PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
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| Schedule of parent company condensed balance sheets |
| | | | | | | As of December 31, | | | 2025 | | 2024 | | | US$ | | US$ | ASSETS | | | | | Current assets | | | | | Cash | | 301 | | 963 | Restricted cash | | — | | 338 | Amounts due from subsidiaries | | 162,128 | | 95,693 | Prepayments and other current assets – related parties, net | | 18,052 | | 15,684 | Prepayments and other current assets – third parties, net | | 5,758 | | 6,362 | Total current assets | | 186,239 | | 119,040 | Non-current assets | | | | | Investment securities – related parties | | 1,811 | | 2,221 | Securities pledged to an investor | | — | | 315,796 | Total non-current assets | | 1,811 | | 318,017 | Total assets | | 188,050 | | 437,057 | LIABILITIES AND SHAREHOLDERS’ DEFICITS | | | | | Current liabilities | | | | | Convertible notes – related parties | | 126,203 | | 113,910 | Share buyback forward liabilities | | — | | 117,059 | Amounts due to subsidiaries | | — | | 1,140 | Accrued expenses and other current liabilities | | 9,313 | | 16,497 | Put option liabilities | | — | | 309,115 | Short‑term borrowings – related parties | | 151,664 | | — | Total current liabilities | | 287,180 | | 557,721 | Non-current liabilities | | | | | Share of losses in excess of investments in subsidiaries | | 1,134,606 | | 728,858 | Convertible notes – third parties | | 10,787 | | — | Convertible notes – related parties | | 77,175 | | — | Warrant liabilities | | 800 | | 3,340 | Total non-current liabilities | | 1,223,368 | | 732,198 | Total liabilities | | 1,510,548 | | 1,289,919 | | | | | | Shareholders’ deficit | | | | | Ordinary shares | | 7 | | 7 | Treasury stock | | (138,397) | | — | Additional paid-in capital | | 1,933,992 | | 1,785,664 | Accumulated other comprehensive income | | 39,818 | | 55,165 | Accumulated deficit | | (3,157,918) | | (2,693,698) | Total shareholders’ deficit | | (1,322,498) | | (852,862) | Total liabilities and shareholders’ deficit | | 188,050 | | 437,057 |
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| Schedule of parent company condensed statements of comprehensive loss |
| | | | | | | | | Year ended December 31, | | | 2025 | | 2024 | | 2023 | | | US$ | | US$ | | US$ | Total operating expenses | | (4,816) | | (24,322) | | (2,983) | Interest income | | 4,891 | | 4,725 | | 6,979 | Interest expenses | | (4,172) | | (12,876) | | — | Investment income (loss), net | | 10,685 | | 13,320 | | (5,084) | Foreign currency exchange gains (losses), net | | 6,010 | | 614 | | (171) | Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | | (25,778) | | (285,322) | | (3,124) | Share of losses from subsidiaries and former consolidated VIEs | | (451,040) | | (801,064) | | (737,618) | Loss before income taxes | | (464,220) | | (1,104,925) | | (742,001) | Income tax expense | | — | | — | | — | Net loss | | (464,220) | | (1,104,925) | | (742,001) | Other comprehensive loss: | | | | | | | Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | | 13,875 | | 13,547 | | (8,650) | Foreign currency translation adjustment, net of nil income taxes | | (29,222) | | 16,351 | | 16,210 | Total comprehensive loss | | (479,567) | | (1,075,027) | | (734,441) |
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| Schedule of parent company condensed statements of cash flows |
| | | | | | | | | Year ended December 31, | | | 2025 | | 2024 | | 2023 | | | US$ | | US$ | | US$ | Net cash (used in) generated from operating activities | | (3,584) | | (45,034) | | 3,127 | Net cash generated from (used in) investing activities | | 270,001 | | (1,246,477) | | (347,697) | Net cash (used in) generated from financing activities | | (267,454) | | 1,260,592 | | 27,163 | Effect of exchange rate changes on cash and restricted cash | | 37 | | (1,668) | | (1,812) | Net decrease in cash and restricted cash | | (1,000) | | (32,587) | | (319,219) | Cash and restricted cash at beginning of the year | | 1,301 | | 33,888 | | 353,107 | Cash and restricted cash at end of the year | | 301 | | 1,301 | | 33,888 |
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