| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
31.PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying consolidated and combined financial statements. For the purposes of presenting the Company’s separate financial information, the Company records its investments in its subsidiaries and VIE under the equity method of accounting. As of December 31, 2023 and 2022, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated and combined financial statements. | (a) | Parent Company Condensed Balance Sheets |
| | | | | | | As of December 31, | | | 2023 | | 2022 | | | US$ | | US$ | ASSETS | | | | | Current assets | | | | | Cash | | 33,888 | | 353,107 | Amounts due from inter-companies | | 46,087 | | 6,089 | Prepayments and other current assets – third parties | | 1,687 | | — | Total current assets | | 81,662 | | 359,196 | Non-current assets | | | | | Investment securities – related parties | | 3,326 | | 8,411 | Total non-current assets | | 3,326 | | 8,411 | Total assets | | 84,988 | | 367,607 | LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY (DEFICIT) | | | | | Current liabilities | | | | | Convertible notes | | 20,277 | | — | Accrued expenses and other current liabilities – third parties | | 714 | | — | Total current liabilities | | 20,991 | | — | Non-current liabilities | | | | | Share of losses in excess of investments in subsidiaries and consolidated VIEs | | 873,881 | | 451,571 | Put option liabilities | | 11,884 | | — | Total non-current liabilities | | 885,765 | | 451,571 | Total liabilities | | 906,756 | | 451,571 | Total mezzanine equity | | 383,530 | | 368,409 | Shareholders' equity (deficit) | | | | | Ordinary Shares | | 21 | | 21 | Additional paid-in capital | | 358,187 | | 403,103 | Receivable from shareholders | | — | | (26,447) | Accumulated other comprehensive income | | 25,267 | | 17,707 | Accumulated deficit | | (1,588,773) | | (846,757) | Total shareholders’ deficit | | (1,205,298) | | (452,373) | Total liabilities, mezzanine equity and shareholders' deficit | | 84,988 | | 367,607 |
| (b) | Parent Company Condensed Statements of Comprehensive Loss |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2022 | | 2021 | | | US$ | | US$ | | US$ | Total operating expenses | | (2,983) | | (11,127) | | (263) | Interest income | | 6,979 | | 2,839 | | — | Interest expenses | | — | | — | | — | Investment loss, net | | (5,084) | | (4,242) | | — | Foreign currency exchange gains (losses), net | | (171) | | (13,068) | | 2,124 | Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk | | (616) | | — | | — | Changes in fair values of put option liabilities | | (2,508) | | — | | — | Share of losses from subsidiaries and consolidated VIEs | | (737,618) | | (698,323) | | (112,392) | Loss before income taxes | | (742,001) | | (723,921) | | (110,531) | Income tax expense | | — | | — | | — | Net loss | | (742,001) | | (723,921) | | (110,531) | Other comprehensive income (loss): | | | | | | | Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes | | (8,650) | | (893) | | 119 | Foreign currency translation adjustment, net of nil income taxes | | 16,210 | | 18,669 | | (843) | Total comprehensive loss | | (734,441) | | (706,145) | | (111,255) |
| (c) | Parent Company Condensed Statements of Cash Flows |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2022 | | 2021 | | | US$ | | US$ | | US$ | Net cash generated from (used in) operating activities | | 3,127 | | 2,682 | | (997) | Net cash used in investing activities | | (347,697) | | (113,216) | | — | Net cash provided by financing activities | | 27,163 | | 392,053 | | 82,076 | Effect of exchange rate changes on cash | | (1,812) | | (10,161) | | 670 | Net increase in cash | | (319,219) | | 271,358 | | 81,749 | Cash at the beginning of the year | | 353,107 | | 81,749 | | — | Cash at the end of the year | | 33,888 | | 353,107 | | 81,749 |
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