Concentration Risk

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [Abstract]

Concentration Risk

9. Concentration Risk

(a) Customers

A substantial percentage of the Group’s net revenue comes from sales made to a large number of customers at a small transaction amount, to whom sales are typically made on an open account basis.

There was no customer of which the revenue accounted for 10% or more of total net revenue for the three months and six months ended June 30, 2023 and 2022.

As of June 30, 2023, there was no customer of which the accounts receivable accounted for 10% or more of total accounts receivable. As of December 31, 2022, there was one customer of which the accounts receivable accounted for 18% of total accounts receivable.

(b) Suppliers

As of June 30, 2023, there were two suppliers of which the accounts payable accounted for 21% and 15% of total accounts payable, respectively. As of December 31, 2022, there were two suppliers of which the accounts payable accounted for 14% and 11% of total accounts payable, respectively.