| Fair Value Measurement |
12.FAIR VALUE MEASUREMENT The following tables present the fair value hierarchy for those liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2025:
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As of December 31, 2024 |
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US$ |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Fair Value |
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Liabilities: |
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Financial liability |
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— |
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— |
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189,279 |
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189,279 |
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As of December 31, 2025 |
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US$ |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Fair Value |
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Liabilities: |
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Financial liability |
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— |
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— |
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63,593 |
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63,593 |
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The tables below reflect the reconciliation from the opening balances to the closing balances for recurring fair value measurements categorized as Level 3 of the fair value hierarchy for the years ended December 31, 2023, 2024 and 2025:
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For the Year Ended December 31, 2023 |
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Gain or Losses |
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US$ |
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January 1, 2023 |
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Purchase |
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Included in Earnings |
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Included in Other Comprehensive Loss |
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Foreign Currency Translation Adjustment |
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December 31, 2023 |
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Liabilities: |
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Financial liability |
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242,393 |
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— |
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8,959 |
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— |
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(4,087 |
) |
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247,265 |
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Convertible debts |
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— |
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11,053,172 |
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1,463,159 |
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— |
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— |
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12,516,331 |
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For the Year Ended December 31, 2024 |
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Gain or Losses |
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US$ |
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January 1, 2024 |
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Purchase |
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Included in Earnings |
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Included in Other Comprehensive Loss |
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Conversion of convertible debts into preference shares |
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Conversion of convertible debts into short-term borrowing (see Note 8) |
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Accrued interests (see Note10) |
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Foreign Currency Translation Adjustment |
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Year ended December 31, 2024 |
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Liabilities: |
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Financial liability |
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247,265 |
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— |
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(54,859 |
) |
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— |
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— |
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— |
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— |
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(3,127 |
) |
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189,279 |
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Convertible debts |
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12,516,331 |
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— |
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(90,521 |
) |
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— |
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(9,651,560 |
) |
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(2,086,695 |
) |
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(612,443 |
) |
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(75,112 |
) |
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— |
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For the Year Ended December 31, 2025 |
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Gain or Losses |
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US$ |
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January 1, 2025 |
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Purchase |
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Included in Earnings |
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Included in Other Comprehensive Loss |
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Foreign Currency Translation Adjustment |
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December 31, 2025 |
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Liabilities: |
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Financial liability |
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189,279 |
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— |
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(127,908 |
) |
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— |
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2,222 |
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63,593 |
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For the financial liability that does not have a quoted market rate, the Group measured its fair value using the option-pricing model with the assistance of an independent third-party valuation firm. The fair values of financial liability as of December 31, 2024 and 2025, are estimated with the following key assumptions:
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December 31, |
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December 31, |
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2024 |
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2025 |
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Risk-free rate of return (per annum) |
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4.27 |
% |
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3.47 |
% |
Volatility |
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62.8 |
% |
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62.4 |
% |
Expected dividend yield |
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0.0 |
% |
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0.0 |
% |
Expected term |
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2.8 years |
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1.8 years |
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Fair value of the Company’s ordinary shares |
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US$0.05 per share |
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US$0.03 per share |
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