)
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose		(1,076	)		(1,412	)		(2,591	)
Tax effect of non-deductible expenses		9,776			4,743			2,265
Tax effect of unrecognized temporary difference		-			—			(1	)
Overprovision in prior year		-			(800	)		—
Tax effect of tax loss not recognized		2,515			6,637			—
Utilization of tax losses previously not recognized		(58	)		—			(7	)
Withholding tax on the dividend income		868			993			641
Income tax expense		1,639			4,314			13,405

Deferred tax assets have not been recognized in respect of these losses as it is not considered probable that taxable profits will be available against which such tax losses can be utilized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent

12 Months Ended

Dec. 31, 2024

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent [Abstract]

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

10.

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The Company’s ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and is not convertible into Class B ordinary share under any circumstances. Each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof.

The basic earnings per share attributable to Class A ordinary equity holders and Class B ordinary equity holders are calculated by dividing the profit for the year attributable to Class A ordinary equity holders and Class B ordinary equity holders of the parent by the number of Class A ordinary shares and Class B ordinary shares, respectively.

For the year ended December 31, 2022, the computation of diluted earnings per share has not taken into account the effect of convertible bond which is anti-dilutive.

No diluted earnings per share for the year ended December 31, 2023 and 2024 were presented as there was no potential ordinary shares in issue during the year.

Basic and diluted earnings per share for each of the periods presented are calculated as follows:

	For the year ended December 31,
	2024		2023		2022
Basic and diluted earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (US$)-basic Class A		28,389		76,720		65,527

Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (US$)-basic Class B		18,338		57,716		76,206

Denominator:
Weighted average number of Class A ordinary shares outstanding—basic		244,360,199		206,965,601		138,490,789

Weighted average number of Class B ordinary shares outstanding—basic		157,842,028		155,698,533		160,959,872

Basic earnings per share (US$) Class A		0.12		0.37		0.47

Basic earnings per share (US$) Class B		0.12		0.37		0.47

Other than disclosed above and disclosed elsewhere in these consolidated financial statements, there are no other outstanding potential dilutive shares in issue.

Accounts Receivable

12 Months Ended

Dec. 31, 2024

Accounts Receivable [Abstract]

ACCOUNTS RECEIVABLE

11.

ACCOUNTS RECEIVABLE

	As of December 31,
	2024		2023
	US$		US$
Commission receivable from insurance brokerage		572		200
Receivable from hotel operations, hospitality and VIP services		1,484		111
Receivable from media and entertainment services		4,973		5,214
		7,029		5,525

The Group allows a credit period of up to 15 days to its commission receivable arising from insurance brokerage business and a credit period of up to 90 days to its accounts receivable arising from media and entertainment services business. The normal settlement terms of accounts receivable from hotel operations, hospitality and VIP services are specific terms mutually agreed between the contracting parties.

The Group seeks to maintain strict control over its outstanding receivables and has a credit control team to minimize credit risk. Overdue balances are reviewed regularly by senior management. The Group does not hold any collateral over its accounts receivable.

As of December 31, 2023 and 2024, included in the Group’s accounts receivable balance were debtors with aggregate carrying amounts of US$2,450 and US$3,634, respectively, which were past due as at the reporting date. As of December 31, 2023 and 2024, out of the past due balances, US$946 and US$1,262, respectively, had been past due 90 days or more. The management assessed that there has been no significant increase in credit risk nor risk of default because of the background of the debtors and historical payment arrangement with these debtors. The Group does not hold any collateral over these balances.

Prepayments, Deposits and Other Receivables

12 Months Ended

Dec. 31, 2024

Prepayments, Deposits and Other Receivables [Abstract]

PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

12.

PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

	As of December 31,
	2024			2023
	US$			US$
Consideration receivable on disposal of subsidiaries to independent third parties		-			10,000
Receivables from former subsidiaries		18,125			—
Prepayments		3,475			2,661
Deposits		195			337
Other receivables		2,052			3,939
Less: impairment loss provided under expected credit loss model		(501	)		(501	)
		23,346			16,436

The expected credit loss was assessed with reference to the credit status of the debtors, and the expected credit loss as of December 31, 2023 and 2024 are US$501 and US$501, respectively.

None of the above assets is past due or credit-impaired. The consideration receivables on disposal of investments and subsidiaries and receivables from former subsidiaries are subsequently fully settled as of the date of these financial statements. The other financial assets included in the above balances relate to receivables for which there was no recent history of default.

Financial Assets at Fair Value Through Profit or Loss and Stock Loan

12 Months Ended

Dec. 31, 2024

Financial Assets at Fair Value Through Profit or Loss and Stock Loan [Abstract]

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND STOCK LOAN

13.

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND STOCK LOAN

	As of December 31,
	2024		2023
	US$		US$
Financial assets at fair value through profit or loss, other than financial asset at fair value through profit or loss under stock loan		164,620		66,290
Financial assets at fair value through profit or loss under stock loan		-		13,317
Total financial assets at fair value through profit or loss		164,620		79,607

Listed equity shares		149,918		72,053
Unlisted equity shares		2,570		2,005
Movie income right investments		12,132		5,549
		164,620		79,607
Presented as
Current		24,987		-
Non-current		139,633		79,607
		164,620		79,607

The above unlisted investments at December 31, 2023 and 2024 were equity shares investments issued by enterprises. Financial assets at fair value through profit or loss are categorized into Levels 1 to 3. Refer to Note 30 for more information.

In previous years, the Group entered into a stock lending agreement, pursuant to which the Group lent certain listed equity shares of the Group to the counterparty, with an interest of 2% per annum based on market value of the listed equity shares of the previous month end.

As of December 31, 2023, the fair values of the listed equity shares underlying the stock loan were US$13,317. All stock loan arrangements have been terminated during the year ended December 31, 2024.

The Group entered into movie income right agreements with certain production houses. In accordance with the relevant agreements, the Group is entitled to certain percentage of the profit to be derived from the release of the films upon entering into the agreement. The Group may be required to further contribute to the film program due to the budget overruns. Any agreed further contribution to the film program due to the budget overruns will be added to the carrying amounts of financial assets.

Derivative Financial Assets

12 Months Ended

Dec. 31, 2024

DERIVATIVE FINANCIAL ASSETS [Abstract]

DERIVATIVE FINANCIAL ASSETS

14.

DERIVATIVE FINANCIAL ASSETS

(a)

Upside Participation and Profit Distribution Agreements

In previous years, two subsidiaries of the Group entered into “Upside Participation and Profit Distribution Agreements” (the “Agreements”) with a counterparty in relation to the movement of the share price of the entirety of the listed shares that the Group owns (“Underlying Assets”). Pursuant to the Agreements:

(a)

The counterparty is entitled to mutually agreed sharing percentage (the “Sharing Percentage”) of the gain of the Underlying Assets if the quoted market price or disposal price of the Underlying Assets is higher than a mutually agreed share price (the “Underlying Price”);

(b)

The counterparty shall pay a sum equivalent to the loss if the quoted market price or disposal price of the Underlying Assets is lower than Underlying Price (“Participation Cost”); and

(c)

Dividend or cash distributions generated from the Underlying Assets during the term of the Agreements shall be received by the Group for its sole benefit and shall not be included in the computation of the Profit or the Participation Cost.

During the year ended December 31, 2023, the Group settled this Upside Participation and Profit Distribution Agreements with the counterparty.

The Agreements satisfied the definition of derivative financial asset in accordance with U.S. GAAP and were stated at fair value with any subsequent changes recognized in profit or loss.

	Net carrying amount
	US$
As of January 1, 2022		167,388
Realized in profit or loss during the year		34,234
Settlement		(201,411	)
Exchange realignment		(211	)
As of December 31, 2023 and 2024		—

(b)

Future Settlement Contract

In June 2022, the Group entered into a future settlement contract with a counterparty, pursuant to which the Group is entitled to receive certain listed equity shares at a mutually agreed price at US$53,272 in aggregate (the “Future Settlement Contract”) within one year. The fair value of the underlying shares as of December 31, 2022 was US$70,953. The Future Settlement Contract was accounted for as a derivative financial asset and the net fair value changes recognized in profit or loss was US$17,681 for the year ended December 31, 2022. During December 31, 2023, the Agreement was terminated and fully settled with the counterparty with consideration of US$17,681.

(c)

Upside enterprise value agreement

In January 2023, the Group entered into an agreement with a counterparty in relation to the enterprise value of subsidiaries that the Group owns. The agreement has an original term of one year. In December 2023, the Group and the counterparty agreed to settle this agreement, and reached a final settlement amount of US$5,697 with the Group. In July 2023, the Group entered into another agreement with a counterparty in relation to the movement of a share price of listed shares that the Group owns. In November 2023, the Group and the counterparty agreed to settle this agreement, and reached a final settlement amount of US$56,142 with the Group.

Other Assets

12 Months Ended

Dec. 31, 2024

Other Assets [Abstract]

OTHER ASSETS

15.

OTHER ASSETS

The Group maintains segregated bank accounts with corporate banks to hold clients’ monies on trust under custody for the conduct of the regulated activities. The Group has classified the clients’ monies as other assets under the assets section of the consolidated statements of financial position and recognized the corresponding amounts as clients’ monies held on trust in accounts payable (Note 21) to respective clients on the basis that it is legally liable for any possible loss or misappropriation of the clients’ monies.

Cash and Bank Balances

12 Months Ended

Dec. 31, 2024

Cash and Bank Balances [Abstract]

CASH AND BANK BALANCES

16.

CASH AND BANK BALANCES

(a)

Cash and cash equivalents

Cash and cash equivalents include demand deposits at banks, earn interest at floating rates based on daily bank deposit rates for all periods. The bank balances are deposited with creditworthy banks with no recent history of default. The Group maintains most of its bank balances in Hong Kong dollars and US$. As Hong Kong dollars is currently pegged to US$, no significant foreign currency risk is considered.

(b)

Restricted cash

As of December 31, 2023, restricted deposits held at banks amounted to US$135, which would be used to settle certain payables to vendors.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

17.

PROPERTY, PLANT AND EQUIPMENT

	Properties			Computer equipment			Right-of- use assets			Total
	US$			US$			US$			US$
Cost:
As of January 1, 2023		—			20			—			20
Additions		15			57			219			291
Additions from acquisition of subsidiaries (Note 32(a))		135,592			79			254			135,925
Disposal of subsidiaries		(63,444	)		(7	)		—			(63,451	)
Exchange realignment		(1,614	)		1			19			(1,594	)

As of December 31, 2023		70,549			150			492			71,191
Additions		226,165			8			544			226,717
Disposal of subsidiaries		—			—			(212	)		(212	)
Exchange realignment		2,060			(6	)		(61	)		1,993

As of December 31, 2024		298,774			152			763			299,689

Accumulated depreciation:
As of January 1, 2023		—			(8	)		—			(8	)
Charge for the year		(1,621	)		(25	)		(120	)		(1,766	)
Disposal of subsidiaries		623			5			—			628
Exchange realignment		11			—			(2	)		9

As of December 31, 2023		(987	)		(28	)		(122	)		(1,137	)
Charge for the year		(6,426	)		(31	)		(273	)		(6,730	)
Disposal of subsidiaries		-			-			145			145
Exchange realignment		(506	)		(2	)		(10	)		(518	)

As of December 31, 2024		(7,919	)		(61	)		(260	)		(8,240	)

Carrying amount:
As of December 31, 2024		290,855			91			503			291,449

As of December 31, 2023		69,562			122			370			70,054

Properties of US$69,562 and US$267,926 were pledged for bank borrowings (Note 22) as of December 31, 2023 and 2024, respectively.

As of December 31, 2023 and 2024, the Group leases commercial premises for its operations. Lease contracts are entered into for fixed term of three years. In determining the lease term and assessing the length of the non-cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable. In addition, lease liabilities of US$382 and US$519 are recognized with related right-of-use assets of US$370 and US$503 as of December 31, 2023 and 2024, respectively. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill [Abstract]

GOODWILL

18.

GOODWILL

	Total
	US$
Cost:
As of January 1, 2023		7,525
Disposal of subsidiaries		(7,511	)
Exchange realignment		(14	)

As of December 31, 2023 and 2024		—

Intangible Assets

12 Months Ended

Dec. 31, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS

19.

INTANGIBLE ASSETS

	Archived images			Developed technology			Brand names			Total
	US$			US$			US$			US$
Net carrying amount as of January 1, 2023		500			3,925			92,542			96,967
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))		—			—			25,392			25,392
Amortization during the year		—			(848	)		(9	)		(857	)
Disposal of subsidiaries		—			(2,966	)		—			(2,966	)
Exchange realignment		(1	)		(5	)		(107	)		(113	)

Net carrying amount as of December 31, 2023		499			106			117,818			118,423

Amortization during the year		—			(106	)		(9	)		(115	)
Exchange realignment		3			—			1,070			1,073

Net carrying amount as of December 31, 2024		502			—			118,879			119,381

The intangible assets are amortized on a straight-line basis as follows:

Developed technology
Brand names
Archived images

7 years
20 years or indefinite useful lives
Indefinite useful lives

The above carrying amounts of brand names of US$118,025 and US$118,733 and archived images of US$499 and US$502, respectively, as of December 31, 2023 and 2024 are considered by the directors of the Company as having an indefinite useful life because it is expected to contribute to net cash inflows indefinitely. The brand names and archived images will not be amortized until its useful life is determined to be finite. Instead they will be tested for impairment annually and whenever there is an indication that it may be impaired.

The remaining brand name of US$154 and US$146, respectively, as of December 31, 2023 and 2024 are amortized on a straight-line basis of 20 years.

As of December 31, 2024, carrying amount of brand name of US$92,670 and archived images of US$502, are allocated to reporting unit of the business unit under “L’Officiel”. For the purpose of impairment testing, the fair value of this reporting unit has been determined based on a value in use calculation. That calculation uses discounted cash flow projections based on forecast approved by management covering a 5-year period. Cash flows beyond the 5-year period are extrapolated using a steady 1.6% to 2.1% growth rate. This growth rate is based on the relevant industry growth forecasts and does not exceed the average long-term growth rate for the relevant industry. Other key assumptions for the value in use calculations relate to the estimation of cash inflows/outflows which include forecasted sales and gross margin, such estimation is based on the L’Officiel’s past performance and management’s expectations for the market development.

As of December 31, 2024, carrying amount of brand name of approximately US$25,936 are allocated to reporting unit of the business unit under “The Art Newspaper”. For the purpose of impairment testing, the fair value of this reporting unit has been determined based on a value in use calculation. That calculation uses discounted cash flow projections based on forecast approved by management covering a 5-year period. Cash flows beyond the 5-year period are extrapolated using a steady 1.8% to 2.1% growth rate. This growth rate is based on the relevant industry growth forecasts and does not exceed the average long-term growth rate for the relevant industry. Other key assumptions for the value in use calculations relate to the estimation of cash inflows/outflows which include forecasted sales and gross margin, such estimation is based on The Art Newspaper’s past performance and management’s expectations for the market development.

Based on the result of the above assessments, management of the Group determined that the fair value of the reporting unit is higher than the carrying amount and there is no impairment of the related intangible assets allocated to reporting unit. Management of the Group believes that any reasonably possible changes in any of these assumptions would not cause the carrying amount of reporting unit to exceed its fair value.

Interests in Joint Ventures

12 Months Ended

Dec. 31, 2024

Interests in Joint Ventures [Abstract]

INTERESTS IN JOINT VENTURES

20.

INTERESTS IN JOINT VENTURES

	As of December 31,
	2024		2023
	US$		US$
Cost of investments in joint ventures		-		(7,988	)
Due from joint ventures		-		23,810

		-		15,822

Amounts due from joint ventures are unsecured, interest-free and repayable on demand.

Details of material joint ventures as of December 31, 2023 are as follows:

Name		Place of incorporation				Percentage of ownership interest held by the Company				Principal activity
DHI Holdings (S) Pte Ltd.			Singapore				51	%		Hotel operations, hospitality and VIP services

The following table illustrates the summarized financial information in respect of the Singapore hotel companies adjusted for any differences in accounting policies and reconciled to the carrying amount in the consolidated financial statements:

	As of December 31, 2023
	US$
Total assets		201,025
Total liabilities		(216,689	)

Net assets		(15,664	)
Proportion of the Group’s ownership		51	%

Group’s share of net assets of joint ventures		(7,988	)
Due from joint ventures		23,810

Interests in joint ventures		15,822

Addition information of the joint ventures
Cash and cash equivalents		3,516
Amounts due to shareholders		48,280
Bank borrowings		163,438

	February 20, 2023 to December 31, 2023
	US$
Revenue		24,129

Loss for the period		(4,578	)
Other comprehensive loss for the period		(600	)

Total comprehensive loss for the period		(5,178	)

Accounts Payable

12 Months Ended

Dec. 31, 2024

Accounts Payable [Abstract]

ACCOUNTS PAYABLE

21.

ACCOUNTS PAYABLE

	As of December 31,
	2024		2023
	US$		US$
Payables to suppliers of media and entertainment services		2,386		8,628
Other		1,254		754

		3,640		9,382

Bank Borrowings

12 Months Ended

Dec. 31, 2024

Bank Borrowings [Abstract]

BANK BORROWINGS

22.

BANK BORROWINGS

A currency analysis of bank borrowings at the end of the reporting periods is as follows:

	As of December 31,
	2024		2023
	US$		US$
Hong Kong dollars - secured		50,135		50,655
United States dollars - secured		44,163		—
United States dollars - unsecured		30,184		45,000
Singapore dollars - secured		158,466		—
Euro - unsecured		—		475
British Pound - unsecured		25		36

		282,973		96,166

	As of December 31,
	2024		2023
	US$		US$
Shown as:
Non-current		219,434		30,373
Current		63,539		65,793

		282,973		96,166

As of December 31, 2023 and 2024, bank borrowings of US$65,793 and US$63,539 were repayable in one year or on demand, US$30,373 and US$208,450 were repayable more than one year but within 5 years and nil and US$10,984 were repayable more than 5 years, respectively.

Fixed-rate bank borrowings of nil and US$10,984 as of December 31, 2023 and 2024, respectively, were bearing an interest rate of 5.0% per annum. All other variable-rate bank borrowings carry variable interest rate with a weighted average contractual interest rate of 5.6% p.a. and 4.76% p.a., respectively, as of December 31, 2023 and 2024.

As of December 31, 2023 and 2024, the Group has bank borrowings of US$50,655 and US$219,584, respectively secured by the Group’s properties with carrying amounts of US$69,562 and US$267,926, respectively.

As of December 31, 2023, the Group has a bank borrowing of US$15,000 denominated in US$, which is unsecured, carries an interest rate at 0.25% below daily Wall Street Journal Prime Rate and repayable within one year. As of December 31, 2024, the Group has bank borrowings of US$33,143 denominated in US$, which is secured by pledged bank deposits of US$33,000, which carried interest at an index rate set by the bank and repayable within one year.

As of December 31, 2023 and 2024, the Group had an unsecured bank borrowing of US$30,000 is denominated in US$, which was unsecured, and carried an interest rate at the daily Wall Street Journal Prime Rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Payables and Accruals

12 Months Ended

Dec. 31, 2024

Other Payables and Accruals [Abstract]

OTHER PAYABLES AND ACCRUALS

23.

OTHER PAYABLES AND ACCRUALS

	As of December 31,
	2024		2023
	US$		US$
Accruals and other payables		6,201		14,221
Consideration payable on acquisition of subsidiaries		3,009		3,195
Contract liabilities (note (i))		667		1,462
Lease liabilities (note (ii))		519		382

		10,396		19,260

Note(s):

(i)

Contract liabilities as of December 31, 2023 and 2024 included upfront fees received to deliver digital solutions services, upfront fees received to deliver media and entertainment, and hotel operations, hospitality and VIP services.

(ii)

The weighted average incremental borrowing rate applied to lease liabilities is 3.72% and 2.57%, respectively, for the years ended December 31, 2023 and 2024.

Provisions

12 Months Ended

Dec. 31, 2024

Provisions [Abstract]

PROVISIONS

24.

PROVISIONS

(a)	Claims from vendors

	Claims from vendors
	US$
At January 1, 2023		4,079
Additions from acquisition of subsidiaries		476
Settled during the year		(831	)
Exchange alignment		142

At December 31, 2023		3,866
Additions		450
Settled during the year		(533	)
Disposal of subsidiaries		(3,750	)
Exchange alignment		(33	)

At December 31, 2024		—

(b)

Provision for replacement

The amount represented provision for the replacement and maintenance of furniture, fixtures and equipment within the hotels of the Group.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Deferred Tax Liabilities

12 Months Ended

Dec. 31, 2024

Deferred Tax Liabilities [Abstract]

DEFERRED TAX LIABILITIES

25.

DEFERRED TAX LIABILITIES

The movements in deferred tax liabilities during the years are as follows:

	Intangible assets
	US$
At January 1, 2023		3,307
Acquisitions of subsidiaries (Note 32)		2,920
Deferred tax credited to profit or loss during the year (Note 9)		(140	)
Exchange alignment		(504	)

At December 31, 2023		5,583
Exchange alignment		75

At December 31, 2024		5,658

Share Capital, Capital Reserve and Treasury Shares

12 Months Ended

Dec. 31, 2024

Share Capital, Capital Reserve and Treasury Shares [Abstract]

SHARE CAPITAL, CAPITAL RESERVE AND TREASURY SHARES

26.

SHARE CAPITAL, CAPITAL RESERVE AND TREASURY SHARES

Each Class A ordinary share shall entitle the holder thereof to one vote on all matters subject to vote at general meetings of the Company, and each Class B ordinary share shall entitle the holder thereof to twenty votes on all matters subject to vote at general meetings of the Company. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Each Class A ordinary share is not convertible into Class B ordinary shares under any circumstances. Except for the voting rights and the conversion rights, the Class A ordinary shares and the Class B ordinary shares shall rank pari passu with one another and shall have the same rights, preferences, privileges and restrictions.

			Numbers of shares
	Notes		Class A ordinary shares		Class B ordinary shares			Class B treasury shares
As of January 1, 2023				144,077,211		131,739,722			101,787,257
Issued during the year		(i), (ii)		98,688,525		—			—
Re-issue of treasury shares		(iii)		—		30,875,576			(30,875,576	)
Repurchase of ordinary shares		(iv)		—		(4,773,270	)		4,773,270

As of December 31, 2023				242,765,736		157,842,028			75,684,951
Issued during the year		(v)		12,157,782		—			—
As of December 31, 2024				254,923,518		157,842,028			75,684,951

Notes:

(i)

In April 2023, the Company issued 90,000,000 Class A shares to the private investors at US$1.04 per share.

(ii)

During the year ended December 31, 2023, the Company acquired 100% of The Art Newspaper SA with part of purchase consideration settling by issuing 8,688,525 Class A shares to the selling shareholders with fair value of US$5,607. Details on Note 32 (a)(ii).

(iii)

In February 2023, the Company acquired WME Assets and the transaction was settled by 30,875,576 Class B treasury shares of the Company reissued at US$8.68 per share of the Company.

(iv)

On December 31, 2023, the Company repurchased 4,773,270, Class B ordinary shares from the immediate holding company, amounting to US$40,000.

(v)

During the year ended December 31, 2024, the Company issued 12,157,782 Class A shares at a consideration of US$20,000.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Perpetual Securities

12 Months Ended

Dec. 31, 2024

Perpetual Securities [Abstract]

PERPETUAL SECURITIES

27.

PERPETUAL SECURITIES

On May 14, 2020, the Company issued US$200,000,000 and SGD50,000,000 of perpetual securities at initial distribution rate of 7.25% p.a. (the “Perpetual Securities I”) and 4.5% p.a. (the “Perpetual Securities II”) which are listed on Hong Kong Stock Exchange and Singapore Stock Exchange respectively (collectively the “Perpetual Securities”). Of which, US$38,920,000 of Perpetual Securities I and SGD14,740,000 of Perpetual Securities II were issued in settlement for the redemption of Perpetual Securities issued by the immediate holding company in 2017.

The direct transaction costs attributable to the Perpetual Securities I and Perpetual Securities II in aggregate amounted to US$575. Distributions of the Perpetual Securities I and Perpetual Securities II may be paid semi-annually in arrears on May 14 and November 14 in each year and may be deferred at the discretion of the Company unless a compulsory distribution payment event (including distributions to ordinary shareholders of the Company) has occurred. Following a deferral, arrears of distributions are cumulative.

The Perpetual Securities I are unsecured, have no fixed maturity date and are callable at the Company’s option in whole on May 14, 2023 (“First Reset Date”) or any Distribution Payment Date falling after the First Reset Date at their principal amounts together with any accrued, unpaid or deferred distributions. The applicable distribution rate will reset, on First Reset Date and every three years after the First Reset Date, to the sum of the initial spread of 7.011% p.a., the Treasury Rate and a step-up margin of 5.00% p.a..

The Perpetual Securities II are unsecured, have no fixed maturity date and are callable at the Company’s option in whole on May 14, 2025, which is five years after the issue date or any Distribution Payment Date thereafter at their principal amounts together with any accrued, unpaid or deferred distributions.

On October 27, 2021, the Group has early redeemed principal amount of SGD11,188,000 (equivalent to US$8,373) of Perpetual Securities II at the redemption price equal to 75%.

In May 2023, the Company reached the agreement with the holders of Perpetual Securities I that the distribution rate is adjusted from 7.25% p.a. to 1.5% p.a. and the distribution payable in May 2023 was agreed to be waived by the holders of Perpetual Securities I.

The Perpetual Securities are included in equity in the Group’s consolidated financial statements as the Group does not have a contractual obligation to deliver cash or other financial assets arising from the issue of the Perpetual Securities. For the year ended December 31, 2022, 2023 and 2024, the profit attributable to holders of Perpetual Securities based on the applicable distribution rate, was US$15,702, US$8,558 and US$4,312, respectively, where any distribution could be deferred at the discretion of the Company unless a compulsory distribution payment event (including distributions to ordinary shareholders of the Company) has occurred. The Company distributed US$15,753 and US$2,796, US$4,305 to the holders of perpetual securities during the year ended December 31, 2022, 2023 and 2024, respectively.

Subsequent to the end of the reporting period, the Company reached agreement with the holders of Perpetual Securities I that the distribution rate is reduced from 1.5% p.a. to 0.25% p.a.

Notes to the Consolidated Statements of Cash Flows

12 Months Ended

Dec. 31, 2024

Notes to the Consolidated Statements of Cash Flows [Abstract]

NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS

28.

NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS

(a)

Major non-cash transactions

Save as disclosed elsewhere in these consolidated financial statements, the following non-cash transactions were recorded.

During the year ended December 31, 2023 and 2024, certain other receivables of US$388,972 and US$13,034, respectively, were settled through the current accounts with AMTD Group under the agreements between respective independent third parties, the Group and AMTD Group.

During the year ended December 31, 2023, the Group repurchased 4,773,270 Class B ordinary shares from AMTD Group amounting to US$40,000. The consideration was settled through the current accounts with AMTD Group.

During the year ended December 31, 2024, the Company issued 12,157,782 Class A ordinary shares amounting to US$20,000, and AMTD Digital issued 32,682,046 Class A ordinary shares amounting to US$262,238 to third parties with the consideration settled through the intercompany account with AMTD Group in accordance with the central treasury management policy.

Related Party Transactions

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS

29.

RELATED PARTY TRANSACTIONS

(A)

In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years:

		For the year ended December 31,
	Notes	2024		2023		2022
		US$		US$		US$
Capital market solutions services rendered to related companies controlled by a director of the Company	(i)		—		—		1,149
Management fee paid to immediate holding company	(i)		—		—		18

Investment advisory fee paid to a fellow subsidiary	(i)		—		—		21

Capital market solutions services rendered to fellow subsidiaries	(i)		—		—		3

Insurance commission received from immediate holding company and a fellow subsidiary	(i)		41		48		4

Digital solutions and other services income from immediate holding company	(i)		2,564		2,554		1,592

Fashion, arts and luxury media advertising and marketing services from immediate holding company	(i)		2,888		2,726		2,888

Administrative service fee paid to immediate holding company	(iii)		4,615		4,597		3,767

Interest income from immediate holding company	(iv)		16,828		10,489		9,703

Recharge from/(to) immediate holding company
—Staff costs			—		—		4,084
—Premises cost			—		—		1,469

	(iii)		—		—		5,553

Treasury shares repurchased from immediate holding company	26		—		40,000		320,603


Acquisition of AMTD Digital from immediate holding company and fellow subsidiaries	(ii)(a)		—		—		740,451

Acquisition of WME Assets from immediate holding company	(ii)(b)		—		268,000		—

Disposal of financial assets at fair value through profit or loss to immediate holding company	(ii)(c)		—		80,155		—

Notes:

(i)

The terms of these services were comparable to the fee and conditions offered to the customers of the Group.

(ii)	a.	In 2022, the Group acquired 82.7% interest in AMTD Digital from the immediate holding company and fellow subsidiaries at a consideration of approximately US$993 million.

	b.	In 2023, the Group acquired 100% interest in WME Assets from the immediate holding company at a consideration of US$268,000.

	c.	In 2023, the Group disposed financial assets at fair value through profit or loss to the immediate holding company at a consideration of US$80,155.

(iii)	The staff costs and premises cost was recharged by the immediate holding company based on actual usage. Starting from July 2022, the immediate holding company charged a fixed service fee of HK$9 million (HK$6 million prior to July 2022) per quarter for other administrative expenses.

(iv)	The transaction represented the interest income charged at 2% per annum on the outstanding amount due from the immediate holding company which was payable on demand.

(B)

In addition to balances disclosed elsewhere in these consolidated financial statements, the Group had the following outstanding balances with related parties:

(i)

Treasury functions of the Group are conducted centrally under AMTD Group and inter-company fund transfers were carried out among the entities within AMTD Group. The treasury function manages available funds at AMTD Group level and allocates the funds to various entities within AMTD Group for their operations. On July 15, 2022, the Group and its subsidiary entered into an intercompany financing agreement with its immediate holding company. Under such agreement, any intercompany receivables and payables balances with the immediate holding company and the fellow subsidiaries shall be settled on a net basis with the immediate holding company. As of December 31, 2023 and 2024, the gross carrying amounts on amount due from immediate holding company were US$1,057,007 and US$1,400,612, respectively, which bears interest at 2% per annum and are unsecured and repayable on demand. The impairment loss provided under expected credit loss model as of December 31, 2023 and 2024 were US$4,988 and nil, respectively. The Group did not have any outstanding balances with its fellow subsidiaries.

(ii)

As of December 31, 2023, the amount due to a non-controlling shareholder comprised of (i) interest bearing balance of US$7,643 at a variable rate of 2 times of HIBOR plus 1.15% per annum, (ii) interest bearing balance of US$25,479 at a variable rate of HIBOR plus 1.15% per annum and (iii) non-interest bearing balance of US$22,681. The amount due to a non-controlling shareholder was unsecured.

As of December 31, 2024, the amount due to non-controlling shareholders are unsecured and non-interest bearing. During the year ended December 31, 2024, interest bearing balances were settled through the current account of ultimate holding company and the non-controlling shareholder.

(C)

Compensation of key management personnel of the Group:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Short-term employee benefits		896		1,459		4,255
Other long-term benefit		2		6		13

		898		1,465		4,268

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value and Fair Value Hierarchy of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value and Fair Value Hierarchy of Financial Instruments [Abstract]

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

30.

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

The carrying amounts and fair values of the Group’s financial instruments measured at fair value are as follows:

	Fair values
	As of December 31,
	2024		2023
	US$		US$
Financial assets
Financial assets at fair value through profit or loss		164,620		79,607

Management has assessed that the fair values of cash and bank balances, restricted cash, accounts receivable, financial assets included in prepayments, deposits and other receivables, amount due from immediate holding company, other assets, accounts payable, financial liabilities included in other payables and accruals and bank borrowings, approximate to their carrying amounts largely due to the short term maturities of these instruments or repayable on demand, or that they are interest-bearing at market rates.

The Group’s finance department headed by the finance director is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance director reports directly to the chief financial officer. At each reporting date, finance department analyzes the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

As of December 31, 2023 and 2024, the fair values of listed equity investments were based on quoted market prices.

The valuation methodologies for material unlisted equity securities and movie income right investments are set out in Note 3 to the consolidated financial statements.

The fair value of the derivative financial asset in relation the Agreements was estimated using the MCS and was determined based on significant observable and unobservable inputs including the current stock price, dividend yield, risk-free rate, volatility of the underlying equity securities and the credit rating of the counterparty on the valuation date. MCS is a financial model that is commonly used to simulate variables that are highly unpredictable.

The valuations performed using the MCS require management to estimate the volatility of the underlying equity securities and the credit rating of the counterparty and hence the valuations are subject to estimation uncertainty.

The Group classifies the fair value of derivative financial asset as Level 3. The management believed that the estimated fair values resulting from the valuation technique were reasonable.

There is no change in valuation technique and basis of significant unobservable input on Level 3 financial assets and derivative financial asset as of December 31, 2023 and 2024.

Below is summary of significant unobservable inputs to valuation of financial instruments as of December 31, 2023 and 2024:

	Valuation technique	Significant unobservable input	Range or estimate
Unlisted equity investment	Multiple/ EVA	Equity volatility	69.60%
Movie income right investments	Income approach	Discount rate	10.40%-12.59%

Fair Value Hierarchy

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:

Assets measured at fair value:

Fair value measurement using

Quoted
prices in
active
markets
(Level 1)

Recent
transaction
price
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$

As of December 31, 2023

Financial assets at fair value through profit or loss

72,053

1,813

5,741

79,607

As of December 31, 2024

Financial assets at fair value through profit or loss

149,849

8,908

5,863

164,620

The movements in fair value measurements within Level 3 during the years are as follow:

	For the year ended December 31,
	2024		2023
	US$		US$
Unlisted equity shares at fair value through profit or loss:
At January 1,		5,741		80,528
Disposal		—		(25,539	)
Transfer		—		4,118
Derecognition upon acquisition of subsidiaries		—		(66,190	)
Total gains in profit or loss		—		12,804
Exchange realignment		122		20

At December 31,		5,863		5,741

	For the year ended December 31,
	2023
	US$
Derivative financial assets in relation to the Agreement:
At January 1,		167,388
Net fair value gains recognized in profit or loss		34,234
Settlement		(201,411	)
Exchange realignment		(211	)
At December 31,		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Compensation [Abstract]

SHARE-BASED COMPENSATION

31.

SHARE-BASED COMPENSATION

AMTD SpiderMan Share Incentive Plan

In June 2019, the Group’s board of directors approved the AMTD SpiderMan Share Incentive Plan, or the 2019 Plan, to attract and retain the best available personnel, provide additional incentives to employees, directors, and consultants, and promote the success of the business. The maximum aggregate number of ordinary shares that may be issued under the 2019 Plan is initially 20,000,000 and on January 1 of each year after the effective date of the 2019 Plan, will automatically increase to the number of shares that is equal to ten percent (10%) of the total issued and outstanding share capital of the Group as of December 31 of the preceding year. In addition, on January 1 of each year after the effective date of the 2019 Plan, the aggregate number of shares that may be issued under the 2019 Plan will automatically increase by the number of shares representing 1.0% of the total issued and outstanding share capital of the Group as of December 31 of the preceding year, or such less number as the board of directors may determine. As of the date of this annual report, no awards have been granted under the 2019 Plan.

Share-based compensation of AMTD Digital

On August 3, 2020, AMTD Digital granted 38,710 shares of Class A ordinary shares, which has a vesting period of 3 years, to an employee of AMTD Digital. The grant date fair value of the Class A ordinary shares of AMTD Digital is determined based on recent transaction price of equity share of AMTD Digital.

On July 31, 2021, AMTD Digital granted 17,540 restricted shares units of Class A ordinary shares of AMTD Digital (“RSUs”) to an employee of AMTD Digital. The RSUs granted have a vesting period of three years of employment services with the first one-third vesting on the first anniversary from grant date, and the remaining two third vesting on an annual basis over a two-year period ending on the third anniversary of the grant date. The grant date fair value of the RSUs is determined based on recent transaction price of the equity share of AMTD Digital.

The non-vested shares and RSUs are not transferable and may not be sold or pledged and the holder has no voting or dividend right. In the event a non-vested shareholder’s employment for AMTD Digital is terminated for any reason prior to the third anniversary of the grant date, the holder’s right to the non-vested shares and RSUs will terminate effectively. The outstanding non-vested shares and RSUs shall be forfeited and automatically transferred to and reacquired by AMTD Digital without any consideration.

The share-based payment expense amounted to US$57 and US$207 was recognized in the consolidated financial statements during the year ended December 31, 2024 and 2023, respectively.

Acquisitions of Subsidiaries

12 Months Ended

Dec. 31, 2024

Acquisitions of Subsidiaries [Abstract]

ACQUISITIONS OF SUBSIDIARIES

32.

ACQUISITIONS OF SUBSIDIARIES

(a) Acquisition during year ended December 31, 2023

(i) Acquisition of WME Assets

In August 2022, the Group had entered into certain agreements pursuant to which the Group acquired 96.1% of the equity interest in AMTD Assets, which holds a global portfolio of premium whole building properties, from AMTD Group at a consideration, which was agreed to settle by 30,875,576 Class B ordinary shares of the Company (“Consideration Shares”) at agreed share price of US$8.68 per share of the Company for the Group’s expansion to hotel operations, hospitality and VIP services business. Following the completion of the above transaction, the Company injected WME Assets into AMTD Digital at the same consideration.

The transaction was completed and WME Assets was consolidated by the Group since February 6, 2023 based on business combination under common control using predecessor accounting. The difference between the consideration and the net asset value of AMTD Assets, amounting to approximately US$275,154, was recorded in capital reserve within the consolidated statement of changes in equity. The Consideration Shares were settled by treasury shares of the Company with repurchase price of US$268,000.

No acquisition-related cost has been recognized as an expense for the year ended December 31, 2023.

Assets acquired and liabilities recognized at the date of acquisition

	US$
Interests in joint ventures		24,726
Property, plant and equipment		135,592
Cash and bank balances		3,860
Accounts receivable		527
Prepayments, deposits and other receivables		20,365
Amount due from a non-controlling shareholder		637
Account payable		(311	)
Accruals and other payables		(2,269	)
Bank borrowings		(50,849	)
Amount due to a non-controlling shareholder		(53,464	)
Amount due to AMTD Group		(81,968	)

		(3,154	)

Reserve arising on acquisition:

	US$
Consideration transferred		268,000
Plus: non-controlling interests of AMTD Digital		(1,019	)
Plus: non-controlling interests of AMTD Assets		(336	)
Plus: non-controlling interests of AMTD Assets’ subsidiaries		5,355
Less: recognized amounts of net liabilities acquired		3,154

		275,154

Net cash inflow on acquisition of WME Assets

	US$
Cash consideration paid		—
Add: cash and cash equivalent balances acquired		3,860

		3,860

(ii) Acquisition of The Art Newspaper SA

During the year ended December 31, 2023, the Company acquired 100% equity interest of The Art Newspaper SA, a limited company incorporated in Switzerland. The consideration of the acquisition was paid by cash amounting to US$2,540, 8,688,525 shares of the Company and 380,065 shares of AMTD Digital as well as a bonus element of EUR2,888,888 which will be settled by the shares of the Company on the 540th day following the completion of acquisition. The total consideration is approximately US$16,831. The transaction was completed and The Art Newspaper SA became a consolidated subsidiary of the Company since October 20, 2023 using acquisition accounting.

No acquisition-related cost has been recognized as an expense for the year ended December 31, 2023.

Consideration transferred

	US$
Cash		2,540
Ordinary shares of the Company		5,607
Ordinary shares of AMTD Digital		5,607
Other consideration payable		3,077

		16,831

Assets acquired and liabilities recognized at the date of acquisition

	US$
Cash and bank balances		27
Accounts receivable		674
Prepayments, other receivables and deposits		301
Property, plant and equipment		333
Intangible assets		25,392
Accounts payables		(402	)
Other payables and accruals		(2,068	)
Bank borrowings		(37	)
Deferred tax liabilities		(2,920	)

Net assets acquired		21,300

The gross contractual amounts of accounts and other receivables as of the date of acquisition amounted to US$975. No accounts receivable and other receivables were expected to be uncollectible.

Gain arising on acquisition:

	US$
Recognized amounts of net payable assets acquired		21,300
Less: consideration paid/payable		(16,831	)

		4,469

Bargain purchase gain amounting to US$4,469 acquisition of The Art Newspaper SA is recognized in profit or loss within the other gain line item in the consolidated statement of profit or loss and other comprehensive income. The transaction resulted in a bargain purchase gain, reflecting the financial and operating conditions of the acquiree at the time of acquisition and our competitive bargaining strategy over the seller.

Net cash outflow on acquisition of The Art Newspaper SA

	US$
Cash consideration paid		(2,540	)
Less: cash and cash equivalents balances acquired		27
		(2,513	)

Impact of acquisition on the results of the Group

Included in the consolidated profit for the year ended December 31, 2023 is the profit of US$45 attributable to the business generated by The Art Newspaper SA. Revenue for the year ended December 31, 2023 includes US$2 million generated from the acquisition.

Had the acquisition of The Art Newspaper SA been completed on January 1, 2023, revenue for the year of the Group would have been US$135 million, and profit for the year would have been US$152.4 million. The pro forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of the operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2023, nor is it intended to be a projection of future events.

(b)	Consolidation of Singapore hotel companies in 2024

On April 1, 2024, the Group agreed with the remaining shareholder of Singapore hotel companies that the Group owns the controlling interests of Singapore hotel companies. Accordingly, Singapore hotel companies became non-wholly owned subsidiaries of the Group without a change of the percentage of ownership.

Assets acquired and liabilities recognized at the date of acquisition:

	US$
Property, plant and equipment		189,826
Accounts receivable		920
Prepayments, deposits and other receivables		622
Cash and cash equivalents		4,273
Accounts payables		(116	)
Other payables and accruals		(467	)
Provisions		(1,406	)
Contract liabilities		(471	)
Amount due to shareholders		(47,157	)
Tax liabilities		(214	)
Bank borrowings		(159,722	)
Non-controlling interests		6,817
Net assets acquired		(7,095	)
Interests in joint venture eliminated		(7,095	)

The fair values and gross contractual amounts of accounts receivable and other receivables at the date of acquisition amounted to approximately US$920 and US$622, respectively. No accounts receivable and other receivables were expected to be uncollectible.

Net cash inflow on consolidation of Singapore hotel companies:

Cash and cash equivalent balances acquired

4,273

Pending Claims and Litigation

12 Months Ended

Dec. 31, 2024

Pending Claims and Litigation [Abstract]

PENDING CLAIMS AND LITIGATION

33.

PENDING CLAIMS AND LITIGATION

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. Such proceedings are reviewed with the Group’s legal advisors. The Group does not believe that any pending legal proceeding to which the Group is a party will have a material effect on its business, results of operations or cash flows.

Subsequent Event

12 Months Ended

Dec. 31, 2024

Subsequent Event [Abstract]

SUBSEQUENT EVENT

34.

SUBSEQUENT EVENT

Subsequent to the end of the reporting period, the Company issued 139,517,423 Class B ordinary shares at a consideration of US$20 million to acquire a premium property.

Approval of Consolidated Financial Statements

12 Months Ended

Dec. 31, 2024

Approval of Consolidated Financial Statements [Abstract]

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

35.

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved and authorized for issue by the Board of Directors on April 30, 2025.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 53,578	$ 153,383	$ 160,466

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	false

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall executive management controls system. Our approach to managing cybersecurity risks and safeguarding sensitive data is multi-faceted, involving technological safeguards, procedural protocols, a program of surveillance on our corporate network, continuous testing of aspects of our security posture, and regular cybersecurity training sessions for our key employees. Our IT department is actively engaged in continuous monitoring of the performance of our infrastructure to ensure prompt identification and response to potential issues, including potential cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. Governance Our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our board of directors will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company. In addition, on the management level, we have established a cybersecurity taskforce to oversee and manage cybersecurity related matters and formulate policies as necessary. Pursuant to the internal controls and procedures in connection with cybersecurity, our cybersecurity disclosure taskforce reports to our board of directors, as needed, regarding its assessment, identification, and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our cybersecurity disclosure taskforce will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our board of directors will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company. In addition, on the management level, we have established a cybersecurity taskforce to oversee and manage cybersecurity related matters and formulate policies as necessary. Pursuant to the internal controls and procedures in connection with cybersecurity, our cybersecurity disclosure taskforce reports to our board of directors, as needed, regarding its assessment, identification, and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our cybersecurity disclosure taskforce will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	If a cybersecurity incident occurs, our cybersecurity disclosure taskforce will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors.
Cybersecurity Risk Management Processes Integrated [Text Block]	We have also integrated cybersecurity risk management into our overall executive management controls system
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our board of directors will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our board of directors will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company. In addition, on the management level, we have established a cybersecurity taskforce to oversee and manage cybersecurity related matters and formulate policies as necessary. Pursuant to the internal controls and procedures in connection with cybersecurity, our cybersecurity disclosure taskforce reports to our board of directors, as needed, regarding its assessment, identification, and management on material risks from cybersecurity threats happened in the ordinary course of our business operations.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2024

Basis of Presentation [Abstract]

Basis of preparation

Basis of preparation

The Group’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decision made by primary users.

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit or loss, derivative financial assets and derivative financial liability which are measured at fair value.

Recent accounting pronouncements

Recent accounting pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. This standard is effective for the Company for the annual period beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU2023-09 is intended to improve transparency of income tax disclosure by requiring income tax disclosures to contain consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard affects the disclosure of income taxes not the accounting for income taxes. This standard is effective for the Company for the annual period beginning after December 15,2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-09.

In November 2024, the FASB ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). which enhances the disclosures required for expense disaggregation in the Company’s annual and interim consolidated financial statements. ASU 2024-03 is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements disclosures.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended December 31, 2022, 2023 and 2024. A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group has power over investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each item of other comprehensive income, if any, is attributed to the owners of the parent of the Group (including ordinary shareholders and holders of perpetual securities) and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions among members of the Group are eliminated in full on consolidation.

Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

Changes in the Group’s interests in existing subsidiaries

Changes in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.

Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, the assets and liabilities of that subsidiary and non-controlling interests (if any) are derecognized. A gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

Business combinations

A business is an integrated set of activities and assets which includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes are considered substantive if they are critical to the ability to continue producing outputs, including an organized workforce with the necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue producing outputs and are considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

Acquisitions of businesses, other than business combination under common control are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:

●

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with relevant guidance;

●

liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with relevant guidance;

●

assets (or disposal groups) that are classified as held for sale are measured in accordance with that standard; and

	●	lease liabilities are recognized and measured at the present value of the remaining lease payments as if the acquired leases were new leases at the acquisition date, except for leases for which the lease terms ends within 12 months of the acquisition date.

		Right-of-use assets are recognized and measured at the same amount as the relevant lease liabilities, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any

non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as of acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at fair value.

Business combinations under common control

The Company accounts for the business combination with entities under common control using historical carrying values and under a prospective basis (referred to herein as predecessor accounting) which involves the Company accounting for the combination prospectively from the date on which it occurred. For predecessor accounting:

●

Assets and liabilities of the acquired entity are stated at carrying amounts. Fair value measurement is not required.

●

Income statement reflects the results of the combining parties.

●

No new goodwill arises in predecessor accounting.

●

Any difference between the consideration given and the aggregate carrying value of the assets and liabilities of the acquired entity at the date of the transaction is recognized in capital reserve within the unaudited interim condensed consolidated statements of changes in equity.

Investments in joint ventures

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The Group’s investment in joint ventures are stated in the consolidated statement of financial position at cost and the Group’s share of net assets under the equity method of accounting, less any impairment losses. The financial statements of joint ventures used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for similar transactions and events in similar circumstances. Appropriate adjustments have been made to conform the joint venture’s accounting policies to those of the Group. The Group’s share of the post-acquisition results and other comprehensive income of joint ventures is included in the consolidated statement of profit or loss and other comprehensive income, respectively. Changes in net assets of joint venture other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture exceeds the Group’s interest in that joint venture, the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.

On acquisition of the investment in a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired.

Impairments of investments in joint ventures are recognized only if the impairment are other than temporary.

Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. A fair value of investments in joint ventures that is less than its carrying amount may indicate a loss in investments in joint ventures. An impairment loss of investments in joint ventures that is other than a temporary decline is recognized to profit or loss and such impairment loss cannot be reversed subsequently.

When a group entity transacts with a joint venture of the Group, profits and losses resulting from the transactions with the joint venture are recognized in the Group’s consolidated financial statements only to the extent of interests in the joint venture that are not related to the Group.

Fair value measurement

The Group measures its derivative financial instruments, movie income right investments and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1	—	based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2	—	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

Level 3	—	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets and intangible assets with finite useful lives to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the fair value of the relevant asset is estimated, which is the sum of undiscounted cash flows that are expected to result from the use and eventual disposition of asset or asset group. The fair value of property, plant and equipment, right-of-use assets, and intangible assets with definite life are estimated fair value of an asset group (i.e. the lowest level of identifiable cash flows that are largely independent of the net cash flows of other groups of assets). An impairment loss is recognized for a depreciable or amortizable asset (asset group) only if the carrying amount of the asset (asset group) exceeds its fair value. If the asset is not recoverable, then an asset’s (asset group’s) impairment is calculated with reference to the fair value of that asset (asset group) in comparison to its carrying amount.

The Group performs an initial qualitative assessment before proceeding with the quantitative test on goodwill and indefinite life intangible asset. If the Group concludes, based on qualitative assessment, that it is not more likely than not that a reporting unit that goodwill allocated to or indefinite life intangible assets is impaired, then the Group is not required to perform a quantitative test for that reporting unit or indefinite life intangible assets.

Intangible assets with indefinite life are estimated individually. An impairment loss for an indefinite life intangible asset is recognized if the fair value of the asset is less than the asset’s carrying amount. Goodwill is allocated to those reporting units which are operating segments or one level below the operating segment level (component level), if it constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that segment. Goodwill is impaired if the carrying amount of the reporting unit to which it is allocated exceeds the fair value of the reporting unit. An impairment is the excess of the reporting unit’s carrying amount over its fair value.

Corporate assets are not allocated to asset groups in testing long-lived assets for impairment. An additional high-level of asset group is identified (which may be at the entity level), which is tested for impairment after the related lower-level assets groups have been tested.

An impairment loss is not reversed if the fair value of the impaired asset or asset group increase subsequently.

Related parties

A party is considered to be related to the Group if:

(a)

the party is a person or a close member of that person’s family and that person

(i)

has control or joint control over the Group;

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group;

or

(b)

the party is an entity where any of the following conditions applies:

(i)

the entity and the Group are members of the same group;

(ii)

one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii)

the entity and the Group are joint ventures of the same third party;

(iv)

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)

the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;

(vi)

the entity is controlled or jointly controlled by a person identified in (a);

(vii)

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii)

the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Properties	Over the shorter of the useful life of 40 years and the remaining lease term

Furniture and fixtures	20%

Computer equipment	33 1⁄3%

Where parts of an item of property, plant and equipment have different useful lives.

The cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately.

Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified on or after the date of initial application or arising from business combinations, the Group assesses whether a contract is or contains a lease at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

Group as a lessee

Allocation of consideration to components to a lease

For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Non-lease components are separated from lease component and are accounted for by applying other applicable standards.

For both finance and operating leases, the right-of-use asset (“ROU”) is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

For finance leases, the ROU asset is subsequently amortized on a straight-line basis, over the shorter of the lease term or the useful life of the ROU asset.

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received.

The Group presents right-of-use assets in “property, plant and equipment”, the same line item within which the corresponding underlying assets would be presented if they were owned.

(b)

Lease liabilities

Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term.

The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs.

The lease term is determined as the non-cancellable period of a lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification including a change in the lease term and a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

Intangible assets (other than goodwill)

Intangible assets acquired in a business combination

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost).

Subsequent to initial recognition, intangible assets acquired in a business combination with finite useful lives are reported at costs less accumulated amortization and any accumulated impairment losses being their fair value at the date of the revaluation less subsequent accumulated amortization and any accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets acquired in a business combination with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses.

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized.

Financial instruments - Investments and other financial assets

The Group’s financial assets are classified into financial assets at fair value through profit or loss and loans and receivables. The classification depends on nature and purpose of financial assets and is determined at the time of initial recognition.

Financial assets at fair value through profit or loss

Equity investments are generally measured at fair value with changes in fair value recognized through profit or loss.

Loans and receivables

Loans and receivables are classified as either held-for-sale or held-for-investment. When the Group holds an originated or purchased loans or receivables for which it has the intent and ability to hold for the foreseeable future or to maturity or payoff, the loans or receivables should be classified as held-for-investment. Loans and receivables held-for-investment are measured at their amortized cost. If the Group intends to sell loans or receivables, the loans or receivables should be classified as held for sale. Loans and receivables classified as loans held for sale are measured at the lower of cost or fair value, or carried at fair value if the fair value option is elected.

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at amortized cost

Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the consolidated statements of profit or loss when the asset is derecognized, modified or impaired.

The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss.

This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends income which is derived from Group’s ordinary course of business is recognized as revenue in the consolidated statements of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Derecognition of financial assets

Financial assets are derecognized when the Group surrenders control over those assets. The Group has surrendered control over transferred assets only if all the following conditions are met.

●

Legal control: The transferred assets is isolated from the Group, i.e. put legally beyond the reach of the Group.

●

Actual control: (i) the transferee has the right to pledge or exchange the assets (or beneficial interests) that it received; and (ii) no condition both (a) constrains the transferee from taking advantage of its right to pledge or exchange and (b) provides more than a trivial benefit to the Group.

●

Effective control: The Group does not maintain effective control over the transferred financial assets or third party beneficial interests related to those transferred assets.

In derecognizing a transferred financial assets, a gain or loss is recognized based on the difference between the carrying amount of the financial assets of the carrying amount and the sum of the proceeds received for the asset or the participating interest derecognized.

Impairment of financial assets

The Group utilizes the expected credit losses (“ECL”) model to determine an allowance that reflects its best estimate of the expected credit losses on accounts receivable, prepayments, deposits and other receivables which is recorded as a liability to offset the receivables. The ECL model is prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts to estimate expected credit losses. Accounts receivable, prepayments, deposits and other receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.

The Group uses simplified flow rate matrix approach to estimate expected credit losses for the accounts receivable. The allowance for credit loss is estimated for accounts receivable that share similar risk characteristics based on a collective assessment using a combination of measurement models and management judgment. The approach considers factors including historical aging schedule and forward-looking macroeconomic conditions.

The allowance for expected credit loss is disclosed accordingly in the relevant notes.

General approach

The ECL model is based on a single measurement approach of full lifetime ECL throughout the life of an instrument.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortized cost of the financial asset.

Credit-impaired financial assets

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

a)

significant financial difficulty of the issuer or the borrower;

b)

a breach of contract, such as a default or past due event;

c)

the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;

d)

it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or

e)

the disappearance of an active market for that financial asset because of financial difficulties.

Write-off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss.

Measurement and recognition of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data and forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.

ECL for trade receivables from contract with customers are considered on a collective basis taking into consideration past due information and relevant credit information such as forward looking macroeconomic information.

For collective assessment, the Group takes into consideration the following characteristics when formulating the grouping:

●

Past-due status;

●

Nature, size and industry of debtors; and

●

External credit ratings where available.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortized cost of the financial asset.

The Group recognizes an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables from contracts with customers where the corresponding adjustment is recognized through a loss allowance account.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (warrants and derivative financial instruments), as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs. Transaction costs directly attributable to the acquisition of financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

The Group’s financial liabilities include accounts payable, bank borrowings, financial liabilities included in other payables and accruals, derivative financial liability and convertible bond.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss.

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.

Derivative financial instruments

Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial instruments are carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial instruments is taken directly to profit or loss.

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

Perpetual instruments, which include no contractual obligation for the Group to deliver cash or other financial assets or the Group has the sole discretion to defer payment of distribution and redemption of principal amount indefinitely are classified as equity instruments.

Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancelation of the Company’s own equity instruments.

Provisions

A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

Capital market solutions

Capital market solutions service income is composed of underwriting commission, brokerage and handling fee and financial advisory fee and asset management fee. Underwriting commission earned from underwriting equity and debt securities is recognized at the point in time when the Group’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction if there is no uncertainty or contingency related to the amount to be paid.

The Group considers that all the services promised in a particular contract of being a financial advisor are interdependent and interrelated and should be therefore accounted for as a single performance obligation. As it is unlikely that a customer can obtain benefit before the Group completes all its services from the completion of the underlying transaction and since the contracts do not provide the Group an enforceable right to payment performance completed up to date, the financial advisory fees are recognized at a point in time upon underlying transactions are completed.

Asset management fee primarily includes fees associated with asset management, performance-based incentive fee, brokerage and handling fee. The management fee and the performance-based incentive fee are earned for the provision of asset management services, being provided continuously over the contract period. Asset management fees consist of management and performance fees that are fixed or variable. Variable consideration is determined based on underlying assets under management, i.e. AUM, of a customer’s account at a specified period end.

Management fee is recognized when services are performed. Fixed consideration is recognized over the schedule period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Company. Performance-based incentive fee is recognized when the performance target is met and the revenue is not probable of a significant reversal. For asset management services, when a single contract contains both asset management services and brokerage services, the stand-alone selling prices of each of the distinct services underlying the performance obligations (i.e. management fee and performance-based incentive fee for asset management service and brokerage and handling fee for transaction processing service) are stated separately in the contract. These are the observable prices of services when the Company sells each of them separately.

Brokerage and handling fee is recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

Digital solutions and other service income

(i)

Insurance brokerage services

The Group earns commission income by facilitating the arrangement between insurance company partners and individuals/businesses. The service promised to the customer is placement of an effective insurance or reinsurance policy. Commission revenue is usually a percentage of the premium paid by the insured and generally depends upon the type of insurance or reinsurance policy and the insurance company partner. Revenue is recognized at a point in time upon execution and effectiveness of insurance contracts.

(ii)

Digital solutions services

The Group provides its corporate clients exclusive access to the membership program for a fixed membership fee negotiated on case by case basis and agreed upon entering the contract with each customer based on the level of annual fee under the digital solutions and other services segment, which provides its members networking opportunities with prestigious corporate members, prominent business executives and partners. Contract terms of contracts entered during the period generally ranged from 1 to 3 years. Revenue from such service is recognized over time as the customers simultaneously receive and consume the service provided by the Group. When the Group receives an upfront payment, this will give rise to contract liabilities at the time of the initial sales transaction for which revenue is recognized over the membership service period.

Fashion, arts and luxury media advertising and marketing services

Fashion, arts and luxury media advertising and marketing services income is composed of fashion, arts and luxury magazines and advertising service income and fashion, arts and luxury media licensing and marketing services income. The Group distributes of fashion, arts and luxury publications. The Group also provides advertising services on fashion, arts and luxury magazines to the customers. Revenue is recognized at a point in time when control of the goods has transferred to the customers or upon the edition in which the advertisement is displayed. The Group also provides fashion, arts and luxury media licensing and marketing services to its customers on its multimedia channels. The Group recognizes revenues of such services over time based on the contract term.

Hotel operations, hospitality and VIP services

The Group provides accommodations and other ancillary services to hotel guests. Revenue of hotel operations, hospitality and VIP services are recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation, as the hotel guest simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs.

A contract liability represents the Group’s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

Revenue from other sources

Fair value changes on financial assets at fair value through profit or loss and derivative financial assets are recognized in the period in which they arise. Gain/loss recognized during the current period is recognized as gain/loss related to disposed investments, whereas gain/loss recognized for those financial assets at fair value through profit or loss and derivative financial assets held at the end of the reporting period is recognized as net fair value changes on financial assets at fair value through profit or loss and net fair value changes on derivative financial assets.

Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Contract liabilities

A contract liability is recognized when the payment is made and received or the payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

For certain customers, the Company requires upfront payment and recorded such upfront fee as contract liabilities in other payables and accruals. Upfront fee is recognized as revenue based on the time elapsed for the service period.

Government grant

Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable. Such grants are presented under other income.

Employee benefits

Retirement benefit cost

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized as an expense.

A liability is recognized for benefits accruing to employees (such as wages and salaries) after deducting any amount already paid.

Foreign currencies

These financial statements are presented in US$. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognized in other comprehensive income or profit or loss is also recognized in other comprehensive income or profit or loss, respectively).

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in an exchange reserve (attributed to non-controlling interests as appropriate).

On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in a foreign exchange translation reserve in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals, the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

Corporate Information (Tables)

12 Months Ended

Dec. 31, 2024

Corporate Information [Abstract]

Schedule of Company's Principal Subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

		Issued and		Percentage of equity attributable to the Company
	Place of	registered share		2024						2023
Name	incorporation	capital#		Direct			Indirect			Direct			Indirect			Principal activities
AMTD International Holding Group Limited (“AMTD IHG”)	Hong Kong (“HK”)	HK$	500,000		100	%		—			100	%		—		Investment holding
AMTD Digital Inc. (“AMTD Digital”)	Cayman Islands	US$	12,616		51.6	%		—			95.5	%		—		Investment holding
AMTD Risk Solutions Group Limited	HK	HK$	500,000		—			51.6	%		—			95.5	%	Provision of digital solutions and other services
WME Assets Group (“WME Assets”)	Cayman Islands	US$	10,410		—			62.3	%		—			83.4	%	Investment holdings and hotel operation, hospitality and VIP services
The Generation Essentials Group	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding
L’Officiel Group Inc.(“L’Officiel”)	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding and provision of fashion, arts and luxury media advertising and marketing services
The Art Newspaper Group Inc.	Cayman Islands	US$	1		—			64.9	%		—			86.8	%	Investment holding and provision of fashion, arts and luxury media advertising and marketing services

#

All amounts in dollars in this note only.

Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Operating Segment Information [Abstract]

Schedule of Information by Segment with Prior Period Segment Information

The following tables present information by segment, with prior period segment information retrospectively recast to conform to current period presentation:

	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services			Strategic investment		Total
	US$		US$		US$		US$			US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		—		3,396		18,859		23,132			—		45,387
—others		—		—		—		—			35,070		35,070

		—		3,396		18,859		23,132			35,070		80,457

Segment results		—		2,624		2,072		(944	)		35,070		38,822
Unallocated other income													18,931
Unallocated other gain													24,757
Unallocated finance costs													(13,425	)
Corporate and other unallocated expenses													(13,868	)

Profit before tax													55,217

Other segment information
Depreciation and amortization													6,845

	Capital market solutions			Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment		Total
	US$			US$		US$		US$		US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		—			13,469		14,474		10,301		—		38,244
—others		—			—		—		—		92,670		92,670
		—			13,469		14,474		10,301		92,670		130,914
Segment results		(1,276	)		9,126		3,239		2,106		92,670		105,865

Unallocated other income													22,942
Unallocated other gain													68,797
Unallocated finance costs													(8,199	)
Corporate and other unallocated expenses													(31,708	)

Profit before tax													157,697
Other segment information
Depreciation and amortization													2,623

	Capital market solutions		Digital solutions and other services		Media and entertainment		Strategic investment		Total
	US$		US$		US$		US$		US$
Segment revenue (Note 5)
Revenue
—from contract with customers		74,305		23,440		7,620		—		105,365
—others		—		—		—		69,806		69,806

		74,305		23,440		7,620		69,806		175,171

Segment results		72,140		21,299		2,725		69,806		165,970

Unallocated other income										18,063
Unallocated other gain										19,598
Unallocated finance costs										(859	)
Unallocated net changes in fair value on derivative financial liability										1,704
Corporate and other unallocated expenses										(30,605	)

Profit before tax										173,871

Other segment information
Depreciation and amortization										738

Schedule of Segment Assets and Liabilities

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Segment assets
Capital market solutions		—		—		10,429
Digital solutions and other services		572		1,480		23,691
Media and entertainment		137,084		126,028		93,754
Hotel operations, hospitality and VIP services		292,335		85,495		—
Strategic investment		152,488		79,607		380,407

Total segment assets		582,479		292,610		508,281
Unallocated corporate assets		1,487,439		1,193,980		552,442

Total assets		2,069,918		1,486,590		1,060,723

Segment liabilities
Digital solutions and other services		16,065		15,621		2,324
Media and entertainment		6,525		27,361		23,270
Hotel operations, hospitality and VIP services		277,368		106,742		—

Total segment liabilities		299,958		149,724		25,594
Unallocated corporate liabilities		69,931		43,292		32,715

Total liabilities		369,889		193,016		58,309

Schedule of Revenue from Contract with Customers by Geographical Areas Based

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

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
China (including Hong Kong)	—		832		664		5,801		7,297
Europe	—		—		9,661		—		9,661
America		—		—		4,867		—		4,867
Southeast Asia		—		2,564		3,667		17,331		23,562

		—		3,396		18,859		23,132		45,387

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
China (including Hong Kong)		—		13,469		—		5,132		18,601
Europe		—		—		6,582		—		6,582
America		—		—		5,250		5,169		10,419
Southeast Asia		—		—		2,642		—		2,642

		—		13,469		14,474		10,301		38,244

	Capital markets solutions		Digital solutions and other services		Media and entertainment		Total
	US$		US$		US$		US$
China (including Hong Kong)		74,305		23,253		—		97,558
Europe		—		—		2,461		2,461
America		—		—		4,090		4,090
Southeast Asia		—		187		1,069		1,256

		74,305		23,440		7,620		105,365

Revenue, Other Income and Other Gain (Tables)

12 Months Ended

Dec. 31, 2024

Revenue, Other Income and Other Gain [Abstract]

Schedule of Analysis of Revenue

An analysis of revenue is as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Revenue from contracts with customers
Capital market solutions
Underwriting commission		—		—		12,070
Financial advisory fee		—		—		54,614
Management fee and performance-based incentive fee		—		—		2,144
Brokerage and handling fees		—		—		5,403
Others		—		—		74

		—		—		74,305

Digital solutions and other services
Insurance brokerage services commission		832		1,249		1,040
Digital solutions fees		2,564		12,220		22,400

		3,396		13,469		23,440

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		13,376		11,031		3,608
Fashion, arts and luxury media licensing and marketing services income		5,483		3,443		4,012

		18,859		14,474		7,620

	For the year ended December 31,
	2024		2023			2022
	US$		US$			US$
Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		23,132		10,301			—

Revenue from other sources
Strategic investments
Dividend income		8,681		9,935			6,412
Gain related to disposed investments		—		123,634			22,106

		8,681		133,569			28,518
Net fair value changes on financial assets at fair value through profit or loss
-from listed equity shares, at quoted price		26,389		(40,927	)		(48,267	)
-from unlisted equity shares and movie income right investments (note a)		—		28			27,658

Total net fair value changes on financial assets at fair value through profit or loss		26,389		(40,899	)		(20,609	)
Net fair value changes on derivative financial asset		—		—			61,897

		35,070		92,670			69,806

Total revenue		80,457		130,914			175,171

Schedule of Present Disaggregated Revenue Information

The following tables present disaggregated revenue information:

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment		Total
	US$		US$		US$		US$		US$		US$
Revenue from contracts with customers
Digital solutions and other services
Insurance brokerage services		—		832		—		—		—		832
Digital solutions fee		—		2,564		—		—		—		2,564

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		13,376		—		—		13,376
Fashion, arts and luxury media licensing and marketing services income		—		—		5,483		—		—		5,483

Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		—		—		—		23,132		—		23,132
Subtotal		—		3,396		18,859		23,132		—		45,387

Revenue from other sources
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		—		26,389		26,389
Dividend income		—		—		—		—		8,681		8,681
Total		—		3,396		18,859		23,132		35,070		80,457

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		—		832		13,376		—		14,208
Services rendered over time		—		2,564		5,483		23,132		31,179
Total revenue from contracts with customers		—		3,396		18,859		23,132		45,387

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Strategic investment			Total
	US$		US$		US$		US$		US$			US$
Revenue from contracts with customers
Digital solutions and other services
Insurance brokerage services		—		1,249		—		—		—			1,249
Digital solutions fee		—		12,220		—		—		—			12,220

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		11,031		—		—			11,031
Fashion, arts and luxury media licensing and marketing services income		—		—		3,443		—		—			3,443
Hotel operations, hospitality and VIP services
Hotel operations, hospitality and VIP services income		—		—		—		10,301		—			10,301
Subtotal		—		13,469		14,474		10,301		—			38,244

Revenue from other sources
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		—		(40,899	)		(40,899	)
Gain related to disposed investment		—		—		—		—		123,634			123,634
Dividend income		—		—		—		—		9,935			9,935
Total		—		13,469		14,474		10,301		92,670			130,914

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Hotel operations, hospitality and VIP services		Total
	US$		US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		—		1,249		11,031		10,301		22,581
Services rendered over time		—		12,220		3,443		—		15,663
Total revenue from contracts with customers		—		13,469		14,474		10,301		38,244

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Strategic investment			Total
	US$		US$		US$		US$			US$
Revenue from contracts with customers
Capital market solutions
Underwriting commission		12,070		—		—		—			12,070
Financial advisory fee		54,614		—		—		—			54,614
Management fee and performance-based incentive fee		2,144		—		—		—			2,144
Brokerage and handling fee		5,403		—		—		—			5,403
Others		74		—		—		—			74

Digital solutions and other services
Insurance brokerage services		—		1,040		—		—			1,040
Digital solutions fees		—		22,400		—		—			22,400

Media and entertainment
Fashion, arts and luxury magazines and advertising services income		—		—		3,608		—			3,608
Fashion, arts and luxury media licensing and marketing services income		—		—		4,012		—			4,012
Sub-total		74,305		23,440		7,620		—			105,365

Revenue from other sources

Strategic investment
Net fair value changes on financial assets at fair value through profit or loss		—		—		—		(20,609	)		(20,609	)
Net fair value changes on derivative financial assets		—		—		—		61,897			61,897
Gain related to disposed investment		—		—		—		22,106			22,106
Dividend income		—		—		—		6,412			6,412
Total		74,305		23,440		7,620		69,806			175,171

Segments	Capital market solutions		Digital solutions and other services		Media and entertainment		Total
	US$		US$		US$		US$
Timing of revenue recognition
Services rendered at a point in time		72,161		1,040		3,608		76,809
Services rendered over time		2,144		22,400		4,012		28,556

Total revenue from contracts with customers		74,305		23,440		7,620		105,365

Schedule of Amount of Revenue Recognized

The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Revenue recognized that was included in contract liabilities at the beginning of the reporting period
Capital market solutions		—		—		81
Digital solutions services		—		895		—
		—		895		81

Schedule of Digital Solutions Services

The transaction prices allocated to the remaining performance obligations of digital solutions services (unsatisfied or partially unsatisfied) as of December 31, 2023 and 2024 are as follows:

	As of December 31,
	2024		2023		2022
	US$		US$		US$
Within one year		—		—		26,138
More than one year		—		—		12,953
		—		—		39,091

Schedule of Other Income

The performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year.

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Bank interest income		1,840		4,178		2
Other interest income		251		5,525		6,551
Interest income from the immediate holding company (Note 29)		16,828		10,489		9,703
Government grant		—		—		151
Others		12		2,750		1,656
		18,931		22,942		18,063

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Other Operating Expenses [Abstract]

Schedule of Other Operating Expenses Included in Profit or Loss and Other Comprehensive Income

Other operating expenses included in the consolidated statements of profit or loss and other comprehensive income are as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Other operating expenses
Cost of production		7,102		3,761		1,505
Cost of hotel operation		8,510		3,477		—
Marketing and brand promotional expenses		638		649		1,049
Premises costs and office utilities
—Premises costs		3,639		4,970		1,672
—Office utilities		7		417		1,167
		3,646		5,387		2,839

Traveling and business development expenses		272		223		991
Commissions and bank charges		302		232		167
Office and maintenance expenses		5		274		3
Administrative service fee		4,615		4,597		3,806
Legal and professional related fees		5,644		5,631		9,414
Staff recruitment expenses		1,039		1,272		540
Others
—Depreciation of property, plant and equipment		6,730		1,766		12
—Amortization of intangible assets		115		857		726
—Foreign exchange differences, net		228		225		252
—Other expenses		627		1,000		1,497
		7,700		3,848		2,487
		39,473		29,351		22,801

Staff Costs (Tables)

12 Months Ended

Dec. 31, 2024

Staff Costs [Abstract]

Schedule of Staff Costs

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Salaries, bonuses and staff welfare		14,007		18,493		15,490
Pension scheme contributions (defined contribution schemes)		1,464		1,590		1,014
		15,471		20,083		16,504

Finance Costs (Tables)

12 Months Ended

Dec. 31, 2024

Finance Costs [Abstract]

Schedule of Finance Costs

An analysis of finance costs is as follows:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Interests on convertible bond		—		—		55
Interests on bank borrowings		12,180		6,010		804
Interests on amount due to a non-controlling shareholder		1,115		2,140		—
Interests on lease liabilities		130		49		—
		13,425		8,199		859

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Expense [Abstract]

Schedule of Rates of Tax Applicable in Countries

Overseas tax is calculated at rates of tax applicable in countries in which the Group is assessable for tax:

	For the year ended December 31,
	2024		2023			2022
	US$		US$			US$
Hong Kong profits tax:
- Charge for the year		771		4,261			12,926
- Overprovision in prior year		—		(800	)		—
The People’s Republic of China withholding tax:
- Charge for the year		868		993			641
Other jurisdictions:
- Charge for the year		—		—			80
Deferred tax		—		(140	)		(242	)
		1,639		4,314			13,405

Schedule of Reconciliation of Tax Expense and Profit Before Tax

A income tax expense can be reconciled to profit before taxation as follows:

	For the year ended December 31,
	2024			2023			2022
	US$			US$			US$
Profit before tax		55,217			157,697			173,871

Tax at statutory tax rate of domestic income tax rate		13,804			26,020			28,689
Tax effect of foreign tax jurisdictions		(40	)		108			34
Tax effect of two-tiered profit tax rate		-			(21	)		(21	)
Tax effect of non-taxable income		(24,150	)		(31,954	)		(15,604	)
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose		(1,076	)		(1,412	)		(2,591	)
Tax effect of non-deductible expenses		9,776			4,743			2,265
Tax effect of unrecognized temporary difference		-			—			(1	)
Overprovision in prior year		-			(800	)		—
Tax effect of tax loss not recognized		2,515			6,637			—
Utilization of tax losses previously not recognized		(58	)		—			(7	)
Withholding tax on the dividend income		868			993			641
Income tax expense		1,639			4,314			13,405

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent [Abstract]

Schedule of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for each of the periods presented are calculated as follows:

	For the year ended December 31,
	2024		2023		2022
Basic and diluted earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (US$)-basic Class A		28,389		76,720		65,527

Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (US$)-basic Class B		18,338		57,716		76,206

Denominator:
Weighted average number of Class A ordinary shares outstanding—basic		244,360,199		206,965,601		138,490,789

Weighted average number of Class B ordinary shares outstanding—basic		157,842,028		155,698,533		160,959,872

Basic earnings per share (US$) Class A		0.12		0.37		0.47

Basic earnings per share (US$) Class B		0.12		0.37		0.47

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Receivable [Abstract]

Summary of Accounts Receivable

	As of December 31,
	2024		2023
	US$		US$
Commission receivable from insurance brokerage		572		200
Receivable from hotel operations, hospitality and VIP services		1,484		111
Receivable from media and entertainment services		4,973		5,214
		7,029		5,525

Prepayments, Deposits and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Prepayments, Deposits and Other Receivables [Abstract]

Schedule of Prepayments, Deposits and Other Receivables

	As of December 31,
	2024			2023
	US$			US$
Consideration receivable on disposal of subsidiaries to independent third parties		-			10,000
Receivables from former subsidiaries		18,125			—
Prepayments		3,475			2,661
Deposits		195			337
Other receivables		2,052			3,939
Less: impairment loss provided under expected credit loss model		(501	)		(501	)
		23,346			16,436

Financial Assets at Fair Value Through Profit or Loss and Stock Loan (Tables)

12 Months Ended

Dec. 31, 2024

Financial Assets at Fair Value Through Profit or Loss and Stock Loan [Abstract]

Schedule of Financial Assets at Fair Value Through Profit or Loss and Stock Loan

	As of December 31,
	2024		2023
	US$		US$
Financial assets at fair value through profit or loss, other than financial asset at fair value through profit or loss under stock loan		164,620		66,290
Financial assets at fair value through profit or loss under stock loan		-		13,317
Total financial assets at fair value through profit or loss		164,620		79,607

Listed equity shares		149,918		72,053
Unlisted equity shares		2,570		2,005
Movie income right investments		12,132		5,549
		164,620		79,607
Presented as
Current		24,987		-
Non-current		139,633		79,607
		164,620		79,607

Derivative Financial Assets (Tables)

12 Months Ended

Dec. 31, 2024

DERIVATIVE FINANCIAL ASSETS [Abstract]

Schedule of Derivative Financial Asset in Accordance

The Agreements satisfied the definition of derivative financial asset in accordance with U.S. GAAP and were stated at fair value with any subsequent changes recognized in profit or loss.

	Net carrying amount
	US$
As of January 1, 2022		167,388
Realized in profit or loss during the year		34,234
Settlement		(201,411	)
Exchange realignment		(211	)
As of December 31, 2023 and 2024		—

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

	Properties			Computer equipment			Right-of- use assets			Total
	US$			US$			US$			US$
Cost:
As of January 1, 2023		—			20			—			20
Additions		15			57			219			291
Additions from acquisition of subsidiaries (Note 32(a))		135,592			79			254			135,925
Disposal of subsidiaries		(63,444	)		(7	)		—			(63,451	)
Exchange realignment		(1,614	)		1			19			(1,594	)

As of December 31, 2023		70,549			150			492			71,191
Additions		226,165			8			544			226,717
Disposal of subsidiaries		—			—			(212	)		(212	)
Exchange realignment		2,060			(6	)		(61	)		1,993

As of December 31, 2024		298,774			152			763			299,689

Accumulated depreciation:
As of January 1, 2023		—			(8	)		—			(8	)
Charge for the year		(1,621	)		(25	)		(120	)		(1,766	)
Disposal of subsidiaries		623			5			—			628
Exchange realignment		11			—			(2	)		9

As of December 31, 2023		(987	)		(28	)		(122	)		(1,137	)
Charge for the year		(6,426	)		(31	)		(273	)		(6,730	)
Disposal of subsidiaries		-			-			145			145
Exchange realignment		(506	)		(2	)		(10	)		(518	)

As of December 31, 2024		(7,919	)		(61	)		(260	)		(8,240	)

Carrying amount:
As of December 31, 2024		290,855			91			503			291,449

As of December 31, 2023		69,562			122			370			70,054

Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill [Abstract]

Schedule of Goodwill

	Total
	US$
Cost:
As of January 1, 2023		7,525
Disposal of subsidiaries		(7,511	)
Exchange realignment		(14	)

As of December 31, 2023 and 2024		—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Intangible Assets [Abstract]

Schedule of Intangible Assets

	Archived images			Developed technology			Brand names			Total
	US$			US$			US$			US$
Net carrying amount as of January 1, 2023		500			3,925			92,542			96,967
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))		—			—			25,392			25,392
Amortization during the year		—			(848	)		(9	)		(857	)
Disposal of subsidiaries		—			(2,966	)		—			(2,966	)
Exchange realignment		(1	)		(5	)		(107	)		(113	)

Net carrying amount as of December 31, 2023		499			106			117,818			118,423

Amortization during the year		—			(106	)		(9	)		(115	)
Exchange realignment		3			—			1,070			1,073

Net carrying amount as of December 31, 2024		502			—			118,879			119,381

Schedule of Intangible Assets Useful Lives

The intangible assets are amortized on a straight-line basis as follows:

Developed technology
Brand names
Archived images

7 years
20 years or indefinite useful lives
Indefinite useful lives

Interests in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2024

Interests in Joint Ventures [Abstract]

Schedule of Interests in Joint Ventures

	As of December 31,
	2024		2023
	US$		US$
Cost of investments in joint ventures		-		(7,988	)
Due from joint ventures		-		23,810

		-		15,822

Schedule of Description in Material Joint Ventures

Details of material joint ventures as of December 31, 2023 are as follows:

Name		Place of incorporation				Percentage of ownership interest held by the Company				Principal activity
DHI Holdings (S) Pte Ltd.			Singapore				51	%		Hotel operations, hospitality and VIP services

Schedule of the Financial Information of Joint Venture

The following table illustrates the summarized financial information in respect of the Singapore hotel companies adjusted for any differences in accounting policies and reconciled to the carrying amount in the consolidated financial statements:

	As of December 31, 2023
	US$
Total assets		201,025
Total liabilities		(216,689	)

Net assets		(15,664	)
Proportion of the Group’s ownership		51	%

Group’s share of net assets of joint ventures		(7,988	)
Due from joint ventures		23,810

Interests in joint ventures		15,822

Addition information of the joint ventures
Cash and cash equivalents		3,516
Amounts due to shareholders		48,280
Bank borrowings		163,438

	February 20, 2023 to December 31, 2023
	US$
Revenue		24,129

Loss for the period		(4,578	)
Other comprehensive loss for the period		(600	)

Total comprehensive loss for the period		(5,178	)

Accounts Payable (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Payable [Abstract]

Schedule of Accounts Payable

	As of December 31,
	2024		2023
	US$		US$
Payables to suppliers of media and entertainment services		2,386		8,628
Other		1,254		754

		3,640		9,382

Bank Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Bank Borrowings [Abstract]

Schedule of Currency Analysis of Bank Borrowings

A currency analysis of bank borrowings at the end of the reporting periods is as follows:

	As of December 31,
	2024		2023
	US$		US$
Hong Kong dollars - secured		50,135		50,655
United States dollars - secured		44,163		—
United States dollars - unsecured		30,184		45,000
Singapore dollars - secured		158,466		—
Euro - unsecured		—		475
British Pound - unsecured		25		36

		282,973		96,166

Schedule of Bank Borrowings

	As of December 31,
	2024		2023
	US$		US$
Shown as:
Non-current		219,434		30,373
Current		63,539		65,793

		282,973		96,166

Other Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2024

Other Payables and Accruals [Abstract]

Schedule of Other Payables and Accruals

	As of December 31,
	2024		2023
	US$		US$
Accruals and other payables		6,201		14,221
Consideration payable on acquisition of subsidiaries		3,009		3,195
Contract liabilities (note (i))		667		1,462
Lease liabilities (note (ii))		519		382

		10,396		19,260

(i)

Contract liabilities as of December 31, 2023 and 2024 included upfront fees received to deliver digital solutions services, upfront fees received to deliver media and entertainment, and hotel operations, hospitality and VIP services.

(ii)

The weighted average incremental borrowing rate applied to lease liabilities is 3.72% and 2.57%, respectively, for the years ended December 31, 2023 and 2024.

Provisions (Tables)

12 Months Ended

Dec. 31, 2024

Provisions [Abstract]

Schedule of Claims from vendors

Claims from vendors

	Claims from vendors
	US$
At January 1, 2023		4,079
Additions from acquisition of subsidiaries		476
Settled during the year		(831	)
Exchange alignment		142

At December 31, 2023		3,866
Additions		450
Settled during the year		(533	)
Disposal of subsidiaries		(3,750	)
Exchange alignment		(33	)

At December 31, 2024		—

Deferred Tax Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Tax Liabilities [Abstract]

Schedule of Deferred Tax Liabilities

The movements in deferred tax liabilities during the years are as follows:

	Intangible assets
	US$
At January 1, 2023		3,307
Acquisitions of subsidiaries (Note 32)		2,920
Deferred tax credited to profit or loss during the year (Note 9)		(140	)
Exchange alignment		(504	)

At December 31, 2023		5,583
Exchange alignment		75

At December 31, 2024		5,658

Share Capital, Capital Reserve and Treasury Shares (Tables)

12 Months Ended

Dec. 31, 2024

Share Capital, Capital Reserve and Treasury Shares [Abstract]

Schedule of Ordinary Shares

Except for the voting rights and the conversion rights, the Class A ordinary shares and the Class B ordinary shares shall rank pari passu with one another and shall have the same rights, preferences, privileges and restrictions.

			Numbers of shares
	Notes		Class A ordinary shares		Class B ordinary shares			Class B treasury shares
As of January 1, 2023				144,077,211		131,739,722			101,787,257
Issued during the year		(i), (ii)		98,688,525		—			—
Re-issue of treasury shares		(iii)		—		30,875,576			(30,875,576	)
Repurchase of ordinary shares		(iv)		—		(4,773,270	)		4,773,270

As of December 31, 2023				242,765,736		157,842,028			75,684,951
Issued during the year		(v)		12,157,782		—			—
As of December 31, 2024				254,923,518		157,842,028			75,684,951

(i)

In April 2023, the Company issued 90,000,000 Class A shares to the private investors at US$1.04 per share.

(ii)

During the year ended December 31, 2023, the Company acquired 100% of The Art Newspaper SA with part of purchase consideration settling by issuing 8,688,525 Class A shares to the selling shareholders with fair value of US$5,607. Details on Note 32 (a)(ii).

(iii)

In February 2023, the Company acquired WME Assets and the transaction was settled by 30,875,576 Class B treasury shares of the Company reissued at US$8.68 per share of the Company.

(iv)

On December 31, 2023, the Company repurchased 4,773,270, Class B ordinary shares from the immediate holding company, amounting to US$40,000.

(v)

During the year ended December 31, 2024, the Company issued 12,157,782 Class A shares at a consideration of US$20,000.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Addition to the Transactions Disclosed Elsewhere in these Consolidated Financial Statements

In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years:

		For the year ended December 31,
	Notes	2024		2023		2022
		US$		US$		US$
Capital market solutions services rendered to related companies controlled by a director of the Company	(i)		—		—		1,149
Management fee paid to immediate holding company	(i)		—		—		18

Investment advisory fee paid to a fellow subsidiary	(i)		—		—		21

Capital market solutions services rendered to fellow subsidiaries	(i)		—		—		3

Insurance commission received from immediate holding company and a fellow subsidiary	(i)		41		48		4

Digital solutions and other services income from immediate holding company	(i)		2,564		2,554		1,592

Fashion, arts and luxury media advertising and marketing services from immediate holding company	(i)		2,888		2,726		2,888

Administrative service fee paid to immediate holding company	(iii)		4,615		4,597		3,767

Interest income from immediate holding company	(iv)		16,828		10,489		9,703

Recharge from/(to) immediate holding company
—Staff costs			—		—		4,084
—Premises cost			—		—		1,469

	(iii)		—		—		5,553

Treasury shares repurchased from immediate holding company	26		—		40,000		320,603


Acquisition of AMTD Digital from immediate holding company and fellow subsidiaries	(ii)(a)		—		—		740,451

Acquisition of WME Assets from immediate holding company	(ii)(b)		—		268,000		—

Disposal of financial assets at fair value through profit or loss to immediate holding company	(ii)(c)		—		80,155		—

(i)

The terms of these services were comparable to the fee and conditions offered to the customers of the Group.

(ii)	a.	In 2022, the Group acquired 82.7% interest in AMTD Digital from the immediate holding company and fellow subsidiaries at a consideration of approximately US$993 million.

	b.	In 2023, the Group acquired 100% interest in WME Assets from the immediate holding company at a consideration of US$268,000.

	c.	In 2023, the Group disposed financial assets at fair value through profit or loss to the immediate holding company at a consideration of US$80,155.

(iii)	The staff costs and premises cost was recharged by the immediate holding company based on actual usage. Starting from July 2022, the immediate holding company charged a fixed service fee of HK$9 million (HK$6 million prior to July 2022) per quarter for other administrative expenses.

(iv)	The transaction represented the interest income charged at 2% per annum on the outstanding amount due from the immediate holding company which was payable on demand.

Schedule of Compensation of Key Management

Compensation of key management personnel of the Group:

	For the year ended December 31,
	2024		2023		2022
	US$		US$		US$
Short-term employee benefits		896		1,459		4,255
Other long-term benefit		2		6		13

		898		1,465		4,268

Fair Value and Fair Value Hierarchy of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value and Fair Value Hierarchy of Financial Instruments [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The carrying amounts and fair values of the Group’s financial instruments measured at fair value are as follows:

	Fair values
	As of December 31,
	2024		2023
	US$		US$
Financial assets
Financial assets at fair value through profit or loss		164,620		79,607

Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments

Below is summary of significant unobservable inputs to valuation of financial instruments as of December 31, 2023 and 2024:

	Valuation technique	Significant unobservable input	Range or estimate
Unlisted equity investment	Multiple/ EVA	Equity volatility	69.60%
Movie income right investments	Income approach	Discount rate	10.40%-12.59%

Schedule of Assets Measured at Fair Value

Assets measured at fair value:

Fair value measurement using

Quoted
prices in
active
markets
(Level 1)

Recent
transaction
price
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$

As of December 31, 2023

Financial assets at fair value through profit or loss

72,053

1,813

5,741

79,607

As of December 31, 2024

Financial assets at fair value through profit or loss

149,849

8,908

5,863

164,620

Schedule of Movements in Fair Value Measurements

The movements in fair value measurements within Level 3 during the years are as follow:

	For the year ended December 31,
	2024		2023
	US$		US$
Unlisted equity shares at fair value through profit or loss:
At January 1,		5,741		80,528
Disposal		—		(25,539	)
Transfer		—		4,118
Derecognition upon acquisition of subsidiaries		—		(66,190	)
Total gains in profit or loss		—		12,804
Exchange realignment		122		20

At December 31,		5,863		5,741

Schedule of Derivative Financial Assets

	For the year ended December 31,
	2023
	US$
Derivative financial assets in relation to the Agreement:
At January 1,		167,388
Net fair value gains recognized in profit or loss		34,234
Settlement		(201,411	)
Exchange realignment		(211	)
At December 31,		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Acquisitions of Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2024

Acquisitions of Subsidiaries [Abstract]

Schedule of Assets Acquired and Liabilities Recognized at the Date of Acquisition

Assets acquired and liabilities recognized at the date of acquisition

	US$
Interests in joint ventures		24,726
Property, plant and equipment		135,592
Cash and bank balances		3,860
Accounts receivable		527
Prepayments, deposits and other receivables		20,365
Amount due from a non-controlling shareholder		637
Account payable		(311	)
Accruals and other payables		(2,269	)
Bank borrowings		(50,849	)
Amount due to a non-controlling shareholder		(53,464	)
Amount due to AMTD Group		(81,968	)

		(3,154	)

Assets acquired and liabilities recognized at the date of acquisition

	US$
Cash and bank balances		27
Accounts receivable		674
Prepayments, other receivables and deposits		301
Property, plant and equipment		333
Intangible assets		25,392
Accounts payables		(402	)
Other payables and accruals		(2,068	)
Bank borrowings		(37	)
Deferred tax liabilities		(2,920	)

Net assets acquired		21,300

Assets acquired and liabilities recognized at the date of acquisition

	US$
Property, plant and equipment		189,826
Accounts receivable		920
Prepayments, deposits and other receivables		622
Cash and cash equivalents		4,273
Accounts payables		(116	)
Other payables and accruals		(467	)
Provisions		(1,406	)
Contract liabilities		(471	)
Amount due to shareholders		(47,157	)
Tax liabilities		(214	)
Bank borrowings		(159,722	)
Non-controlling interests		6,817
Net assets acquired		(7,095	)
Interests in joint venture eliminated		(7,095	)

Schedule of Reserve Arising on Acquisition

Reserve arising on acquisition:

	US$
Consideration transferred		268,000
Plus: non-controlling interests of AMTD Digital		(1,019	)
Plus: non-controlling interests of AMTD Assets		(336	)
Plus: non-controlling interests of AMTD Assets’ subsidiaries		5,355
Less: recognized amounts of net liabilities acquired		3,154

		275,154

Schedule of Net cash inflow on acquisition

	US$
Cash consideration paid		—
Add: cash and cash equivalent balances acquired		3,860

		3,860

Cash and cash equivalent balances acquired

4,273

Schedule of Consideration Transferred

	US$
Cash		2,540
Ordinary shares of the Company		5,607
Ordinary shares of AMTD Digital		5,607
Other consideration payable		3,077

		16,831

Schedule of Gain Arising on Acquisition

Gain arising on acquisition:

	US$
Recognized amounts of net payable assets acquired		21,300
Less: consideration paid/payable		(16,831	)

		4,469

Schedule of Net Cash Outflow on Acquisition

Net cash outflow on acquisition of The Art Newspaper SA

	US$
Cash consideration paid		(2,540	)
Less: cash and cash equivalents balances acquired		27
		(2,513	)

Corporate Information - Schedule of Company's Principal Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AMTD International Holding Group Limited) (“AMTD IHG”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Hong Kong (“HK”)
Issued and registered share capital (in Dollars)	$ 500,000
Principal activities	Investment holding
AMTD Digital Inc [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cayman Islands
Issued and registered share capital (in Dollars)	$ 12,616
Principal activities	Investment holding
AMTD Risk Solutions Group Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	HK
Issued and registered share capital (in Dollars)	$ 500,000
Principal activities	Provision of digital solutions and other services
WME Assets Group (“WME Assets”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cayman Islands
Issued and registered share capital (in Dollars)	$ 10,410
Principal activities	Investment holdings and hotel operation, hospitality and VIP services
The Generation Essentials Group [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cayman Islands
Issued and registered share capital (in Dollars)	$ 1
Principal activities	Investment holding
Lofficiel Inc Saslofficiel [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cayman Islands
Issued and registered share capital (in Dollars)	$ 1
Principal activities	Investment holding and provision of fashion, arts and luxury media advertising and marketing services
The Art Newspaper Group Inc. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cayman Islands
Issued and registered share capital (in Dollars)	$ 1
Principal activities	Investment holding and provision of fashion, arts and luxury media advertising and marketing services
Direct [Member] \| AMTD International Holding Group Limited) (“AMTD IHG”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	100.00%	100.00%
Direct [Member] \| AMTD Digital Inc [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	51.60%	95.50%
Direct [Member] \| AMTD Risk Solutions Group Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Direct [Member] \| WME Assets Group (“WME Assets”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Direct [Member] \| The Generation Essentials Group [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Direct [Member] \| Lofficiel Inc Saslofficiel [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Direct [Member] \| The Art Newspaper Group Inc. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Indirect [Member] \| AMTD International Holding Group Limited) (“AMTD IHG”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Indirect [Member] \| AMTD Digital Inc [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company
Indirect [Member] \| AMTD Risk Solutions Group Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	51.60%	95.50%
Indirect [Member] \| WME Assets Group (“WME Assets”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	62.30%	83.40%
Indirect [Member] \| The Generation Essentials Group [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	64.90%	86.80%
Indirect [Member] \| Lofficiel Inc Saslofficiel [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	64.90%	86.80%
Indirect [Member] \| The Art Newspaper Group Inc. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of equity and voting rights attributable to the Company	64.90%	86.80%

Significant Accounting Estimates and Judgments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Estimates and Judgments [Line Items]
Other receivables	$ 2,052	$ 3,939	$ 501
Due from immediate holding company	4,988	4,988
Loss allowance for other receivables	501	501
ECL [Member]
Significant Accounting Estimates and Judgments [Line Items]
Due from immediate holding company		4,988
Loss allowance for other receivables	$ 501	$ 501

Operating Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Hong Kong [Member]
Segment Reporting Information [Line Items]
Non-current assets	$ 68,905	$ 69,739
Singapore [Member]
Segment Reporting Information [Line Items]
Non-current assets	184,215	15,942
America [Member]
Segment Reporting Information [Line Items]
Non-current assets	38,183
Europe [Member]
Segment Reporting Information [Line Items]
Non-current assets	$ 119,527	$ 118,618

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

Operating Segment Information - Schedule of Information by Segment with Prior Period Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment revenue (Note 5)
Revenues	$ 80,457	$ 130,914	$ 175,171
Unallocated other income	18,931	22,942	18,063
Profit before tax		157,697	173,871
Unallocated net changes in fair value on derivative financial liability			61,897
Other segment information
Depreciation and amortization	6,845	2,623	738
Operating Segments [Member]
Segment revenue (Note 5)
Segment results	38,822	105,865	165,970
Profit before tax	55,217
Corporate, Non-Segment [Member]
Segment revenue (Note 5)
Unallocated other income	18,931	22,942	18,063
Unallocated other gain	24,757	68,797	19,598
Unallocated finance costs	(13,425)	(8,199)	(859)
Corporate and other unallocated expenses	(13,868)	(31,708)	(30,605)
Unallocated net changes in fair value on derivative financial liability			1,704
from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	45,387	38,244	105,365
others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	35,070	92,670	69,806
Capital Market Solutions [Member]
Segment revenue (Note 5)
Revenues			74,305
Capital Market Solutions [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Segment results		(1,276)	72,140
Capital Market Solutions [Member] \| from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues			74,305
Capital Market Solutions [Member] \| others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues
Digital Solutions And Other Services [Member]
Segment revenue (Note 5)
Revenues	3,396	13,469	23,440
Digital Solutions And Other Services [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Segment results	2,624	9,126	21,299
Digital Solutions And Other Services [Member] \| from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	3,396	13,469	23,440
Digital Solutions And Other Services [Member] \| others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues
Media And Entertainment [Member]
Segment revenue (Note 5)
Revenues	18,859	14,474	7,620
Media And Entertainment [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Segment results	2,072	3,239	2,725
Media And Entertainment [Member] \| from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	18,859	14,474	7,620
Media And Entertainment [Member] \| others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues
Hotel Operations Hospitality And VIP Services [Member]
Segment revenue (Note 5)
Revenues	23,132	10,301
Hotel Operations Hospitality And VIP Services [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Segment results	(944)	2,106
Hotel Operations Hospitality And VIP Services [Member] \| from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	23,132	10,301
Hotel Operations Hospitality And VIP Services [Member] \| others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues
Strategic Investment [Member]
Segment revenue (Note 5)
Revenues	35,070	92,670	69,806
Strategic Investment [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Segment results	35,070	92,670	69,806
Strategic Investment [Member] \| from contract with customers [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues
Strategic Investment [Member] \| others [Member] \| Operating Segments [Member]
Segment revenue (Note 5)
Revenues	$ 35,070	$ 92,670	$ 69,806

Operating Segment Information - Schedule of Segment Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment assets
Segment assets	$ 2,069,918	$ 1,486,590	$ 1,060,723
Segment liabilities
Segment liabilities	369,889	193,016	58,309
Operating Segments [Member]
Segment assets
Segment assets	582,479	292,610	508,281
Segment liabilities
Segment liabilities	299,958	149,724	25,594
Corporate, Non-Segment [Member]
Segment assets
Segment assets	1,487,439	1,193,980	552,442
Segment liabilities
Segment liabilities	69,931	43,292	32,715
Capital Market Solutions [Member] \| Operating Segments [Member]
Segment assets
Segment assets			10,429
Digital Solutions And Other Services [Member] \| Operating Segments [Member]
Segment assets
Segment assets	572	1,480	23,691
Segment liabilities
Segment liabilities	16,065	15,621	2,324
Media And Entertainment [Member] \| Operating Segments [Member]
Segment assets
Segment assets	137,084	126,028	93,754
Segment liabilities
Segment liabilities	6,525	27,361	23,270
Hotel operations, hospitality and VIP services [Member] \| Operating Segments [Member]
Segment assets
Segment assets	292,335	85,495
Segment liabilities
Segment liabilities	277,368	106,742
Strategic Investment [Member] \| Operating Segments [Member]
Segment assets
Segment assets	$ 152,488	$ 79,607	$ 380,407

Operating Segment Information - Schedule of Revenue from Contract with Customers by Geographical Areas Based (Details) - Revenue from Contract with Customer [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 45,387	$ 38,244	$ 105,365
China (including Hong Kong) [Member]
Segment Reporting Information [Line Items]
Revenue	7,297	18,601	97,558
Europe [Member]
Segment Reporting Information [Line Items]
Revenue	9,661	6,582	2,461
America [Member]
Segment Reporting Information [Line Items]
Revenue	4,867	10,419	4,090
Southeast Asia [Member]
Segment Reporting Information [Line Items]
Revenue	23,562	2,642	1,256
Capital markets solutions [Member]
Segment Reporting Information [Line Items]
Revenue			74,305
Capital markets solutions [Member] \| China (including Hong Kong) [Member]
Segment Reporting Information [Line Items]
Revenue			74,305
Capital markets solutions [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue
Capital markets solutions [Member] \| America [Member]
Segment Reporting Information [Line Items]
Revenue
Capital markets solutions [Member] \| Southeast Asia [Member]
Segment Reporting Information [Line Items]
Revenue
Digital solutions and other services [Member]
Segment Reporting Information [Line Items]
Revenue	3,396	13,469	23,440
Digital solutions and other services [Member] \| China (including Hong Kong) [Member]
Segment Reporting Information [Line Items]
Revenue	832	13,469	23,253
Digital solutions and other services [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue
Digital solutions and other services [Member] \| America [Member]
Segment Reporting Information [Line Items]
Revenue
Digital solutions and other services [Member] \| Southeast Asia [Member]
Segment Reporting Information [Line Items]
Revenue	2,564		187
Media and entertainment [Member]
Segment Reporting Information [Line Items]
Revenue	18,859	14,474	7,620
Media and entertainment [Member] \| China (including Hong Kong) [Member]
Segment Reporting Information [Line Items]
Revenue	664
Media and entertainment [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	9,661	6,582	2,461
Media and entertainment [Member] \| America [Member]
Segment Reporting Information [Line Items]
Revenue	4,867	5,250	4,090
Media and entertainment [Member] \| Southeast Asia [Member]
Segment Reporting Information [Line Items]
Revenue	3,667	2,642	$ 1,069
Hotel operations, hospitality and VIP services [Member]
Segment Reporting Information [Line Items]
Revenue	23,132	10,301
Hotel operations, hospitality and VIP services [Member] \| China (including Hong Kong) [Member]
Segment Reporting Information [Line Items]
Revenue	5,801	5,132
Hotel operations, hospitality and VIP services [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue
Hotel operations, hospitality and VIP services [Member] \| America [Member]
Segment Reporting Information [Line Items]
Revenue		5,169
Hotel operations, hospitality and VIP services [Member] \| Southeast Asia [Member]
Segment Reporting Information [Line Items]
Revenue	$ 17,331

Revenue, Other Income and Other Gain (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Other Income and Other Gain [Abstract]
Gain loss due to change in fair value of investments in related parties				$ 27,298
Nonoperating gains	$ 24,816	€ 2,888,000	$ 19,598	68,797
Gain recognised in bargain purchase transaction			4,848	4,469
Gain (loss) on disposition of assets			$ 14,750	$ 64,328

Revenue, Other Income and Other Gain - Schedule of Analysis of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 45,387	$ 38,244	$ 105,365
Dividend income	8,681	9,935	6,412
Total net fair value changes on financial assets at fair value through profit or loss	26,389	(40,899)	(20,609)
Net fair value changes on derivative financial asset			61,897
Other gains and losses from investments and derivatives realized and unrealized operating	35,070	92,670	69,806
Total revenue	80,457	130,914	175,171
Underwriting Commission [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			12,070
Financial Advisory Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			54,614
Management Fee and Performance based Incentive Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			2,144
Brokerage And Handling Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			5,403
Others [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			74
Digital Solutions Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			22,400
Fashion, arts and luxury magazines and advertising services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	13,376	11,031	3,608
Fashion, arts and luxury media licensing and marketing services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,483	3,443	4,012
Listed Equity Shares [Member]
Schedule of Analysis of Revenue [Line Items]
Total net fair value changes on financial assets at fair value through profit or loss	26,389	(40,927)	(48,267)
UnListed Equity Shares [Member]
Schedule of Analysis of Revenue [Line Items]
Total net fair value changes on financial assets at fair value through profit or loss		28	27,658
Capital Market Solutions [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			74,305
Total revenue			74,305
Capital Market Solutions [Member] \| Underwriting Commission [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			12,070
Capital Market Solutions [Member] \| Financial Advisory Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			54,614
Capital Market Solutions [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			2,144
Capital Market Solutions [Member] \| Brokerage And Handling Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			5,403
Capital Market Solutions [Member] \| Others [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			74
Capital Market Solutions [Member] \| Digital Solutions Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Capital Market Solutions [Member] \| Fashion, arts and luxury magazines and advertising services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Capital Market Solutions [Member] \| Fashion, arts and luxury media licensing and marketing services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Digital Solutions and Services Income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,396	13,469	23,440
Digital Solutions and Services Income [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	832	1,249	1,040
Digital Solutions and Services Income [Member] \| Digital Solutions Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,564	12,220	22,400
Media And Entertainment [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,859	14,474	7,620
Total revenue	18,859	14,474	7,620
Media And Entertainment [Member] \| Underwriting Commission [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Financial Advisory Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Brokerage And Handling Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Others [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Digital Solutions Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Media And Entertainment [Member] \| Fashion, arts and luxury magazines and advertising services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	13,376	11,031	3,608
Media And Entertainment [Member] \| Fashion, arts and luxury media licensing and marketing services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,483	3,443	4,012
Hotel Operations Hospitality And VIP Services [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,132	10,301
Total revenue	23,132	10,301
Hotel Operations Hospitality And VIP Services [Member] \| Fashion, arts and luxury magazines and advertising services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Hotel Operations Hospitality And VIP Services [Member] \| Fashion, arts and luxury media licensing and marketing services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Hotel Operations Hospitality And VIP Services [Member] \| Hotel Operation Others [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,132	10,301
Strategic Investment [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Revenue from other sources, Strategic investments	8,681	133,569	28,518
Total revenue	35,070	92,670	69,806
Strategic Investment [Member] \| Underwriting Commission [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Financial Advisory Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Brokerage And Handling Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Others [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Digital Solutions Fees [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Fashion, arts and luxury magazines and advertising services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Fashion, arts and luxury media licensing and marketing services income [Member]
Schedule of Analysis of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax
Strategic Investment [Member] \| Dividend income [Member]
Schedule of Analysis of Revenue [Line Items]
Dividend income	8,681	9,935	6,412
Strategic Investment [Member] \| Gain related to disposed investments [Member]
Schedule of Analysis of Revenue [Line Items]
Gain related to disposed investments		$ 123,634	$ 22,106

Revenue, Other Income and Other Gain - Schedule of Present Disaggregated Revenue Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	$ 45,387	$ 38,244	$ 105,365
Net fair value changes on financial assets at fair value through profit or loss	26,389	(40,899)	(20,609)
Net fair value changes on derivative financial assets			61,897
Total	80,457	130,914	175,171
Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	832	1,249	1,040
Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	2,564	12,220
Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	13,376	11,031	3,608
Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	5,483	3,443	4,012
Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	23,132	10,301
Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss	26,389	(40,899)	(20,609)
Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income	8,681	9,935	6,412
Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment		123,634	22,106
Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		22,581	76,809
Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		15,663	28,556
Underwriting Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			12,070
Financial Advisory Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			54,614
Management Fee and Performance based Incentive Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			2,144
Brokerage And Handling Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			5,403
Others [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			74
Digital Solutions Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			22,400
Net fair value changes on derivative financial assets [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on derivative financial assets			61,897
Capital Market Solutions [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			74,305
Total			74,305
Capital Market Solutions [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss
Capital Market Solutions [Member] \| Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income
Capital Market Solutions [Member] \| Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment
Capital Market Solutions [Member] \| Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			72,161
Capital Market Solutions [Member] \| Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			2,144
Capital Market Solutions [Member] \| Underwriting Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			12,070
Capital Market Solutions [Member] \| Financial Advisory Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			54,614
Capital Market Solutions [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			2,144
Capital Market Solutions [Member] \| Brokerage And Handling Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			5,403
Capital Market Solutions [Member] \| Others [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			74
Capital Market Solutions [Member] \| Digital Solutions Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Capital Market Solutions [Member] \| Net fair value changes on derivative financial assets [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on derivative financial assets
Digital Solutions And Other Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	3,396	13,469	23,440
Total	3,396	13,469	23,440
Digital Solutions And Other Services [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	832	1,249	1,040
Digital Solutions And Other Services [Member] \| Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	2,564	12,220
Digital Solutions And Other Services [Member] \| Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss
Digital Solutions And Other Services [Member] \| Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income
Digital Solutions And Other Services [Member] \| Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment
Digital Solutions And Other Services [Member] \| Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		1,249	1,040
Digital Solutions And Other Services [Member] \| Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		12,220	22,400
Digital Solutions And Other Services [Member] \| Underwriting Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Financial Advisory Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Brokerage And Handling Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Others [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Digital Solutions And Other Services [Member] \| Digital Solutions Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers			22,400
Digital Solutions And Other Services [Member] \| Net fair value changes on derivative financial assets [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on derivative financial assets
Media And Entertainment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	18,859	14,474	7,620
Total	18,859	14,474	7,620
Media And Entertainment [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	13,376	11,031	3,608
Media And Entertainment [Member] \| Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	5,483	3,443	4,012
Media And Entertainment [Member] \| Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss
Media And Entertainment [Member] \| Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income
Media And Entertainment [Member] \| Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment
Media And Entertainment [Member] \| Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		11,031	3,608
Media And Entertainment [Member] \| Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		3,443	4,012
Media And Entertainment [Member] \| Underwriting Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Financial Advisory Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Brokerage And Handling Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Others [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Digital Solutions Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Media And Entertainment [Member] \| Net fair value changes on derivative financial assets [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on derivative financial assets
Hotel Operations Hospitality And VIP Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	23,132	10,301
Total	23,132	10,301
Hotel Operations Hospitality And VIP Services [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Hotel Operations Hospitality And VIP Services [Member] \| Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Hotel Operations Hospitality And VIP Services [Member] \| Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Hotel Operations Hospitality And VIP Services [Member] \| Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Hotel Operations Hospitality And VIP Services [Member] \| Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	23,132	10,301
Hotel Operations Hospitality And VIP Services [Member] \| Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss
Hotel Operations Hospitality And VIP Services [Member] \| Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income
Hotel Operations Hospitality And VIP Services [Member] \| Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment
Hotel Operations Hospitality And VIP Services [Member] \| Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers		10,301
Hotel Operations Hospitality And VIP Services [Member] \| Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Total	35,070	92,670	69,806
Strategic Investment [Member] \| Insurance Brokerage Services Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Digital Solutions Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Fashion, arts and Luxury Magazines and Advertising Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Fashion, arts and Luxury Media Licensing and Marketing Services Income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Hotel operations, hospitality and VIP services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Net fair value changes on financial assets at fair value through profit or loss [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on financial assets at fair value through profit or loss	26,389	(40,899)	(20,609)
Strategic Investment [Member] \| Dividend income [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Dividend income	8,681	9,935	6,412
Strategic Investment [Member] \| Gain related to disposed investment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Gain related to disposed investment		$ 123,634	22,106
Strategic Investment [Member] \| Underwriting Commission [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Financial Advisory Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Management Fee and Performance based Incentive Fee [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Brokerage And Handling Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Others [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Digital Solutions Fees [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Strategic Investment [Member] \| Net fair value changes on derivative financial assets [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Net fair value changes on derivative financial assets			$ 61,897
Services Rendered at a Point in Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	14,208
Services Rendered at a Point in Time [Member] \| Capital Market Solutions [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Services Rendered at a Point in Time [Member] \| Digital Solutions And Other Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	832
Services Rendered at a Point in Time [Member] \| Media And Entertainment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	13,376
Services Rendered at a Point in Time [Member] \| Hotel Operations Hospitality And VIP Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Services Rendered Over Time [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	31,179
Services Rendered Over Time [Member] \| Capital Market Solutions [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers
Services Rendered Over Time [Member] \| Digital Solutions And Other Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	2,564
Services Rendered Over Time [Member] \| Media And Entertainment [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	5,483
Services Rendered Over Time [Member] \| Hotel Operations Hospitality And VIP Services [Member]
Schedule of Present Disaggregated Revenue Information [Abstract]
Revenue from contracts with customers	$ 23,132

Revenue, Other Income and Other Gain - Schedule of Amount of Revenue Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenue recognized	$ 895	$ 81
Capital Market Solutions [Member]
Revenue from External Customer [Line Items]
Revenue recognized		81
Digital Solutions And Other Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized	$ 895

Revenue, Other Income and Other Gain - Schedule of Digital Solutions Services (Details) - Digital Solutions And Other Services [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Digital Solutions Services [Line Items]
Digital solutions services			$ 39,091
Within one year [Member]
Schedule of Digital Solutions Services [Line Items]
Digital solutions services			26,138
More than one year [Member]
Schedule of Digital Solutions Services [Line Items]
Digital solutions services			$ 12,953

Revenue, Other Income and Other Gain - Schedule of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Other Income and Other Gain [Abstract]
Bank interest income	$ 1,840	$ 4,178	$ 2
Other interest income	251	5,525	6,551
Interest income from the immediate holding company	16,828	10,489	9,703
Government grant			151
Others	12	2,750	1,656
Total other income	$ 18,931	$ 22,942	$ 18,063

Other Operating Expenses - Schedule of Other Operating Expenses Included in Profit or Loss and Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other operating expenses
Cost of production	$ 7,102	$ 3,761	$ 1,505
Cost of hotel operation	8,510	3,477
Marketing and brand promotional expenses	638	649	1,049
—Premises costs	3,639	4,970	1,672
—Office utilities	7	417	1,167
Total	3,646	5,387	2,839
Traveling and business development expenses	272	223	991
Commissions and bank charges	302	232	167
Office and maintenance expenses	5	274	3
Administrative service fee	4,615	4,597	3,806
Legal and professional related fees	5,644	5,631	9,414
Staff recruitment expenses	1,039	1,272	540
Others
—Depreciation of property, plant and equipment	6,730	1,766	12
—Amortization of intangible assets	115	857	726
—Foreign exchange differences, net	228	225	252
—Other expenses	627	1,000	1,497
Total	7,700	3,848	2,487
Other operating expenses	$ 39,473	$ 29,351	$ 22,801

Staff Costs - Schedule of Staff Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Staff Costs [Abstract]
Salaries, bonuses and staff welfare	$ 14,007	$ 18,493	$ 15,490
Pension scheme contributions (defined contribution schemes)	1,464	1,590	1,014
Staff costs	$ 15,471	$ 20,083	$ 16,504

Finance Costs - Schedule of Finance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance Cost Disclosure Abstract
Interests on convertible bond			$ 55
Interests on bank borrowings	12,180	6,010	804
Interests on amount due to a non-controlling shareholder	1,115	2,140
Interests on lease liabilities	130	49
Finance costs	$ 13,425	$ 8,199	$ 859

Income Tax Expense (Details) $ in Millions	12 Months Ended
Income Tax Expense (Details) $ in Millions	Dec. 31, 2024 HKD ($)
Income Tax Expense [Line Items]
Threshold limit of taxable income on which tax regimes applicable (in Dollars)	$ 2
Flat rate	16.50%
Estimated assessable profits percentage	16.50%
Estimated assessable profits (in Dollars)	$ 2
Hong Kong [Member]
Income Tax Expense [Line Items]
Statutory tax rate	16.50%
Minimum [Member] \| Hong Kong [Member]
Income Tax Expense [Line Items]
Statutory tax rate	8.25%
Maximum [Member] \| Hong Kong [Member]
Income Tax Expense [Line Items]
Statutory tax rate	16.50%
Hong Kong [Member]
Income Tax Expense [Line Items]
Statutory tax rate	8.25%
Threshold limit of taxable income on which tax regimes applicable (in Dollars)	$ 2

Income Tax Expense - Schedule of Rates of Tax Applicable in Countries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Deferred tax		$ (140)
Income tax expense (benefit)	$ 1,639	4,314	$ 13,405
Hong Kong [Member]
Income Taxes [Line Items]
Charge for the year	771	4,261	12,926
Overprovision in prior year		(800)
People's Republic of China [Member]
Income Taxes [Line Items]
Charge for the year	868	993	641
Other jurisdictions [Member]
Income Taxes [Line Items]
Charge for the year			80
Deferred tax		$ (140)	$ (242)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Income Tax Expense - Schedule of Reconciliation of Tax Expense and Profit Before Tax (Details) - Hong Kong, Dollars - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Reconciliation of Tax Expense and Profit Before Tax [Line Items]
Profit before tax	$ 55,217	$ 157,697	$ 173,871
Tax at statutory tax rate of domestic income tax rate	13,804	26,020	28,689
Tax effect of foreign tax jurisdictions	(40)	108	34
Tax effect of two-tiered profit tax rate		(21)	(21)
Tax effect of non-taxable income	(24,150)	(31,954)	(15,604)
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose	(1,076)	(1,412)	(2,591)
Tax effect of non-deductible expenses	9,776	4,743	2,265
Tax effect of unrecognized temporary difference			(1)
Overprovision in prior year		(800)
Tax effect of tax loss not recognized	2,515	6,637
Utilization of tax losses previously not recognized	(58)		(7)
Withholding tax on the dividend income	868	993	641
Income tax expense	$ 1,639	$ 4,314	$ 13,405

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings Per Share, Diluted			$ 0.47
Class B Ordinary Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings Per Share, Diluted			$ 0.47

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
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+ Details

Earnings Per Share Attributable to Ordinary Equity Holders of the Parent - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares [Member]
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation -basic	$ 28,389	$ 76,720	$ 65,527
Denominator:
Weighted average number of shares outstanding—basic	244,360,199	206,965,601	138,490,789
Basic earnings per share	$ 0.12	$ 0.37	$ 0.47
Class B Ordinary Shares [Member]
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation -basic	$ 18,338	$ 57,716	$ 76,206
Denominator:
Weighted average number of shares outstanding—basic	157,842,028	155,698,533	160,959,872
Basic earnings per share	$ 0.12	$ 0.37	$ 0.47

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Minimum [Member]
Accounts Receivable [Line Items]
Accounts receivable credit period	15 days
Accounts receivable, Allowance for credit loss	$ 1,262	$ 946
Maximum [Member]
Accounts Receivable [Line Items]
Accounts receivable credit period	90 days
Accounts receivable, Allowance for credit loss	$ 3,634	$ 2,450

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Accounts Receivable [Line Items]
Accounts receivable	$ 7,029	$ 5,525
Commission receivable from insurance brokerage [Member]
Schedule of Accounts Receivable [Line Items]
Accounts receivable	572	200
Receivable from hotel operations, hospitality and VIP services [Member]
Schedule of Accounts Receivable [Line Items]
Accounts receivable	1,484	111
Receivable from media and entertainment services [Member]
Schedule of Accounts Receivable [Line Items]
Accounts receivable	$ 4,973	$ 5,214

Prepayments, Deposits and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepayments, Deposits and Other Receivables [Abstract]
Expected credit loss	$ 501	$ 501

Prepayments, Deposits and Other Receivables - Schedule of Prepayments, Deposits and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Prepayments, Deposits and Other Receivables [Abstract]
Consideration receivable on disposal of subsidiaries to independent third parties (Note 5c)		$ 10,000
Receivables from former subsidiaries	18,125
Prepayments	3,475	2,661
Deposits	195	337
Other receivables	2,052	3,939	$ 501
Less: impairment loss provided under expected credit loss model	(501)	(501)
Total prepayments	$ 23,346	$ 16,436

Financial Assets at Fair Value Through Profit or Loss and Stock Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Assets at Fair Value Through Profit or Loss and Stock Loan [Abstract]
Loans receivable stated in interest rate percentage	2.00%
Stock loan		$ 13,317

Financial Assets at Fair Value Through Profit or Loss and Stock Loan - Schedule of Financial Assets at Fair Value Through Profit or Loss and Stock Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Financial Assets at Fair Value Through Profit or Loss and Stock Loan [Line Items]
Financial assets at fair value through profit or loss, other than financial asset at fair value through profit or loss under stock loan	$ 164,620	$ 66,290
Financial assets at fair value through profit or loss under stock loan		13,317
Total financial assets at fair value through profit or loss	164,620	79,607
Listed equity shares	149,918	72,053
Unlisted equity shares	2,570	2,005
Movie income right investments	12,132	5,549
Total financial assets at fair value through profit or loss	164,620	79,607
Presented as
Current	24,987
Non-current	139,633	79,607
Total financial assets at fair value through profit or loss	$ 164,620	$ 79,607

Derivative Financial Assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Agreement final settlement amount	$ 56,142	$ 5,697
Future Settlement Contract [Member]
Derivatives, Fair Value [Line Items]
Aggregate price				$ 53,272
Fair value of the underlying shares			$ 70,953
Fair value changes recognized in profit or loss			$ 17,681
Agreement was terminated and amount settled with the counterparty with consideration		$ 17,681

Derivative Financial Assets - Schedule of Derivative Financial Asset in Accordance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
DERIVATIVE FINANCIAL ASSETS [Abstract]
Balance	$ 167,388
Realized in profit or loss during the year	34,234
Settlement	(201,411)
Exchange realignment	(211)
Balance

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Cash and Bank Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Bank Balances [Abstract]
Restricted Cash, Current		$ 135

Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Bank Borrowings

$ 267,926

$ 69,562

Lease liabilities

^[1]

519

382

Lease liabilities right-of-use assets

$ 503

$ 370

[1]	The weighted average incremental borrowing rate applied to lease liabilities is 3.72% and 2.57%, respectively, for the years ended December 31, 2023 and 2024.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Carrying amount:
As of December 31, 2024	$ 291,449	$ 70,054
As of December 31, 2023	291,449	70,054
Properties [Member]
Carrying amount:
As of December 31, 2024	290,855	69,562
As of December 31, 2023	290,855	69,562
Computer Equipment [Member]
Carrying amount:
As of December 31, 2024	91	122
As of December 31, 2023	91	122
Right-of- use assets [Member]
Carrying amount:
As of December 31, 2024	503	370
As of December 31, 2023	503	370
Property Plant and Equipment Cost [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Cost	71,191	20
Additions	226,717	291
Additions from acquisition of subsidiaries		135,925
Disposal of subsidiaries	(212)	(63,451)
Exchange realignment	1,993	(1,594)
Ending Balance of Cost	299,689	71,191
Property Plant and Equipment Cost [Member] \| Properties [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Cost	70,549
Additions	226,165	15
Additions from acquisition of subsidiaries		135,592
Disposal of subsidiaries		(63,444)
Exchange realignment	2,060	(1,614)
Ending Balance of Cost	298,774	70,549
Property Plant and Equipment Cost [Member] \| Computer Equipment [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Cost	150	20
Additions	8	57
Additions from acquisition of subsidiaries		79
Disposal of subsidiaries		(7)
Exchange realignment	(6)	1
Ending Balance of Cost	152	150
Property Plant and Equipment Cost [Member] \| Right-of- use assets [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Cost	492
Additions	544	219
Additions from acquisition of subsidiaries		254
Disposal of subsidiaries	(212)
Exchange realignment	(61)	19
Ending Balance of Cost	763	492
Accumulated Depreciation [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Accumulated depreciation	(1,137)	(8)
Charge for the year	(6,730)	(1,766)
Disposal of subsidiaries	145	628
Exchange realignment	(518)	9
Ending Balance of Accumulated depreciation	(8,240)	(1,137)
Accumulated Depreciation [Member] \| Properties [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Accumulated depreciation	(987)
Charge for the year	(6,426)	(1,621)
Disposal of subsidiaries		623
Exchange realignment	(506)	11
Ending Balance of Accumulated depreciation	(7,919)	(987)
Accumulated Depreciation [Member] \| Computer Equipment [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Accumulated depreciation	(28)	(8)
Charge for the year	(31)	(25)
Disposal of subsidiaries		5
Exchange realignment	(2)
Ending Balance of Accumulated depreciation	(61)	(28)
Accumulated Depreciation [Member] \| Right-of- use assets [Member]
Schedule of Property, Plant and Equipment [Line Items]
Beginning Balance of Accumulated depreciation	(122)
Charge for the year	(273)	(120)
Disposal of subsidiaries	145
Exchange realignment	(10)	(2)
Ending Balance of Accumulated depreciation	$ (260)	$ (122)

Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Schedule of Goodwill [Abstract]
Beginning of the period	$ 7,525
Disposal of subsidiaries	(7,511)
Exchange realignment	(14)
Ending of the period

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Remaining intangible assets	$ 146	$ 154
Intangible Asset, Useful Life	20 years
Brand Names [Member]
Intangible Assets [Line Items]
Intangible assets carrying amount	$ 118,733	118,025
Intangible Asset, Useful Life	20 years
Archived Images [Member]
Intangible Assets [Line Items]
Intangible assets carrying amount	$ 502	$ 499
L’Officiel [Member] \| Brand Names [Member]
Intangible Assets [Line Items]
Intangible assets carrying amount	92,670
L’Officiel [Member] \| Archived Images [Member]
Intangible Assets [Line Items]
Intangible assets carrying amount	502
The Art Newspaper [Member]
Intangible Assets [Line Items]
Intangible assets carrying amount	$ 25,936
Minimum [Member] \| L’Officiel [Member]
Intangible Assets [Line Items]
Growth rate percentage	1.60%
Minimum [Member] \| The Art Newspaper [Member]
Intangible Assets [Line Items]
Growth rate percentage	1.80%
Maximum [Member] \| L’Officiel [Member]
Intangible Assets [Line Items]
Growth rate percentage	2.10%
Maximum [Member] \| The Art Newspaper [Member]
Intangible Assets [Line Items]
Growth rate percentage	2.10%

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets [Line Items]
Net carrying amount	$ 118,423	$ 96,967
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))		25,392
Amortization during the year	(115)	(857)
Disposal of subsidiaries		(2,966)
Exchange realignment	1,073	(113)
Net carrying amount	119,381	118,423
Archived Images [Member]
Schedule of Intangible Assets [Line Items]
Net carrying amount	499	500
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))
Amortization during the year
Disposal of subsidiaries
Exchange realignment	3	(1)
Net carrying amount	502	499
Developed Technology [Member]
Schedule of Intangible Assets [Line Items]
Net carrying amount	106	3,925
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))
Amortization during the year	(106)	(848)
Disposal of subsidiaries		(2,966)
Exchange realignment		(5)
Net carrying amount		106
Brand Names [Member]
Schedule of Intangible Assets [Line Items]
Net carrying amount	117,818	92,542
Recognized upon acquisition of The Art Newspaper SA (Note 32(a))		25,392
Amortization during the year	(9)	(9)
Disposal of subsidiaries
Exchange realignment	1,070	(107)
Net carrying amount	$ 118,879	$ 117,818

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets - Schedule of Intangible Assets Useful Lives (Details)	12 Months Ended
	Dec. 31, 2024
Developed Technology Rights [Member]
Intangible Assets - Schedule of Intangible Assets Useful Lives (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Trade Names [Member]
Intangible Assets - Schedule of Intangible Assets Useful Lives (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Archived Images [Member]
Intangible Assets - Schedule of Intangible Assets Useful Lives (Details) [Line Items]
Intangible Asset Useful Life	Indefinite useful lives

Interests in Joint Ventures - Schedule of Interests in Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Interests in Joint Ventures [Abstract]
Cost of investments in joint ventures		$ (7,988)
Due from joint ventures		23,810
Total interest in joint ventures		$ 15,822

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Interests in Joint Ventures - Schedule of Description in Material Joint Ventures (Details) - DHI Holdings S Pte Ltd [Member]	12 Months Ended
	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Place of incorporation	Singapore
Percentage of ownership interest held by the Company	51.00%
Principal activity	Hotel operations, hospitality and VIP services

Interests in Joint Ventures - Schedule of the Financial Information of Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 2,069,918	$ 1,486,590	$ 1,060,723
Total liabilities	(369,889)	(193,016)	(58,309)
Addition information of the joint ventures
Cash and cash equivalents	62,872	120,234	138,297
Bank borrowings	219,434	30,373
Revenue	80,457	130,914	175,171
Loss for the period	53,578	153,383	160,466
Other comprehensive loss for the period	7,411	(482)	2,332
Total comprehensive loss for the period	$ 60,989	$ 152,901	$ 162,798
Singapore Hotel [Member]
Schedule of Equity Method Investments [Line Items]
Proportion of the Group’s ownership		51.00%
Singapore Hotel [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		$ 201,025
Total liabilities		(216,689)
Net assets		(15,664)
Group’s share of net assets of joint ventures		(7,988)
Due from joint ventures		23,810
Interests in joint ventures		15,822
Addition information of the joint ventures
Cash and cash equivalents		3,516
Amounts due to shareholders		48,280
Bank borrowings		163,438
Revenue		24,129
Loss for the period		(4,578)
Other comprehensive loss for the period		(600)
Total comprehensive loss for the period		$ (5,178)

Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable [Abstract]
Payables to suppliers of media and entertainment services	$ 2,386	$ 8,628
Other	1,254	754
Accounts payable	$ 3,640	$ 9,382

Bank Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayable one year	$ 63,539	$ 65,793
Repayable five year	208,450	30,373
Long-Term Debt, Maturity, after Year Five	10,984
Bank borrowings	$ 10,984
Fixed bearing interest rate	5.00%
Carrying amounts	$ 267,926	69,562
Short term bank borrowings	267,926	69,562
Wall Street Journal Prime Rate [Member]
Debt Instrument [Line Items]
Short term bank borrowings	30,000	30,000
Borrowings [Member]
Debt Instrument [Line Items]
Bank borrowing secured	33,143
Secured Debt [Member]
Debt Instrument [Line Items]
Repayable one year	1
Bank borrowing secured	$ 219,584	50,655
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured bank borrowing		$ 15,000
Interest rate on borrowings		0.25%
Minimum [Member]
Debt Instrument [Line Items]
Weighted average contractual interest rate	5.60%
Maximum [Member]
Debt Instrument [Line Items]
Weighted average contractual interest rate	4.76%
Pledged Bank Deposits [Member]
Debt Instrument [Line Items]
Bank borrowing secured	$ 33,000

Bank Borrowings - Schedule of Currency Analysis of Bank Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 282,973	$ 96,166
Hong Kong dollars [Member]
Debt Instrument [Line Items]
Secured borrowings	50,135	50,655
United States dollars [Member]
Debt Instrument [Line Items]
Secured borrowings	44,163
Unsecured borrowings	30,184	45,000
Singapore dollars [Member]
Debt Instrument [Line Items]
Secured borrowings	158,466
Euro [Member]
Debt Instrument [Line Items]
Unsecured borrowings		475
British Pound [Member]
Debt Instrument [Line Items]
Unsecured borrowings	$ 25	$ 36

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Bank Borrowings - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Bank Borrowings [Abstract]
Non-current	$ 219,434	$ 30,373
Current	63,539	65,793
Total	$ 282,973	$ 96,166

Other Payables and Accruals (Details)	Dec. 31, 2024	Dec. 31, 2023
Other Payables and Accruals [Abstract]
Incremental borrowing rate on lease liabilities	3.72%	2.57%

Other Payables and Accruals - Schedule of Other Payables and Accruals (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Schedule of Other Payables and Accruals [Abstract]

Accruals and other payables

$ 6,201

$ 14,221

Consideration payable on acquisition of subsidiaries

3,009

3,195

Contract liabilities

^[1]

667

1,462

Lease liabilities

^[2]

519

382

Other payables and accruals

$ 10,396

$ 19,260

[1]	Contract liabilities as of December 31, 2023 and 2024 included upfront fees received to deliver digital solutions services, upfront fees received to deliver media and entertainment, and hotel operations, hospitality and VIP services.
[2]	The weighted average incremental borrowing rate applied to lease liabilities is 3.72% and 2.57%, respectively, for the years ended December 31, 2023 and 2024.

Provisions - Schedule of Claims from vendors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Claims from vendors [Abstract]
Beginning balance	$ 3,866	$ 4,079
Additions	450
Disposal of subsidiaries	(3,750)
Additions from acquisition of subsidiaries		476
Settled during the year	(533)	(831)
Exchange alignment	(33)	142
Ending balance		$ 3,866

Deferred Tax Liabilities - Schedule of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Liabilities [Abstract]
Beginning balance	$ 5,583	$ 3,307
Acquisitions of subsidiaries (Note 32)		2,920
Deferred tax credited to profit or loss during the year (Note 9)		(140)
Exchange alignment	75	(504)
Ending balance	$ 5,658	$ 5,583

Share Capital, Capital Reserve and Treasury Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Apr. 30, 2023

Feb. 28, 2023

Dec. 31, 2024

Dec. 31, 2023

Class A Ordinary Shares [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Shares issued

12,157,782

^[1]

98,688,525

^[2],[3]

Shares issued value (in Dollars)

$ 20,000

Class A Ordinary Shares [Member] | Art Newspaper SA [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Shares issued

8,688,525

Shares acquired rate

100.00%

Fair value (in Dollars)

$ 5,607

Shares issued value (in Dollars)

$ 20,000

Class A Ordinary Shares [Member] | Private Investors [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Shares issued

90,000,000

Private investors per share (in Dollars per share)

$ 1.04

Class B Treasury Shares [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Shares issued

^[2],[3]

Repurchase of ordinary shares

^[4]

4,773,270

Common Class B [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Shares issued

^[1]

^[2],[3]

Common Class B [Member] | Immediate Holding Company [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Repurchase of ordinary shares

4,773,270

Amount of repurchased, shares (in Dollars)

$ 40,000

WME Assets [Member] | Class B Treasury Shares [Member]

Share Capital, Capital Reserve and Treasury Shares [Line Items]

Acquisitions transaction was settled by shares

30,875,576

Reissued per share (in Dollars per share)

$ 8.68

[1]	During the year ended December 31, 2024, the Company issued 12,157,782 Class A shares at a consideration of US$20,000.
[2]	During the year ended December 31, 2023, the Company acquired 100% of The Art Newspaper SA with part of purchase consideration settling by issuing 8,688,525 Class A shares to the selling shareholders with fair value of US$5,607. Details on Note 32 (a)(ii).
[3]	In April 2023, the Company issued 90,000,000 Class A shares to the private investors at US$1.04 per share.
[4]	On December 31, 2023, the Company repurchased 4,773,270, Class B ordinary shares from the immediate holding company, amounting to US$40,000.

Share Capital, Capital Reserve and Treasury Shares - Schedule of Ordinary Shares (Details) - shares

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Class A Ordinary Shares [Member]

Class of Stock [Line Items]

Balance

242,765,736

144,077,211

Issued during the year

12,157,782

^[1]

98,688,525

^[2],[3]

Re-issue of treasury shares

^[4]

Re-issue of treasury shares

^[4]

Repurchase of ordinary shares

^[5]

Balance

254,923,518

242,765,736

Class B Ordinary Shares [Member]

Class of Stock [Line Items]

Balance

157,842,028

131,739,722

Issued during the year

^[1]

^[2],[3]

Re-issue of treasury shares

^[4]

30,875,576

Re-issue of treasury shares

^[4]

(30,875,576)

Repurchase of ordinary shares

^[5]

(4,773,270)

Balance

157,842,028

Class B Treasury Shares [Member]

Class of Stock [Line Items]

Balance

75,684,951

101,787,257

Issued during the year

^[2],[3]

Re-issue of treasury shares

^[4]

30,875,576

Re-issue of treasury shares

^[4]

(30,875,576)

Repurchase of ordinary shares

^[5]

4,773,270

Balance

75,684,951

[1]	During the year ended December 31, 2024, the Company issued 12,157,782 Class A shares at a consideration of US$20,000.
[2]	During the year ended December 31, 2023, the Company acquired 100% of The Art Newspaper SA with part of purchase consideration settling by issuing 8,688,525 Class A shares to the selling shareholders with fair value of US$5,607. Details on Note 32 (a)(ii).
[3]	In April 2023, the Company issued 90,000,000 Class A shares to the private investors at US$1.04 per share.
[4]	In February 2023, the Company acquired WME Assets and the transaction was settled by 30,875,576 Class B treasury shares of the Company reissued at US$8.68 per share of the Company.
[5]	On December 31, 2023, the Company repurchased 4,773,270, Class B ordinary shares from the immediate holding company, amounting to US$40,000.

Perpetual Securities (Details) $ in Thousands					1 Months Ended	12 Months Ended
Perpetual Securities (Details) $ in Thousands	Oct. 27, 2021 USD ($)	Oct. 27, 2021 SGD ($)	May 14, 2020 USD ($)	May 14, 2020 SGD ($)	May 31, 2023	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 SGD ($)
Perpetual Securities (Details) [Line Items]
Stock issued during the period value new issues						$ 20,000	$ 93,600	$ 50,000
Net income loss attributable to the holders of perpetual securities						$ 4,312	8,558	15,702
Perpetual Securities One [Member]
Perpetual Securities (Details) [Line Items]
Stock issued during the period value new issues			$ 200,000,000	$ 50,000,000					$ 38,920,000
Perpetual securities dividend rate percentage			7.25%	7.25%
Date on which the instruments become callable						May 14, 2023
Distribution initial spread percentage						7.011%
Distribution step up margin percentage						5.00%
Perpetual Securities Two [Member]
Perpetual Securities (Details) [Line Items]
Stock issued during the period value new issues										$ 14,740,000
Perpetual securities dividend rate percentage			4.50%	4.50%
Payment of stock issuance costs						$ 575
Date on which the instruments become callable						May 14, 2025
Early redemption of perpetual securities	$ 8,373	$ 11,188,000
Distribution rate	75.00%	75.00%
Perpetual Securities One And Two [Member]
Perpetual Securities (Details) [Line Items]
Cash paid to holders of preprtual securities						$ 4,305	$ 2,796	$ 15,753
Maximum [Member]
Perpetual Securities (Details) [Line Items]
Perpetual securities dividend rate percentage					7.25%
Distribution rate						1.50%
Minimum [Member]
Perpetual Securities (Details) [Line Items]
Perpetual securities dividend rate percentage					1.50%
Distribution rate						0.25%

Notes to the Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Condensed Cash Flow Statements, Captions [Line Items]

Number of shares issued value

$ 20,000

$ 93,600

$ 50,000

AMTD Group [Member]

Condensed Cash Flow Statements, Captions [Line Items]

Payable for the repurchase of shares through current accounts of the group

$ 388,972

Stock repurchased during the period value

$ 13,034

Class B Ordinary Shares [Member]

Condensed Cash Flow Statements, Captions [Line Items]

Number of shares issued (in Shares)

^[1]

^[2],[3]

Class B Ordinary Shares [Member] | AMTD Group [Member]

Condensed Cash Flow Statements, Captions [Line Items]

Stock repurchased during the period value

$ 40,000

Treasury Stock, Shares, Acquired (in Shares)

4,773,270

Class A Ordinary Shares [Member]

Condensed Cash Flow Statements, Captions [Line Items]

Number of shares issued (in Shares)

12,157,782

^[1]

98,688,525

^[2],[3]

Number of shares issued value

$ 20,000

Class A Ordinary Shares [Member] | AMTD Group [Member]

Condensed Cash Flow Statements, Captions [Line Items]

Number of shares issued (in Shares)

32,682,046,000

Number of shares issued value

$ 262,238

[1]	During the year ended December 31, 2024, the Company issued 12,157,782 Class A shares at a consideration of US$20,000.
[2]	During the year ended December 31, 2023, the Company acquired 100% of The Art Newspaper SA with part of purchase consideration settling by issuing 8,688,525 Class A shares to the selling shareholders with fair value of US$5,607. Details on Note 32 (a)(ii).
[3]	In April 2023, the Company issued 90,000,000 Class A shares to the private investors at US$1.04 per share.

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Gross carrying amount	$ 1,400,612	$ 1,057,007
Related party transaction rate of interest	2.00%
Impairment loss provided under expected credit loss		4,988
Non Controlling Shareholder [Member]
Related Party Transaction [Line Items]
Interest bearing balance		$ 7,643
Interest bearing variable rate		1.15%
Non-interest bearing balance		$ 22,681
Short Term Debt Tranche One Variable Rate Of Interest [Member] \| Non Controlling Shareholder [Member]
Related Party Transaction [Line Items]
Interest bearing balance		$ 25,479
Interest bearing variable rate		1.15%

Related Party Transactions - Schedule of Addition to the Transactions Disclosed Elsewhere in these Consolidated Financial Statements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Capital market solutions services rendered to related companies controlled by a director of the Company [Member]

Related party transanction

^[1]

$ 1,149

Management fee paid to immediate holding company [Member]

Related party transanction

^[1]

18

Investment advisory fee paid to a fellow subsidiary [Member]

Related party transanction

^[1]

21

Capital market solutions services rendered to fellow subsidiaries [Member]

Related party transanction

^[1]

3

Insurance commission received from immediate holding company and a fellow subsidiary [Member]

Related party transanction

^[1]

41

48

4

Digital solutions and other services income from immediate holding company [Member]

Related party transanction

^[1]

2,564

2,554

1,592

Fashion, arts and luxury media advertising and marketing services from immediate holding company [Member]

Related party transanction

^[1]

2,888

2,726

2,888

Administrative service fee paid to immediate holding company [Member]

Related party transanction

^[2]

4,615

4,597

3,767

Interest income from immediate holding company [Member]

Related party transanction

^[3]

16,828

10,489

9,703

Recharge from/(to) immediate holding company - Staff costs [Member]

Related party transanction

4,084

Recharge from/(to) immediate holding company - Premises cost [Member]

Related party transanction

1,469

Recharge from/(to) immediate holding company [Member]

Related party transanction

^[2]

5,553

Treasury shares repurchased from immediate holding company [Member]

Treasury shares repurchased from immediate holding company

40,000

320,603

Acquisition of AMTD Digital from immediate holding company and fellow subsidiaries [Member]

Acquisition of AMTD Digital from immediate holding company and fellow subsidiaries

^[4]

740,451

Acquisition of WME Assets from immediate holding company [Member]

Acquisition of WME Assets from immediate holding company

^[5]

268,000

Disposal of financial assets at fair value through profit or loss to immediate holding company [Member]

Disposal of financial assets at fair value through profit or loss to immediate holding company

^[6]

$ 80,155

[1]	The terms of these services were comparable to the fee and conditions offered to the customers of the Group.
[2]	The staff costs and premises cost was recharged by the immediate holding company based on actual usage. Starting from July 2022, the immediate holding company charged a fixed service fee of HK$9 million (HK$6 million prior to July 2022) per quarter for other administrative expenses.
[3]	The transaction represented the interest income charged at 2% per annum on the outstanding amount due from the immediate holding company which was payable on demand.
[4]	a.In 2022, the Group acquired 82.7% interest in AMTD Digital from the immediate holding company and fellow subsidiaries at a consideration of approximately US$993 million.
[5]	b.In 2023, the Group acquired 100% interest in WME Assets from the immediate holding company at a consideration of US$268,000.
[6]	c.In 2023, the Group disposed financial assets at fair value through profit or loss to the immediate holding company at a consideration of US$80,155.

Related Party Transactions - Schedule of Compensation of Key Management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Short-term employee benefits	$ 896	$ 1,459	$ 4,255
Other long-term benefit	2	6	13
Total key management personnel	$ 898	$ 1,465	$ 4,268

Fair Value and Fair Value Hierarchy of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Financial assets at fair value through profit or loss	$ 164,620	$ 79,607

Fair Value and Fair Value Hierarchy of Financial Instruments - Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2024
Equity Volatility [Member] \| Multiple EVA [Member]
Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments [Line Items]
Valuation technique	Multiple/ EVA
Range or estimate	69.6
Discount Rate [Member] \| Valuation, Income Approach [Member]
Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments [Line Items]
Valuation technique	Income approach
Discount Rate [Member] \| Valuation, Income Approach [Member] \| Minimum [Member]
Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments [Line Items]
Range or estimate	10.4
Discount Rate [Member] \| Valuation, Income Approach [Member] \| Maximum [Member]
Schedule of Significant Unobservable Inputs to Valuation of Financial Instruments [Line Items]
Range or estimate	12.59

Fair Value and Fair Value Hierarchy of Financial Instruments - Schedule of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Assets Measured at Fair Value [Line Items]
Financial assets at fair value through profit or loss	$ 164,620	$ 79,607
Level 1 [Member]
Schedule of Assets Measured at Fair Value [Line Items]
Financial assets at fair value through profit or loss	149,849	72,053
Level 2 [Member]
Schedule of Assets Measured at Fair Value [Line Items]
Financial assets at fair value through profit or loss	8,908	1,813
Level 3 [Member]
Schedule of Assets Measured at Fair Value [Line Items]
Financial assets at fair value through profit or loss	$ 5,863	$ 5,741	$ 80,528

Fair Value and Fair Value Hierarchy of Financial Instruments - Schedule of Movements in Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	$ 5,741	$ 80,528
Disposal		(25,539)
Transfer		4,118
Derecognition upon acquisition of subsidiaries		(66,190)
Total gains in profit or loss		12,804
Exchange realignment	122	20
Balance	$ 5,863	$ 5,741

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value and Fair Value Hierarchy of Financial Instruments - Schedule of Derivative Financial Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value and Fair Value Hierarchy of Financial Instruments [Abstract]
Balance	$ 167,388
Net fair value (loss)/gains recognized in profit or loss	34,234
Settlement	(201,411)
Exchange realignment	(211)
Balance

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Share-Based Compensation (Details) - USD ($) $ in Thousands		12 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Aug. 03, 2020	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total issued and outstanding share capital rate		1.00%
AMTD Digital [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Share-based payment expense (in Dollars)		$ 57	$ 207
AMTD Digital [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted shares				17,540
Class A Ordinary Shares [Member] \| AMTD Digital [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted shares	38,710
2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate number of ordinary shares		20,000,000
Total issued and outstanding share capital rate		10.00%

Acquisitions of Subsidiaries (Details) $ / shares in Units, € in Thousands, $ in Thousands			1 Months Ended	12 Months Ended
	Feb. 06, 2023 USD ($)	Jan. 01, 2023 USD ($)	Aug. 31, 2022 $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 EUR (€) shares
Amtd Assets [Member]
Acquisitions of Subsidiaries [Line Items]
Business acquisition percentage of voting interests acquired			96.10%
Business combination, separately recognized transactions, additional disclosures, acquisition costs				$ 0
The Art Newspaper SA [Member]
Acquisitions of Subsidiaries [Line Items]
Business acquisition percentage of voting interests acquired					100.00%
Business acquisition equity interests issued or issuable number of shares issued (in Shares) \| shares					8,688,525	8,688,525
Business combination, separately recognized transactions, additional disclosures, acquisition costs					$ 0
Acquisition paid amount					2,540
Total consideration					16,831
Business combination, acquired receivables, gross contractual amount				975
Business combination, bargain purchase, gain recognized, amount				4,469
PROFIT FOR THE YEAR				45
Revenue from business combination				2,000
Lofficiel [Member]
Acquisitions of Subsidiaries [Line Items]
Business combination, separately recognized transactions, additional disclosures, acquisition costs					$ 0
Business combination, acquired receivables, gross contractual amount				622
Business combination, acquired receivable, fair value				920
AMTD Idea Group [Member] \| The Art Newspaper SA [Member]
Acquisitions of Subsidiaries [Line Items]
PROFIT FOR THE YEAR		$ 152,400
Revenues		$ 135,000
AMTD Digital [Member] \| The Art Newspaper SA [Member]
Acquisitions of Subsidiaries [Line Items]
Business acquisition equity interests issued or issuable number of shares issued (in Shares) \| shares					380,065	380,065
Acquisition paid amount \| €						€ 2,888,888
Class B Ordinary Shares [Member] \| Amtd Assets [Member]
Acquisitions of Subsidiaries [Line Items]
Business acquisition equity interests issued or issuable number of shares issued (in Shares) \| shares			30,875,576
Business acquisition share price (in Dollars per share) \| $ / shares			$ 8.68
Capital Reserve [Member] \| Amtd Assets [Member]
Acquisitions of Subsidiaries [Line Items]
Stock issued during period value purchase of assets	$ 275,154
Treasury Stock, Common [Member] \| Amtd Assets [Member]
Acquisitions of Subsidiaries [Line Items]
Payments for repurchase of equity				$ 268,000

Acquisitions of Subsidiaries - Schedule of Assets Acquired and Liabilities Recognized at the Date of Acquisition (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Dec. 31, 2023
Amtd Assets [Member]
Business Acquisition [Line Items]
Interests in joint ventures		$ 24,726
Property, plant and equipment		135,592
Cash and bank balances		3,860
Accounts receivable		527
Prepayments, deposits and other receivables		20,365
Amount due from a non-controlling shareholder		637
Account payable		(311)
Accruals and other payables		(2,269)
Bank borrowings		(50,849)
Amount due to a non-controlling shareholder		(53,464)
Amount due to AMTD Group		(81,968)
Net assets acquired		(3,154)
The Art Newspaper SA [Member]
Business Acquisition [Line Items]
Property, plant and equipment		333
Intangible assets		25,392
Cash and bank balances		27
Accounts receivable		674
Prepayments, deposits and other receivables		301
Account payable		(402)
Accruals and other payables		(2,068)
Bank borrowings		(37)
Deferred tax liabilities		(2,920)
Net assets acquired		$ 21,300
Singapore Hotel Companies [Member]
Business Acquisition [Line Items]
Property, plant and equipment	$ 189,826
Cash and bank balances	4,273
Accounts receivable	920
Prepayments, deposits and other receivables	622
Account payable	(116)
Accruals and other payables	(467)
Provisions	(1,406)
Contract liabilities	(471)
Amount due to shareholders	(47,157)
Bank borrowings	(159,722)
Non-controlling interests	6,817
Deferred tax liabilities	(214)
Net assets acquired	(7,095)
Interests in joint venture eliminated	$ (7,095)

Acquisitions of Subsidiaries - Schedule of Reserve Arising on Acquisition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 268,000
Less: recognized amounts of net liabilities acquired	3,154
Total reserve	275,154
AMTD Digital [Member]
Business Acquisition [Line Items]
Plus: non-controlling interests of AMTD	(1,019)
Amtd Assets [Member]
Business Acquisition [Line Items]
Plus: non-controlling interests of AMTD	(336)
Less: recognized amounts of net liabilities acquired	(3,154)
Amtd Assets Subsidiaries [Member]
Business Acquisition [Line Items]
Plus: non-controlling interests of AMTD	$ 5,355

Acquisitions of Subsidiaries - Schedule of Net cash inflow on acquisition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
WME Assets [Member]
Business Acquisition [Line Items]
Cash consideration paid
Add: cash and cash equivalent balances acquired	3,860
Cash and cash equivalent balances acquired	3,860
Singapore Hotel Companies [Member]
Business Acquisition [Line Items]
Cash and cash equivalent balances acquired	$ 4,273

Acquisitions of Subsidiaries - Schedule of Consideration Transferred (Details) - The Art Newspaper SA [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 2,540
Ordinary shares of the Company	5,607
Ordinary shares of AMTD Digital	5,607
Other consideration payable	3,077
Total	$ 16,831

Acquisitions of Subsidiaries - Schedule of Gain Arising on Acquisition (Details) - Business Acquisition [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Gain Arising on Acquisition [Line Items]
Recognized amounts of net payable assets acquired	$ 21,300
Less: consideration paid/payable	(16,831)
Total gain	$ 4,469

Acquisitions of Subsidiaries - Schedule of Net Cash Outflow on Acquisition (Details) - Art Newspaper SA [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Business Acquisition [Line Items]
Cash consideration paid	$ (2,540)
Less: cash and cash equivalents balances acquired	27
Net cash outflow on acquisition	$ (2,513)

Subsequent Event (Details) - Class B Ordinary Shares [Member] $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares
Subsequent Event (Details) [Line Items]
Share issued \| shares	139,517,423
Payments to acquire premium property \| $	$ 20