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Taxation (Tables)

12 Months Ended

Dec. 31, 2021

Taxation

Schedule of Current and Deferred Portions of Income Tax Expense

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
(In thousands)		2019		2020		2021
Current income tax expenses		315		183		53
Deferred income tax expenses/(benefits)		4,361		966		(178)
Income tax expenses/(benefits)		4,676		1,149		(125)

Summary of Aggregate Amount and Per Share Effect of Tax Holiday

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​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2019		2020		2021
Aggregate dollar effect (in thousands)		(3,856)		197		4,100
Per share effect—basic		(0.01)		(0.00)		0.01
Per share effect—diluted		(0.01)		(0.00)		0.01

Reconciliation of Total Tax (Benefits)/Expenses

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
(In thousands)		2019		2020		2021
Income tax (benefits)/expenses at PRC statutory rate (based on statutory tax rate applicable to enterprises in China)		(11,886)		(3,736)	​	246
Effects of differences in tax rates in different jurisdictions applicable to entities of the Group outside of the PRC		788		787	​	2,571
Non-deductible expenses		228		101	​	47
Effect of Super Deduction		(1,920)		(733)	​	(2,262)
Effect of tax holidays and tax concessions		3,856		(197)	​	(4,100)
Change in valuation allowance of deferred tax assets		13,180		4,704	​	3,507
Expiration of tax loss		400		84	​	—
Others		30		139	​	(134)
Income tax expenses/(benefits)		4,676		1,149	​	(125)

Summary of Changes in Deferred Tax Asset and Liability Balances

​

​	​	​	​	​
(In thousands)		December 31, 2020		December 31, 2021
Deferred tax assets:
Net operating losses carried forward (note a)		32,458		39,188
Impairment of long-term equity investments		4,233		4,245
Impairment of other receivables		1,858		1,536
Impairment of accounts receivable		1,451		402
Impairment of inventories		540		70
Allowance for advances to suppliers		369		137
Impairment of property and equipment		15		2
Valuation allowance		(40,924)		(45,580)
Deferred tax assets, net (note b)		—		—
​	​	​	​	​
Deferred tax liabilities:		​		​
Deferred credit arising from an asset acquisition		(1,085)		(930)

​

Notes:

(a) As of December 31, 2021, the accumulated net operating loss of USD5,875,000 of the Group’s subsidiaries incorporated in Hong Kong can be carried forward indefinitely to offset future taxable income, the remaining accumulated net operating loss of USD221,906,000 mainly arose from the Company’s subsidiaries, VIE and VIE’s subsidiaries established in the PRC, which can be carried forward to offset future taxable income and will expire during the period from 2022 to 2030.

Schedule of Deferred Tax Assets and Liabilities Balances

Deferred tax liabilities

​	​	​	​	​
(In thousands)		2020		2021
Within one year		176		180
After one year		909		750
​		1,085		930

Schedule of Movement of Valuation Allowance

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
(In thousands)		2019		2020		2021
Beginning balance		20,181		34,257		40,924
Additions		13,180		4,704		3,507
Exchange difference	​	896	​	1,963	​	1,149
Ending balance		34,257		40,924		45,580

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