ACQUIRED INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS

6. ACQUIRED INTANGIBLE ASSETS

Acquired intangible assets arose from the acquisitions of Weland in 2012 and consisted of the following:

	December 31,
	2012		2013
Trademark	408		417
Non-Compete Agreement	188		193
	596		610
Less: Accumulated amortization	(47	)	(128	)
Less: Accumulated impairment	—		(494	)
Exchange difference	14		12
Acquired intangible assets, net	563		—

Due to the lowered earnings forecast and increased competition in the industry, in December 2013, the Group performed, with the assistance of an independent valuation expert, an impairment test of the carrying value of the Weland trademarks and non-compete agreement to determine whether any impairment existed. This assessment resulted in an impairment write-down of $494, which was included in “Impairment loss on acquired intangible assets” in the accompanying statements of operations for the year ended December 31, 2013. The fair value of acquired intangible assets is measured on a non-recurring basis, as set out in Note 9.