MERITZ INVESTMENT (Tables)

6 Months Ended

Jun. 30, 2025

MERITZ INVESTMENT

Schedule of movement of put option liabilities

	Meritz put option
	US$
Balance as of December 31, 2024	309,115
Change in fair values	54,406
Balance as of June 30, 2025	363,521
Including:
- Current portion	—
- Non-current portion	363,521

Meritz put option

MERITZ INVESTMENT

Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model

	As of June 30, 2025
Risk‑free interest rate	3.81	%
Expected volatility	59.02	%
Expected dividend yield	0.00	%
Remaining term	1.64 years