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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of composition of income tax expenses

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022		2023
​		RMB’000		RMB’000	​	RMB’000
Current income tax expense	​	155	​	361	​	(42)
Deferred taxation		(53)	​	—	​	—
Total		102	​	361	​	(42)

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022		2023
​		%		%	​	%
Statutory EIT rate	​	25.00	​	25.00	​	25.00
Effect of non-deductible expenses (1)		(6.60)		16.97	​	(1.87)
Tax incentives for research and development expense (2)		9.00		(49.14)	​	11.32
Tax incentives for wages of disabled staff		0.05		(0.16)	​	0.05
Preferential tax rate	​	0.48	​	(4.20)	​	0.62
Change in valuation allowance		(25.55)		2.52	​	(33.14)
Tax rate difference from statutory rate in other jurisdictions		(2.49)		10.44	​	(1.93)
Effective income tax rate		(0.11)		1.43	​	0.05

(1) Primarily comprised of share-based compensation expenses which are permanent differences.

(2) According to policies promulgated by the State Tax Bureau of the PRC, certain of the Group’s subsidiaries are entitled to tax incentives for research and development expenses at 175% of tax-deductible research and development expenses in 2021 and January 1, 2022 to September 30, 2022, and 200% from October 1, 2022 to December 31, 2022. Under Chinese mainland regulations issued in March, 2023, from January 1, 2023, the Group’s subsidiaries are entitled to tax incentives for research and development expenses at 200% of tax-deductible research and development expenses.

Schedule of composition of deferred tax assets

​

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2022		2023
​	​	RMB’000	​	RMB’000
Deferred tax assets - non‑current:	​	​	​	​
—Net operating tax losses carry forwards		51,541		69,061
—Allowances of doubtful accounts		12,564		11,656
—Unrealized Investment loss	​	375	​	1,747
Total deferred tax assets		64,480		82,464
Less: valuation allowance		(61,617)		(79,533)
Total deferred tax assets, net		2,863		2,931
​	​	​	​	​
Deferred tax liabilities - non‑current:	​	​	​	​
— Unrealized investment gain	​	(2,863)	​	(2,931)
Total deferred tax liabilities	​	(2,863)	​	(2,931)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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