7.           Loans

Loans consist of the following as of June 30, 2025 and December 31, 2024 (figures are in thousands of USD):

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The Company entered into credit facility agreements with various banks, which were secured by property, plant and equipment and land use rights of the Company. The total credit facility amount was $135.8 million and $216.2 million, respectively, as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company has drawn down loans under these facilities with an aggregate amount of $72.0 million and $72.7 million, respectively. As of June 30, 2025 and December 31, 2024, the Company pledged its accounts receivable with amounts of $0.4 million and $0.4 million, respectively, as collateral for banks to obtain the long-term loans with an aggregate amount of $0.3 million and $0.4 million, respectively. The weighted average interest rate was 1.8% and 2.4% per annum, for the three months ending June 30, 2025 and the year ended December 31, 2024, respectively.

The Company must use the loans for the purpose as prescribed in the loan contracts. If the Company fails to do so, it will be charged penalty interest and/or trigger early repayment. The Company complied with such financial covenants during the three months ended June 30, 2025.