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SHORT-TERM BORROWINGS | 12 Months Ended
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Dec. 31, 2023
SHORT-TERM BORROWINGS |
SHORT-TERM BORROWINGS | 10. SHORT-TERM BORROWINGS The following table sets forth the loan agreement of short-term borrowing from bank: ​
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​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | Annual | ​ | Repayment
Date |  | Borrower |  | Lender |  | ($) | ​ | Interest Rate |  | Due Date
January 6, 2023 | ​ | Ambow Education Inc. | ​ | EAST WEST BANK | ​ | 2,439 | ​ | 2.50 | % | January 6, 2024
October 11, 2022 | ​ | Ambow Education Inc. | ​ | Cathy Bank | ​ | 1,500 | ​ | 6.29 | % | October 11, 2024
​ In October 2022 and January 2023, the Group pledged its restricted cash amount of $3,939 to obtain a line of credit in $3,939 from Cathy Bank and EAST WEST BANK, respectively. Refer to the Note 4-Cash, Cash Equivalents and Restricted Cash. On January 6, 2023, the Group received a loan from EAST WEST BANK in the amount of $2,439 with a maturity date of January 6, 2024, and bearing interest at 2.50% per annum. The loan has been fully repaid at maturity on January 8, 2024. On October 11, 2022, the Group received a loan from Cathy Bank in the amount of $1,500 with a maturity date on October 11, 2023. On November 6, 2023, the Group renewed the loan from Cathy Bank with a maturity date on October 11, 2024 and bearing interest at 6.29% per annum. The pledge shall be terminated once all borrowings were repaid and pledge cancellation registration procedures were completed.

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