LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Lease [Abstract]

Summary of Carrying Amounts of The Right-of-use Assets and Movements

Right-of-use assets

	December 31, 2023	December 31, 2022
	US$’000	US$’000
Leasehold land	4,192	4,357
Lease buildings	3,621	4,887
Collaboration assets	72,689	46,346
Total	80,502	55,590

The carrying amounts of the Company’s right-of-use assets and the movements during the year are as follows:

	Non-Collaboration Assets Leased		Collaboration Assets Leased
	Leasehold land	Buildings*	Buildings*	Machinery and equipment	Computer and office equipment	Total
	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2023
Right-of-use assets at January 1, 2023	4,357	4,887	36,624	9,711	11	55,590
Additions	—	880	26,777	4,433	—	32,090
Accumulated depreciation	—	—	—	—	—	—
Exchange realignment	(72)	22	695	—	—	645
Depreciation of right-of-use assets	(93)	(2,168)	(3,556)	(2,002)	(4)	(7,823)
Right-of-use assets at December 31, 2023	4,192	3,621	60,540	12,142	7	80,502
December 31, 2022
Right-of-use assets at January 1, 2022	4,862	2,324	19,907	11,174	16	38,283
Additions	—	4,677	18,486	298	—	23,461
Exchange realignment	(408)	(224)	221	—	—	(411)
Depreciation of right-of-use assets	(97)	(1,890)	(1,990)	(1,761)	(5)	(5,743)
Right-of-use assets at December 31, 2022	4,357	4,887	36,624	9,711	11	55,590

*Certain prior year amounts have been reclassified for comparative purposes

Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term

Lease liabilities are as indicated below:

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term.

	2023	2022
	US$’000	US$’000
Carrying amount at January 1	23,602	2,504
Additions	26,692	23,703
Accretion of interest recognized during the year	1,394	527
Payments	(5,149)	(3,123)
Exchange realignment	805	(9)
Carrying amount at December 31	47,344	23,602
Analyzed into:
Current portion	3,175	3,563
Non-current portion	44,169	20,039
Total	47,344	23,602

Summary of Lease Expense

The amounts recognized in profit or loss in relation to leases are as follows:

	2023	2022
	US$’000	US$’000
Interest on lease liabilities	1,394	527
Depreciation charge of right-of-use assets	7,823	5,743
Expense relating to short-term leases	2,338	1,132
Total amount recognized in profit or loss	11,555	7,402

Summary of Undiscounted Minimum Lease Payments Receivables for Leases

At December 31, 2023 and 2022, the undiscounted minimum lease payments receivables by the Company in future periods under non-cancellable operating leases with its tenants are as follows:

	2023	2022
	US$’000	US$’000
Finance leases:
Total	1,673	583