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Long-Term Investments
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Long-term investments
16.Long-term investments

 

    As of December 31, 2021  
(In thousands)   Original
Cost		     Cumulative
net gains
/(losses)  		     Exchange
Difference		     Carrying
value		  
Maya     442       (442 )    
—
      
—
  
Huaxiang     1,251       287       88       1,626  
iQsim S.A.     245      
*
       (4 )     241  
Total     1,938       (155 )     84       1,867  

 

    As of December 31, 2022  
(In thousands)   Original
Cost  		     Cumulative
net gains
/(losses)  		     Impairment     Exchange
Difference		     Carrying
value		  
Maya     442       (442 )    
—
      
—
      
—
  
Huaxiang     1,251       515      
—
       (55 )     1,711  
iQsim S.A.     245       (156 )     (80 )     (9 )    
—
  
Total     1,938       (83 )     (80 )     (64 )     1,711  

Note:

 

*Less than US$1 thousand.

 

In October 2018, the Company made an equity investment in a privately-held company, Maya System, Inc. (the “Maya”), which provides cloud SIM related services in Japan, including sale of products and maintenance. The Company acquired 49.00% equity interest of Maya with total consideration of JPY49,000 thousand. The Group classified Maya as an equity method investment as it has significant influence over Maya. The consideration was mainly attributed to trademark, customer relationship and goodwill. As of December 31, 2021 and 2022, the share of loss from Maya exceeded the total investment cost. As the Company is not required to fund losses, the balance was written down to zero.

 

In April 2019 and September 2020, the Company made an equity investment in a privately-held company, Beijing Huaxianglianxin Technology Company(the“Huaxiang”). The Company held 10% equity interest of the Huaxiang with total consideration of RMB8,521 thousand. In March 2022, Huaxiang introduced new investors and the Company’s equity interest in Huaxiang was diluted to approximately 9.36%. The Company exercises significant influence in the Huaxiang and therefore accounts for this as a long-term investment using equity method. The Company recognized the share of profit of USD287 thousand and USD228 thousand during the year ended December 31, 2021 and 2022.

 

In January 2021, the Company acquired 31.25% of the equity interests of iQsim S.A., which is a provider of open virtual SIM (“VSIM”) platform and VSIM-enabled mobile devices based in France, with total consideration of EUR200 thousand. The Company exercises significant influence in iQsim S.A and therefore accounts for this as a long-term investment using equity method. The Company recognized the share of profit of USD0.2 thousand during the year ended December 31, 2021 and share of loss of USD156 thousand during the year ended December 31, 2022. As iQsim was applying for bankruptcy, the Company write off the left amount of the investments of USD80 thousand.