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Prepayments and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepayments and Other Current Assets

The prepayments and other current assets consisted of the following:

 

 

As of December 31,

 

 

2023

 

 

2024

 

 

(in US$ thousands)

 

Interest receivables

 

$

3,506

 

 

$

16,162

 

Prepayments(1)

 

 

3,023

 

 

 

3,024

 

VAT recoverable(2)

 

 

955

 

 

 

1,502

 

Proceeds receivable for employee share option exercises

 

 

116

 

 

 

417

 

Employee loans and advances(3)

 

 

290

 

 

 

231

 

Others

 

 

889

 

 

 

1,257

 

Prepayments and other current assets

 

$

8,779

 

 

$

22,593

 

 

(1)
Prepayments are primarily related to prepayments for services, advertisements and other deposits.
(2)
VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.
(3)
Employee advances and loans are primarily advances to employees that are business related, taxes paid on behalf of employees related to their options, or personal loans granted to select qualified employees with interest or a guarantee. The loan balances are expected to be repaid by the employee within one year.