v3.26.1
CONVERTIBLE NOTES (Tables)
12 Months Ended
Dec. 31, 2025
Convertible notes  
CONVERTIBLE NOTES  
Schedule of convertible notes

  ​ ​ ​

Subsidiary

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

ATW

  ​ ​ ​

Convertible Note

Convertible Notes

Convertible Notes

Convertible Notes

Convertible Note

Total

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

Balance as of January 1, 2023

 

76,770

 

 

 

76,770

Issuance of convertible notes

 

 

25,297

 

 

25,297

Partial redemption of convertible notes

(5,648)

(5,648)

Interest paid

(3,072)

(3,072)

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

2,376

 

616

 

 

2,992

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

6,951

 

12

 

 

6,963

Foreign currency translation adjustment

(1,390)

 

 

 

(1,390)

Balance as of December 31, 2023

 

81,635

20,277

101,912

Issuance of convertible notes

 

9,500

109,784

119,284

Interest paid

(5,357)

(5,357)

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

 

7,905

337

5,790

14,032

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

(8,789)

(1,664)

(10,453)

Conversion to ordinary shares

(30,114)

(30,114)

Foreign currency translation adjustment

(1,148)

(1,148)

Balance as of December 31, 2024

74,246

113,910

188,156

Issuance of convertible notes

189,263

10,000

199,263

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

1,778

5,948

14,115

1,789

23,630

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

(10,225)

(595)

283

(10,537)

Repayment

(119,263)

(119,263)

Conversion to ordinary shares

(1,210)

(1,210)

Interest paid

(4,802)

(75)

(4,877)

Foreign currency translation adjustment

1,442

1,442

Balance as of December 31, 2025

62,439

203,378

10,787

276,604

Including:

– Current portion

126,203

126,203

– Non-current portion

62,439

 

 

77,175

10,787

 

150,401

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

  ​ ​ ​

As of December 31, 

 

2025

  ​ ​ ​

2024

Risk-free interest rates

 

1.38

%  

1.30

%

Probability of conversion

 

10.00

%  

10.00

%

Bond yields

 

14.05%-14.51

%  

6.69%-7.74

%

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

  ​ ​ ​

As of December 31, 

2025

2024

2025

  ​ ​ ​

2024

Convertible Notes

Convertible Notes

Risk‑free interest rate

 

3.45%-3.57

%

4.25

%

Volatilities

 

43.57%-54.49

%

56.70

%

Bond yield

 

16.89%-17.03

%

10.12

%

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

  ​ ​ ​

As of December 31, 2025

 

Risk‑free interest rate

 

3.47

%

Volatilities

 

54.73

%

Bond yield

 

16.83

%