25.

Loss per share

Basic and diluted loss per share for each of the years presented is calculated as follows (All amounts, except number of shares and per share data, are presented in thousands of U.S. dollars):

	Year Ended December 31,
	2018			2017
	US$(’000)			US$(’000)

Net loss attributable to ChinaNet Online Holdings, Inc. (numerator for basic and diluted loss per share)	$	(14,025	)	$	(10,125	)

Weighted average number of common shares outstanding – Basic and diluted		15,863,894			12,116,783

Loss per share -Basic and diluted from continuing operations	$	(0.88	)	$	(0.84	)

For the year ended

December 31, 2018,

the diluted loss per share calculation did

not

include warrants and options to purchase up to

774,000

and

835,216

shares of the Company’s common stock, respectively, and did

not

include

266,238

shares of unvested restricted common stock before they were vested during the

third

quarter of

2018,

because their effect was anti-dilutive, as the Company incurred a loss for the year.

For the year ended

December 31, 2017,

the diluted loss per share calculation did

not

include options to purchase up to

835,216

shares of the Company’s common stock, and did

not

include

266,238

shares of unvested restricted common stock, because their effect was anti-dilutive, as the Company incurred a loss for the year.