Note 9 – Short-term Borrowings

As of June 30, 2026 and December 31, 2025, we had outstanding short-term bank borrowings of $66 million and $30 million, respectively, mainly to manage working capital at our operating subsidiaries. The bank borrowings were RMB denominated, with a weighted-average interest rate of 1.4% and 1.5%, respectively, and were due within one year from their issuance dates.