Note 8 - Long-term Investments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8. Long-term investments

	Amount
	US$(’000)
Balance as of January 1, 2019		35
Exchange translation adjustment		-
Cash investments during the year		32
Balance as of December 31, 2020		67
Exchange translation adjustment		1
Cash investments during the year		2,250
Investments disposed during the year		(38	)
Balance as of December 31, 2021		2,280

As of December 31, 2021, except for long-term investments which were fully impaired, the Company beneficially owned a 15.38%, 10%, 9.09%,15%, 17% and 19% equity interest in each New Business Holdings Limited (“New Business”), Guang Dong WeFriend Co., Ltd. (“Guangdong WeFriend”), Shenzhen Global Best Products Import & Export Co., Ltd. (“Global Best Products”), Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”), Xiao Peng Education Technology (Hubei) Co., Ltd. (“Xiao Peng Education”) and Business Opportunity Chain (Guangzhou) Technology Co., Ltd. (“Business Opportunity Chain Guangzhou”), respectively.

For the year ended December 31, 2021, the Company made a cash investment of approximately US$1.0 million, US$0.47 million, US$0.31 million, US$0.24 million, US$0.08 and US$0.15 million to each New Business, Guangdong WeFriend, Global Best Products, Gong Xiang Technology, Xiao Peng Education and Business Opportunity Chain Guangzhou, respectively.

In May  2021, the Company disposed the 4.9% equity interest it owned in Local Chain Xi’an Information Technology Co., Ltd. (“Local Chain Xi’an”) to an unrelated party and recorded an approximately US$0.04 million disposal loss during the year.

As of December 31, 2020, the Company’s long-term investments consisted of an investment of approximately RMB0.25 million (approximately US$0.04 million) and an investment of RMB0.19 million (approximately US$0.03 million) in cash to Local Chain Xi’an and Business Opportunity Chain Guangzhou, respectively.