TAXATION (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| TAXATION |
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| Income (Loss) Before Income Taxes |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | PRC | | 49,267 | | (23,020) | | (178,658) | Non-PRC | | (45,347) | | (16,770) | | (28,427) | | | 3,920 | | (39,790) | | (207,085) |
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| Income Tax Expenses (Benefits) |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | Current tax expense | | 26,696 | | 46,832 | | 4,690 | Deferred tax benefit | | (3,192) | | (11,060) | | (32,054) | | | 23,504 | | 35,772 | | (27,364) |
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| Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | Income (loss) from before income taxes | | 3,920 | | (39,790) | | (207,085) | Income tax at applicable tax rate of 25% | | 980 | | (9,948) | | (51,771) | Effect of international tax rate differences | | 3,138 | | (607) | | (11) | Non-deductible expenses | | 8,325 | | 9,375 | | 47,147 | Non-taxable income | | (127) | | (69) | | (136) | Effect of tax holidays or preferential tax rates | | 4,843 | | 618 | | 10,443 | Withholding tax | | 12,693 | | 35,925 | | 2,272 | Research and development super-deduction | | (3,455) | | (2,530) | | (1,808) | Changes in valuation allowance | | 7,932 | | 8,194 | | (15,325) | Expiration of loss carry forwards | | 1,709 | | 1,878 | | 1,020 | Expiration of unrecognized tax benefits due to applicable statute of limitations | | (12,534) | | (7,064) | | (19,195) | | | 23,504 | | 35,772 | | (27,364) |
14. TAXATION (continued) A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: | | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | Balance at beginning of year | | 75,434 | | 78,637 | | 65,898 | Increase relating to tax positions | | 10,574 | | — | | — | Decrease relating to expiration of applicable statute of limitations and reversal | | (12,534) | | (7,064) | | (19,195) | Foreign currency translation adjustments | | 5,163 | | (5,675) | | (991) | Balance at end of year | | 78,637 | | 65,898 | | 45,712 |
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| Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates |
| | | | | | | | | Year Ended December 31, | | | 2021 | | 2022 | | 2023 | | | US$ | | US$ | | US$ | The aggregate amount | | 4,843 | | 618 | | 10,443 | The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: | | | | | | | - Basic and diluted | | (0.05) | | (0.01) | | (0.12) |
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| Components of Deferred Taxes |
| | | | | | | As of December 31, | | | 2022 | | 2023 | | | US$ | | US$ | Deferred tax assets | | | | | Net operating losses | | 75,705 | | 63,109 | Lease liability | | 282 | | 180 | Impairment of assets | | 1,114 | | 9,480 | Overcharged advertising and promotion fee | | 400 | | 652 | Fixed assets depreciation | | 690 | | 671 | Investments | | 59 | | — | Less: Valuation allowance | | (73,024) | | (56,714) | Total deferred tax assets | | 5,226 | | 17,378 | | | | | | Deferred tax liabilities | | | | | Right-of-use assets | | (428) | | (170) | Investment basis in the PRC entities | | (52,332) | | (51,949) | BaoAn Acquisition — Property | | (10,122) | | (9,488) | Investments | | — | | (1,305) | Interest capitalization | | (137) | | — | Deferred tax liabilities | | (63,019) | | (62,912) | | | | | | Net deferred income tax assets | | 4,944 | | 17,208 | Net deferred income tax liabilities | | (62,591) | | (62,742) |
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| Rollforward of valuation allowances of deferred tax assets |
| | | | | | | Year Ended December 31, | | | 2022 | | 2023 | | | US$ | | US$ | Balance as of beginning of year | | (66,475) | | (73,024) | Additions of valuation allowance | | (10,953) | | (18,208) | Utilization of deferred tax assets | | 2,759 | | 33,533 | Foreign currency translation adjustments | | 1,645 | | 985 | Balance as of end of year | | (73,024) | | (56,714) |
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