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Discontinued operations | 12 Months Ended
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Dec. 31, 2019
Discontinued operations |
Discontinued operations | 3. Discontinued operations In December 2017, the Company signed a contract (“Disposal Agreement”) to divest its web game business, a major line of the Group’s online game business, to Shenzhen Xunyi Network Technology Corp., Ltd. (“Buyer”), a company operated by a few former core members of Xunlei’s web game business. The total sales price was RMB 4,180,000 (equivalent to approximately USD 640,000). The disposal is due to a shift of strategy to allow the Group better manage its internal resources, including internal traffic referral and corporate allocation. The disposal was completed in January 2018 and related gain of USD 1.4 million was recognized. As part of the disposal and according to the Disposal Agreement, Xunlei agreed to assist the Buyer to collect and pay certain receivables and payables of the web game business for a period of no longer than one year after the completion of disposal. In addition, the Buyer agreed to enter into business cooperation services with Xunlei, including purchase of advertising services in the next 24 months, after signing the Disposal Agreement, under a separate negotiated term. Relevant business cooperation agreements have been signed in January 2018 at market term. Results of the discontinued operation
USD (In thousands) |  | 2017 |  | 2018 |
Revenues, net of rebates and discounts |  | 11,428 |  | 656 |
Business taxes and surcharges |  | (27) |  | (1) |
Net revenues |  | 11,401 |  | 655 |
Cost of revenues |  | (522) |  | (16) |
Gross profit |  | 10,879 |  | 639 |
Operating expenses |  |  |  |  |
Research and development expenses |  | (2,217) |  | (419) |
Sales and marketing expenses |  | (1,025) |  | (63) |
General and administrative expenses |  | (99) |  | (18) |
Total operating expenses |  | (3,341) |  | (500) |
Operating income |  | 7,538 |  | 139 |
Gain on disposal of web game |  | — |  | 1,394 |
Income tax expenses |  | (1,131) |  | (230) |
Income from discontinued operations |  | 6,407 |  | 1,303 |
Cash flows generated from the discontinued operation
USD (In thousands) |  | 2017 |  | 2018 |
Net cash generated from operating activities |  | 5,585 |  | 1,065 |
Net cash used in investing activities |  | (13) |  | — |
Net cash flow for the year |  | 5,572 |  | 1,065 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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