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Income Tax Expense
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Tax Expense
9.
INCOME TAX EXPENSE
Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong. Overseas tax is calculated at rates of tax applicable in countries in which the Group is assessable for tax:
 
    
For the year ended December 31,
  
    
2021
     
2022
    
2023
  
    
US$
     
US$
    
US$
  
Hong Kong profits tax
        
Charge for the year
      13,433        12,926       4,261  
Overprovision in prior year
      —         —        (800 ) 
The People’s Republic of China withholding tax
        
Charge for the year
      626        641       993  
Other jurisdictions
        
Charge for the year
      —         80       —   
Deferred tax
      —         (242 )      (140 ) 
  
 
 
     
 
 
    
 
 
  
     14,059        13,405       4,314  
  
 
 
     
 
 
    
 
 
  
Under the
two-tiered
profits tax rates regime of Hong Kong Profits Tax, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the
two-tiered
profits tax rates regime will continue to be taxed at a flat rate of 16.5%. For the year ended December 31, 2021, 2022 and 2023, the Hong Kong Profits Tax of the qualifying group entity is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

A reconciliation of tax expense and profit before tax at the Hong Kong statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows:
 
    
For the year ended December 31,
  
    
2021
    
2022
    
2023
  
    
US$
    
US$
    
US$
  
Profit before tax
      171,239       173,871       157,697  
  
 
 
    
 
 
    
 
 
  
Tax at statutory tax rate of 16.5%
      28,254       28,689       26,020  
Tax effect of foreign tax jurisdictions
      —        34       108  
Tax effect of
two-tiered
profit tax rate
      (21 )      (21 )      (21 ) 
Tax effect of
non-taxable
income
      (12,328 )      (15,604 )      (31,954 )
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose
      (2,669 )      (2,591 )      (1,412 )
Tax effect of
non-deductible
expenses
      202       2,265       4,743  
Tax effect of unrecognized temporary difference
      (1 )      (1 )      —   
Overprovision in prior year
      —        —        (800 ) 
Tax effect of tax loss not recognized
      —        —        6,637  
Utilization of tax losses previously not recognized
      (4 )      (7 )      —   
Withholding tax on the dividend income
      626       641       993  
  
 
 
    
 
 
    
 
 
  
Income tax expense
      14,059       13,405       4,314  
  
 
 
    
 
 
    
 
 
  
As of December 31, 2021, 2022 and 2023, the Group had tax losses arising in Hong Kong and other countries, subject to the agreement by the tax authorities, which are available for offsetting against the future taxable profits of the Group.
Deferred tax assets have not been recognized in respect of these losses as it is not considered probable that taxable profits will be available against which such tax losses can be utilized.