| | | | | | | |
| | | | | Year ended December 31, | ||
| | Notes | 2022 | 2023 | |||
| | | | | $’000 | | $’000 |
| ASSETS | | | | | | |
| Current assets | | | | | | |
| Cash and cash equivalents | | | 42,758 | 91,492 | ||
| Financial assets at FVTPL | 12 | 21,287 | 7 | |||
| Prepayments, other receivables and other assets | 11 | 2,258 | 2,696 | |||
| Short-term investments at amortized cost | | 13 | | — | | 7,000 |
| Total current assets | | | 66,303 | 101,195 | ||
| Non-current assets | | | | | | |
| Property, plant and equipment | 9 | 3,713 | 2,646 | |||
| Right-of-use assets | 10(a) | 2,162 | 1,154 | |||
| Other intangible assets | | | 89 | 63 | ||
| Prepayments, other receivables and other assets | 11 | 327 | 282 | |||
| Long-term investments at amortized cost | | 13 | | — | | 24,849 |
| Total non-current assets | | | 6,291 | 28,994 | ||
| Total assets | | | 72,594 | 130,189 | ||
| LIABILITIES | | | | | | |
| Current liabilities | | | | | | |
| Trade payables | | | 13,098 | 14,348 | ||
| Other payables and accruals | 14 | 3,877 | 4,890 | |||
| Interest-bearing bank borrowings | 15 | 4,307 | 30,357 | |||
| Lease liabilities | 10(b) | 1,001 | 722 | |||
| Financial liabilities at FVTPL | 16 | 290,368 | — | |||
| Total current liabilities | | | 312,651 | 50,317 | ||
| Non-current liabilities | | | | | | |
| Lease liabilities | 10(b) | 1,236 | 469 | |||
| Total non-current liabilities | | | 1,236 | 469 | ||
| Total liabilities | | | 313,887 | 50,786 | ||
| SHAREHOLDERS’ (DEFICIT)/ EQUITY | | | | | | |
| Ordinary shares (par value of $0.0001 per share; 442,456,586 shares authorized; 40,440,000 shares issued and outstanding as of December 31, 2022; and nil outstanding as of December 31, 2023) | 17 | 4 | — | |||
| Class A Ordinary shares (par value of $0.0001 per share; nil outstanding as of December 31,2022; and 93,710,805 shares outstanding as of December 31, 2023) | | 17 | | | | 9 |
| Class B Ordinary shares (par value of $0.0001 per share; nil outstanding as of December 31,2022; and 16,990,000 shares outstanding as of December 31, 2023) | | 17 | | | | 2 |
| Series A convertible preferred shares (par value of US$0.0001 per share; 14,560,000 and nil shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) | | | 10,980 | — | ||
| Additional paid-in capital | 18 | 6,415 | 438,707 | |||
| Share option reserve | 18 | 13,688 | 18,018 | |||
| Exchange fluctuation reserve | 18 | (4,159) | (4,241) | |||
| Accumulated deficit | 18 | (268,221) | (373,092) | |||
| Total shareholders’ (deficit)/equity | | | (241,293) | 79,403 | ||
| Total liabilities and shareholders’ (deficit)/equity | | | 72,594 | 130,189 | ||
| | | | | | | |
| | | | | Year ended December 31, | ||
| | Notes | 2022 | 2023 | |||
| | | | | $’000 | | $’000 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | |
| Net Loss | | 5 | (58,790) | (104,871) | ||
| Adjustments for: | | | | | | |
| Finance costs | | 433 | 791 | |||
| Investment income | | | (550) | (62) | ||
| Fair value (gain)/loss on financial liabilities at FVTPL | 16 | (7,195) | 39,171 | |||
| Fair value gain on financial assets at FVTPL | | | (484) | — | ||
| Gain on disposal of items of property, plant and equipment | | | (7) | — | ||
| Depreciation of property, plant and equipment | 9 | 931 | 1,213 | |||
| Amortization of intangible assets | | | 20 | 25 | ||
| Depreciation of right-of-use assets | 10(a) | 1,090 | 984 | |||
| Equity-settled share-based payment expenses | 19 | 6,082 | 4,330 | |||
| (Increase)/Decrease in prepayments, other receivables and other assets | | | 4,346 | (436) | ||
| (Increase)/Decrease in non-current assets | | | 128 | 45 | ||
| Increase in trade payables | | | 10,117 | 1,252 | ||
| Increase in other payables and accruals | | | 656 | 906 | ||
| Net cash flows used in operating activities | | | (43,223) | (56,652) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | |
| Purchases of property, plant and equipment | | | (1,249) | (200) | ||
| Purchases of intangible assets | | | (19) | — | ||
| Proceeds from disposal of items of property, plant and equipment | | | 17 | 1 | ||
| Purchases of financial assets at FVTPL | | | (58,980) | (7) | ||
| Disposal of financial assets at FVTPL | | | 88,057 | 21,039 | ||
| Purchases of investments at amortized cost | | | | — | | (31,849) |
| Received investment income of financial assets at FVTPL | | | 550 | 62 | ||
| Net cash flows provided/(used in) from investing activities | | | 28,376 | (10,954) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | |
| Proceeds from issuance of ordinary shares | | | | — | | 91,780 |
| Addition of bank borrowings | | | 7,897 | 50,234 | ||
| Bank borrowings interest paid | | | (292) | (602) | ||
| Repayment of bank borrowings | | | (13,315) | (24,069) | ||
| Payment for lease liabilities | | | (1,070) | (1,103) | ||
| Net cash flows (used in)/from financing activities | | | (6,780) | 116,240 | ||
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | | | (21,627) | 48,634 | ||
| Cash and cash equivalents at beginning of year | | | 64,131 | 42,758 | ||
| Effect of foreign exchange rate changes, net | | | 254 | 100 | ||
| CASH AND CASH EQUIVALENTS AT END OF YEAR | | | 42,758 | 91,492 | ||
| | | | | |
| | | Year ended December 31, | ||
| | 2022 | 2023 | ||
| | | $’000 | | $’000 |
| Interest expenses on bank and other borrowings | 295 | 708 | ||
| Interest expenses on lease liabilities | 138 | 83 | ||
| Total | 433 | 791 | ||
| | | | | | | |
| | Offices | Office equipment | Total | |||
| | | $’000 | | $’000 | | $’000 |
| As of January 1, 2022 | 2,725 | 209 | 2,934 | |||
| Additions | | 463 | | — | | 463 |
| Depreciation provided during the year | (961) | (129) | (1,090) | |||
| Exchange realignment | (141) | (4) | (145) | |||
| As of December 31, 2022 | 2,086 | 76 | 2,162 |
| | | | | |
| | As of December 31, | |||
| | | 2022 | 2023 | |
| | | $’000 | | $’000 |
| Other payables and accruals (Note i) | 255 | 303 | ||
| Tax payable | | | | 773 |
| Payroll and bonus payables | 3,622 | 3,814 | ||
| Total | 3,877 | 4,890 | ||
