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Bank Borrowings
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Bank Borrowings [Abstract]    
BANK BORROWINGS

9. BANK BORROWINGS

The Group entered into loan agreements and bank facilities with Chinese banks and a German bank.

The original terms of the loans from Chinese banks range from 6 to 12 months and the interest rates range from 5.00% to 6.00% per annum. As of September 30, 2021, the balance of the loans from Chinese bank was $13,191.

The bank facility agreement with the German bank includes a $13.0 million (EUR11 million) 8-year maturity term loan and a $4.7 million (EUR4 million) revolving facility (“German Bank Facility Agreement”). The interest rate of the 8-year maturity term loan is EURIBOR plus a margin rate determined by the financial leverage ratio of the Group. The $4.7 million (EUR4 million) revolving facility at 6.00% annual interest, needs to be renewed every year (60 days in advance). During the nine months ended September 30, 2021, the Group drew down the 8-year maturity term loan to the amount of $9,660. On October 1, 2021, the Company had entered into the termination agreement with the German Bank to cancel the German Bank Facility Agreement. All outstanding amounts under the loan were repaid on October 8, 2021.

Changes in bank borrowings are as follows:

 

Three Months Ended
September 30,

  

Nine Months Ended
September 30,
   

2020

  

2021

  

2020

  

2021

Beginning balance

  

$

9,412

 

  

$

26,458

 

  

$

11,922

 

  

$

12,184

 

Proceeds from bank borrowings

  

 

5,757

 

  

 

—

 

  

 

15,230

 

  

 

26,603

 

Repayments of principal

  

 

(5,696

)

  

 

(3,400

)

  

 

(17,590

)

  

 

(15,665

)

Exchange difference

  

 

321

 

  

 

(207

)

  

 

232

 

  

 

(271

)

Ending balance

  

$

9,794

 

  

$

22,851

 

  

$

9,794

 

  

$

22,851

 

All balance of bank borrowings as of September 30, 2021 and December 31, 2020 are current borrowings.

Certain assets of the Group had been pledged to secure the above banking facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December 31, 2020 and September 30, 2021 are as follows:

 

December 31,
2020

  

September 30,
2021

Buildings

  

$

22,732

  

$

31,479

Machinery and equipment

  

 

19,297

  

 

17,173

Land use rights

  

 

2,789

  

 

4,448

Total

  

$

44,818

  

$

53,100

In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $20,874 of guarantees to secure certain bank facilities granted to the Group as of December 31, 2020.

11. BANK BORROWINGS

The Group entered into various loan agreements, i.e. banking facilities, with certain Chinese banks. The original terms of the loans range from 2 to 12 months and the interest rates range from 4.68% to 5.66% per annum. Changes in bank borrowings for the years ended December 31, 2019 and 2020 are as follows:

 

December 31,
2019

  

December 31,
2020

Beginning balance as of January 1

  

$

66,267

 

  

$

11,922

 

Proceeds from bank borrowings

  

 

17,735

 

  

 

17,308

 

Repayments of principal during the year

  

 

(71,674

)

  

 

(17,815

)

Exchange difference

  

 

(406

)

  

 

769

 

Ending balance as of December 31

  

$

11,922

 

  

$

12,184

 
   

 

  

 

  

 

  

 

Including:

  

 

  

 

  

 

  

 

Current

  

$

11,922

 

  

$

12,184

 

Total

  

$

11,922

 

  

$

12,184

 

Certain assets of the Group had been pledged to secure the above banking facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December 31, 2019 and 2020 are as follows:

 

December 31,
2019

  

December 31,
2020

Buildings

  

$

22,414

  

$

22,732

Machinery and equipment

  

 

20,936

  

 

19,297

Land use rights

  

 

2,672

  

 

2,789

Total

  

$

46,022

  

$

44,818

In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $32,607 and $20,874 of guarantees to secure certain bank facilities granted to the Group as of December 31, 2019 and 2020, respectively.