v3.26.3
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Borrowings [Abstract]  
Schedule of Borrowings

Borrowings consist of the following:

 

In thousands of USD  

At
June 30,

2026

     At
December 31,
2025		  
Short-term borrowings            
Bank loans (e)     26,000       26,000  
                 
Current portion of long-term borrowings                
Bank loans     99       13  
                 
Long-term borrowings                
November 2024 convertible senior notes (a)     63,439       194,572  
June 2025 convertible senior notes (b)     364,912       364,045  
November 2025 convertible senior notes (c)     389,023       388,098  
February 2026 convertible senior notes (d)     364,109       -  
Bank loans     971       468  
Total long-term borrowings     1,182,454       947,183  
Schedule of Interest Expense Arising Convertible Senior Notes

The following provides a summary of the interest expense arising from August 2024 convertible senior notes.

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Coupon interest     -       3,841  
Amortization of debt discount and issuance costs     -       2,627  
Total (1)     -       6,468  

 

(1) A portion of the interest expense is capitalized into property, plant and equipment.
The following provides a summary of the interest expense arising from November 2024 convertible senior notes.

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Coupon interest     2,848       10,500  
Amortization of debt discount and issuance costs     338       971  
Total (1)     3,186       11,471  

 

(1) A portion of the interest expense is capitalized into property, plant and equipment.
The following provides a summary of the interest expense arising from June 2025 convertible senior notes.

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Coupon interest     9,141       406  
Amortization of debt discount and issuance costs     867       19  
Total (1)     10,008       425  

 

(1) A portion of the interest expense is capitalized into property, plant and equipment.
The following provides a summary of the interest expense arising from November 2025 convertible senior notes.

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Coupon interest     8,000       -  
Amortization of debt discount and issuance costs     925       -  
Total (1)     8,925       -  

 

(1) A portion of the interest expense is capitalized into property, plant and equipment.

The following provides a summary of the interest expense arising from February 2026 convertible senior notes.

 

    Six months
ended
June 30,		  
In thousands of USD   2026  
Coupon interest     6,510  
Amortization of debt discount and issuance costs     384  
Total (1)     6,894  

 

(1) A portion of the interest expense is capitalized into property, plant and equipment.
Schedule of Reconciles the Carrying Value Convertible Senior Notes

The following table reconciles the carrying value of the November 2024 convertible senior notes for the six months ended June 30, 2026:

 

In thousands of USD      
Balance at January 1, 2026     194,572  
Amortized debt discount     338  
Debt extinguishment     (131,471 )
Balance at June 30, 2026     63,439  

 

The following table reconciles the carrying value of the June 2025 convertible senior notes for the six months ended June 30, 2026:

 

In thousands of USD      
Balance at January 1, 2026     364,045  
Amortized debt discount     867  
Balance at June 30, 2026     364,912  

 

The following table reconciles the carrying value of the November 2025 convertible senior notes for the six months ended June 30, 2026:

 

In thousands of USD      
Balance at January 1, 2026     388,098  
Amortized debt discount     925  
Balance at June 30, 2026     389,023  

 

The following table reconciles the carrying value of the February 2026 convertible senior notes for the six months ended June 30, 2026:

 

In thousands of USD      
Proceeds from issuance of convertible notes     375,000  
Less: transaction costs     (11,275 )
Amortized debt discount     384  
Balance at June 30, 2026     364,109  

 
Schedule of Maturities on Long-Term Borrowings

Maturities on long-term borrowings are as follows:

 

    At
June 30,		  
In thousands of USD   2026  
2026     13  
2027     14  
2028     29  
2029     65,031  
2030 and later     1,150,971  
Total     1,216,058