v3.25.4

Related Party Balances and Transactions - Schedule of Related Party Balances (Details) - Related Party [Member] - USD ($) $ in Thousands | Dec. 31, 2024 | Dec. 31, 2023
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Balance with related parties: |  |  |
Accounts receivable | [1] |  | $ 1,094
Other current liabilities | [2] | 1,251 |
Borrowings | [3] | 29,181 | 5,000
Amount due to the holding company | [4] |  | 2,906
Long-term investment – Investment E | [5] | 525 | 523
Convertible debts | [6] | $ 53,106 |
[1] | Accounts receivable due from related parties represented the management service rendered to two individual close-ended investment private funds registered in the Cayman Islands, which are controlled by the controlling stockholder of the Company.
[2] | Other current liabilities due to related parties represented the interest payable accrued on the short-term borrowings from four related parties (see Note 15(c)).
[3] | Borrowings consisted of short-term loans obtained from the Company’s Chief Operating Officer, TAG Holdings Limited, Giant Wisdom Ventures Limited and DeSilva 2000 Living Trust. The amounts were secured, interest-bearing and repayable on demand (see Note 15(c)).
[4] | Amount due to stockholder are those nontrade payables arising from transactions between the Company and TAG Holdings Limited, such as advances made by TAG Holdings Limited on behalf of the Company, advances made by the Company on behalf of TAG Holdings Limited, and allocated shared expenses paid by TAG Holdings Limited. During the years ended December 31, 2024 and 2023, amounts due to stockholder of nil and $12.6 million, respectively, were forgiven (see Note 19(f)).
[5] | In May 2021, the Company purchased 4% equity interest in HCMPS Healthcare Holdings Limited, which has common director with the Company, based on historical cost.
[6] | The convertible debts obtained from Total Formation Inc. and Giant Wisdom Ventures Limited. (see Note 16).

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