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Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Rates of Tax Applicable in Countries

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

Schedule of Reconciliation of Tax Expense and Profit Before Tax

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

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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