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Land use right
 12 Months Ended
Dec. 31, 2024
Land Use Right [Abstract]  
Land use right
12.
Land use right

 

 

As of December 31,

 

 

2023

 

 

2024

 

 

(in US$ thousands)

 

Land use rights

 

$

170,402

 

 

$

167,896

 

Less: accumulated amortization

 

 

(3,156

)

 

 

(6,501

)

Land use rights, net

 

$

167,246

 

 

$

161,395

 

The Company acquired the land use right in February 2023. Amortization expense for land use right were US$3.2 million and US$3.4 million for the years ended December 31, 2023 and 2024, respectively. As of December 31, 2024, land use right with net book value of US$ 161.4 million were pledged as collateral for the Company’s borrowings (Note 16).