Related party transactions and balances

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

28. Related party transactions and balances

 

Related party transactions are as follows (figures are in thousands of USD):

Related sales

	Three Months Ended September 30,
	2015		2014
Merchandise sold to related parties	$	8,137	$	11,890
Rental income obtained from related parties		48		199
Materials and others sold to related parties		418		657
Total	$	8,603	$	12,746

	Nine Months Ended September 30,
	2015		2014
Merchandise sold to related parties	$	28,076	$	38,627
Rental income obtained from related parties		104		199
Materials and others sold to related parties		1,411		657
Total	$	29,591	$	39,483

Related purchases

	Three Months Ended September 30,
	2015		2014
Materials purchased from related parties	$	5,721	$	6,069
Technology purchased from related parties		145		114
Equipment purchased from related parties		1,386		1,274
Others purchased from related parties		106		-
Total	$	7,358	$	7,457

	Nine Months Ended September 30,
	2015		2014
Materials purchased from related parties	$	18,359	$	20,721
Technology purchased from related parties		292		278
Equipment purchased from related parties		4,456		2,528
Others purchased from related parties		460		-
Total	$	23,567	$	23,527

Related receivables

	September 30,		December 31,
	2015		2014
Accounts and notes receivable from related parties	$	31,423	$	22,760
Other receivables from related parties		3		76
Total	$	31,426	$	22,836

Related advances

	September 30,		December 31,
	2015		2014
Advance equipment payment to related parties	$	6,185	$	2,085
Advance payments and others to related parties		812		741
Total	$	6,997	$	2,826

Related payables

	September 30,		December 31,
	2015		2014
Accounts and notes payable	$	6,233	$	4,857

These transactions were consummated under similar terms as those with the Company's third party customers and suppliers.

Related parties pledged certain land use rights and buildings as security for the Company’s credit facilities provided by banks.

As of November 12, 2015, Hanlin Chen, the Company’s Chairman, owns 55.6% of the common stock of the Company and has the effective power to control the vote on substantially all significant matters without the approval of other stockholders.