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FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 31, 2025
FAIR VALUE MEASUREMENT  
Schedule of major financial instruments measured at fair value, by level within the fair value hierarchy

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Fair Value Measurement at Reporting Date Using

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Quoted Prices 

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Significant 

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​

​

​

​

​

in Active 

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Other

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Significant 

​

​

Fair Value as of 

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Markets for

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Observable

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Unobservable

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​

December 31, 

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Identical Assets

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Inputs

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Inputs

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​

2025

​

(Level 1)

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(Level 2)

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(Level 3)

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  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

 Assets

 

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  ​

 

  ​

 

  ​

Investment securities

 

1,811

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1,811

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—

​

—

Liabilities

 

​

 

​

 

​

 

​

Warrant liabilities

​

800

​

800

​

—

​

—

Convertible notes

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276,604

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—

​

—

​

276,604

Exchangeable notes

 

128,852

 

—

 

—

 

128,852

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Fair Value Measurement at Reporting Date Using

​

​

​

​

Quoted Prices 

​

Significant 

​

​

​

​

​

​

in Active 

​

Other

​

Significant 

​

​

Fair Value as of 

​

Markets for

​

Observable

​

Unobservable

​

​

December 31, 

​

Identical Assets

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Inputs

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Inputs

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2024

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(Level 1)

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(Level 2)

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(Level 3)

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  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

 Assets

 

  ​

 

  ​

 

  ​

 

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Investment securities

 

2,221

​

2,221

​

—

​

—

Securities pledged to an investor

​

315,796

​

315,796

​

—

​

—

Derivative asset

​

694

​

—

​

694

​

—

Liabilities

 

​

 

  ​

 

  ​

 

  ​

Put option liabilities

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309,115

 

—

 

—

 

309,115

Warrant liabilities

​

3,340

 

1,996

 

—

 

1,344

Convertible notes

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188,156

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—

​

—

​

188,156

Exchangeable notes

 

102,999

 

—

 

—

 

102,999