v3.25.2
Commitments and contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and contingencies  
Summary of major commitments and contingencies

In addition to the bank loans, notes payables and the related interest and other payables, the following table summarizes the Company’s major commitments and contingencies as of June 30, 2025 (figures are in thousands of USD):

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Payment obligations by period

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2025

    

2026

    

2027

    

Thereafter

    

Total

Obligations for investment contracts(1)

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$

1,956

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$

698

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$

—

​

$

—

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$

2,654

Obligations for purchasing and service agreements

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​

27,709

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​

4,319

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​

—

​

​

—

​

​

32,028

Total

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$

29,665

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$

5,017

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$

—

​

$

—

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$

34,682

(1)In July 2024, Hubei Henglong entered into an agreement with other parties to establish an associate company, Shanghai IAT. According to the agreement, Hubei Henlong shall contribute a total capital of RMB 20.0 million, equivalent to approximately $2.8 million. As of June 30, 2025, Hubei Henglong has paid RMB 10.0 million, equivalent to approximately $1.4 million, representing 25.0% of Shanghai IAT’s equity. The remaining consideration of RMB 10.0 million, equivalent to approximately $1.4 million, will be paid in 2025 and 2026.

In June 2023, Hubei Henglong entered into an agreement with other parties to establish a limited partnership, Suzhou Mingzhi. According to the agreement, Hubei Henlong shall contribute a total capital of RMB 30.0 million, equivalent to approximately $4.2 million. As of June 30, 2025, Hubei Henglong has paid RMB 21.0 million, equivalent to approximately $2.9 million, representing 19.74% of Suzhou Mingzhi’s equity. The remaining consideration of RMB 9.0 million, equivalent to approximately $1.3 million, will be paid in 2025.