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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Short-Term Borrowings [Abstract]  
Short-term borrowings

10. SHORT-TERM BORROWINGS

 

The following table sets forth the loan agreement of short-term borrowing from bank:

  

Date  Borrower  Lender  Amount
($)		   Annual Interest Rate   Repayment
Due Date
January 9, 2024  Ambow Education Inc.  Cathay Bank   1,200    6.00%  December 27, 2025
October 11, 2022  Ambow Education Inc.  Cathay Bank   1,500    6.29%  October 10, 2025

 

In October 2022 and January 2024, the Group pledged its restricted cash amount of $1,500 and $1,200, respectively, to obtain the borrowings amount of $1,500 and $1,200 from Cathay Bank. Refer to the Note 4-Cash, Cash Equivalents and Restricted Cash.

 

On October 11, 2022, the Group received a loan from Cathay Bank in the amount of $1,500 with a maturity date of October 11, 2023, which was renewed on November 6, 2023 with its original maturity date of October 11, 2024 and bearing interest at 6.29% per annum. On January 9, 2024, the Group received a loan from Cathay Bank in the amount of $1,200 with its original maturity date of December 28, 2024 and bearing interest at 6.00% per annum. The above loans from Cathay Bank were renewed respectively in September and November 2024 to a renewed maturity date of October 10, 2025 and December 27, 2025. The pledges shall be terminated once all borrowings have been repaid and pledge cancellation registration procedures have been completed.