Note 9 - Long-term Investments

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9. Long-term investment

	Amount
	US$(’000)
Balance as of January 1, 2022		2,280
Exchange translation adjustment		(88	)
Impairment losses provided during the year		(596	)
Balance as of December 31, 2022		1,596
Exchange translation adjustment		(7	)
Cash investments during the year		64
Disposed during the year		(426	)
Impairment losses provided during the year		(433	)
Balance as of December 31, 2023		794

As of December 31, 2023, except for long-term investments which were fully impaired, the Company beneficially owned a 15.38%, 9.9%, 9.9% and 9% equity interest in each New Business Holdings Limited (“New Business”), Guangdong Yong Fu Xiang Health Management Co., Ltd (“Yong Fu Xiang”), Wuhan Ju Liang Media Co., Ltd. (“Wuhan Ju Liang”) and Guangzhou Yuan Qi Man Man Technology Co., Ltd. (“Yuan Qi Man Man”), respectively.

In June 2023, the Company obtained a 9.9% equity interest in Wuhan Ju Liang through subscription of a RMB0.99 million (approximately US$0.14 million) registered capital of the entity in cash, which amount was committed to be paid up before August 1, 2052. Wuhan Ju Liang is primarily engaged in providing livestream operation services.

In June 2023, the Company disposed its 10% equity interest in Guang Dong WeFriend Co., Ltd. (“Guangdong WeFriend”) to an unrelated party, and received RMB3.0 million (approximately US$0.43 million) proceeds from this transaction.

In August 2023, the Company obtained a 9% equity interest in Fu Meng Hui through subscription of a RMB0.45 million (approximately US$0.06 million) registered capital of the entity in cash, which amount was committed to be paid up before December 31, 2050. Fu Meng Hui is primarily engaged in providing cross boarder online marketplace consulting services.

The Company measures each investment which does not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company.

As of December 31, 2023, the Company has recognized full impairment losses in its long-term investments in Business Opportunity Chain (Guangzhou) Technology Co., Ltd. (“Business Opportunity Chain Guangzhou”) and Fu Meng Hui of approximately US$0.21 million and US$0.02 million, respectively, as the business activities of these entities had become dormant as of December 31, 2023.

On May 27, 2024, the Company sold approximately 7.69% equity interest in New Business to an unrelated party at a total consideration of approximately US$0.40 million. As such, as of December 31, 2023, the value of the Company’s 15.38% equity interest in New Business was estimated to be approximately US$0.80 million. The Company recognized impairment losses in its long-term investments in New Business of approximately US$0.20 million for December 31, 2023.