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Additional Information: Condensed Financial Statements of the Company
 12 Months Ended
Dec. 31, 2025
Additional Information: Condensed Financial Statements of the Company [Abstract]  
Additional information: condensed financial statements of the Company
26.Additional information: condensed financial statements of the Company

 

Regulation S-X require condensed financial information as to financial position, statement of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

 

The Company records its investment in its subsidiaries under the equity method of accounting.

 

Such investments are presented on the separate condensed balance sheets of the Company as “Long-term investments”.

 

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

 

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2025.

Condensed statements of comprehensive income/(loss) of the parent company

 

   Years ended December 31, 

(Amounts expressed in thousands of US$ except for number of shares and per share data)

  2023   2024   2025 
Operating expenses   (3,919)   (1,910)   (1,754)
Loss before income tax   (3,284)   (2,002)   (1,422)
Income from subsidiaries   6,095    6,560    7,723 
Net income   2,811    4,558    6,301 

 

Condensed balance sheets of the parent company

 

   Years ended December 31, 

(Amounts expressed in thousands of US$ except for number of shares and per share data)

  2024   2025 
Cash and cash equivalents   1,072    942 
Amounts due from subsidiaries   126,329    125,556 
Others   19    22 
Total assets   127,420    126,520 
           
Accounts payable, accrued expenses and other liabilities   295    374 
Deficit in subsidiaries   101,966    101,125 
Others   87    29 
Amounts due to subsidiaries   4,232    3,690 
Total liabilities   106,580    105,218 
Total shareholders’ equity   20,840    21,302 

 

Condensed statement of cash flows of the parent company

 

   Years ended December 31, 

(Amounts expressed in thousands of US$ except for number of shares and per share data)

  2023   2024   2025 
Cash flows from operating activities            
Net cash used in operating activities   (605)   (435)   (530)
Cash flows from investing activities               
Intercompany fund transfers   200    1,400    400 
Net cash generated from investing activities   200    1,400    400 
Cash flows from financing activities               
Proceeds from exercise of share options   49    
—
    
—
 
Net cash generated from financing activities   49    
—
    
—
 
(Decrease)/increase in cash and cash equivalents   (356)   965    (130)
Cash and cash equivalents at beginning of year   463    107    1,072 
Cash and cash equivalents at end of year   107    1,072    942