v3.26.3
RELATED PARTIES
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTIES

9. RELATED PARTIES

 

The principal related parties of the Company are as follows:

 

(a) Relationship:

 

Name of Entity or Individual   Relationship with the Company
Melissa Chen   Director
Simon Pang   Shareholder
Ying Liu   Shareholder
Wenbo Wang   Independent Director
Na Wang   Independent Director (resigned on September 10, 2025)
Wanli Wang   Independent Director
Jing Zhang   Independent Director (resigned on September 10, 2025)
Jonathan Zhang   Independent Director
Huijie Gao   Independent Director

 

 (b) The following tables indicate the transactions that have been entered into with related parties:

 

 

Balance Sheets

 

As of June 30, 2026, there were no outstanding related party balances. The following table presents the related party balances as of December 31, 2025.

 

                      
   As of December 31, 2025 
   US$’000 
   Accounts and notes
receivable from related parties		   Other
current
assets from related parties		   Amounts
due from
related
parties		   Accounts
and notes payable to related parties		   Contract
liabilities to related parties		   Accruals
and other
current
liabilities
to related
parties		   Loans
attributable
to related
parties		 
Independent Directors                            
Wenbo Wang    -    -    -    -    -    10    - 
Na Wang   -    -    -    -    -    31    - 
Wanli Wang   -    -    -    -    -    10    - 
Jing Zhang   -    -    -    -    -    31    - 
Total   -    -    -    -    -    82    - 

 

(c) Compensation to independent directors

 

The following table consists of the number of shares and the total amount of compensation to independent directors:

 

  

For the Six Months Ended

June 30, 		 
   2026   2025 
   (Unaudited)   (Unaudited) 
   Issued shares   Cash   Issued shares   Cash 
       US$’000       US$’000 
                     
Wenbo Wang   -   $15           -   $25 
Wanli Wang   -   $15    -   $20.83 
Jing Zhang   -   $-    -   $20.83 
Na Wang   -   $-    -   $20.83 
Jonathan Zhang   -   $15    -   $- 
Huijie Gao   -   $15    -   $- 
Total   -   $60    -   $87.49 

 

The Company adopted director compensation arrangements in 2023 and renewed consistent terms under the 2024 Contract. The 2023 Contract expired on March 31, 2024, with all related compensation costs fully settled. As of June 30, 2026, the Company has paid total compensation costs of US$106,250 under the 2024 Contract, while no ordinary shares have been issued thereunder.

 

On January 13, 2025, Ying Liu and Huimin Li resigned as independent directors of the Company. The Company subsequently appointed three independent directors, Wanli Wang, Na Wang, and Jing Zhang, on January 27, 2025. The 2025 Contract provides for an annual compensation rate of US$50,000 for the first nine-month period and US$30,000 for the subsequent three-month period, payable in cash or ordinary shares. On September 10, 2025, Na Wang and Jing Zhang resigned, and the Company appointed Jonathan Zhang and Huijie Gao as independent directors. As of June 30, 2026, the Company has not yet issued any ordinary shares under the 2025 Contract. Cash compensation of US$66,438 has been paid, and the remaining unpaid accrued balance was forgiven in March 2026. Accordingly, no outstanding obligations remain under the 2025 Contract as of that date.

 

During the six months ended June 30, 2026, four independent directors continued their service under the 2025 Contract, while two other independent directors, Jing Zhang and Na Wang, had resigned on September 10, 2025. During the period, each of the four continuing independent directors received cash compensation of US$15,000. As of June 30, 2026, all cash compensation for the period from January to June 2026 has been fully paid.