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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023.

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number:  001-38313

iClick Interactive Asia Group Limited

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

15/F

Prosperity Millennia Plaza 663 King’s Road, Quarry Bay

Hong Kong S.A.R., People’s Republic of China Tel: +852 3700 9000

(Address of principal executive offices)

Josephine Ngai, Chief Financial Officer

15/F

Prosperity Millennia Plaza

663 King’s Road, Quarry Bay

Hong Kong S.A.R., People’s Republic of China Tel: +852 3700 9000

E-mail: josephine.ngai@i-click.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol

 

Name of each exchange on which registered

American Depositary Shares, one representing five Class A ordinary shares, par value US$0.001 per share*
*Not for trading, but only in connection with the listing on the Nasdaq Global Market of American depositary shares.

 

ICLK

 

NASDAQ Global Market

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

As of December 31, 2023, there were 50,707,077 ordinary shares outstanding, par value $0.001 per share, being the sum of 45,672,650 Class A ordinary shares and 5,034,427 Class B ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Yes   No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 Yes   No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer. 

 

Accelerated filer 

 

Non-accelerated filer

 

Emerging growth company 

If an emerging growth company that prepare its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards†† provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP 

 

International Financial Reporting Standards as issued
by the International Accounting Standards Board

 

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

 Item 17   Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes   No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 Yes   No

Of the 45,672,650 Class A ordinary shares as of December 31, 2023, (i) 1,093,585.50 were held by Arda Holdings Limited underlying the options granted but not yet exercised (whether or not they are vested) and the options reserved for issuance under our 2018 Share Incentive Plan, and (ii) 101,708.50 were held by JPMorgan Chase Bank N.A., our depositary, underlying the unvested restricted share units under our Post-IPO Plan.

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

TABLE OF CONTENTS

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

4

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

4

ITEM 3.

KEY INFORMATION

4

ITEM 4.

INFORMATION ON THE COMPANY

70

ITEM 4A

UNRESOLVED STAFF COMMENTS

101

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

101

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

122

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

133

ITEM 8.

FINANCIAL INFORMATION

134

ITEM 9.

THE OFFER AND LISTING

135

ITEM 10.

ADDITIONAL INFORMATION

136

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

146

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

147

PART II

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

149

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

149

ITEM 15.

CONTROLS AND PROCEDURES

150

ITEM 16A.

AUDIT COMMITTEE FINANCIAL EXPERT

151

ITEM 16B.

CODE OF ETHICS

151

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

151

ITEM 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

152

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

152

ITEM 16F.

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

152

ITEM 16G.

CORPORATE GOVERNANCE

153

ITEM 16H.

MINE SAFETY DISCLOSURE

153

ITEM 16I.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

153

ITEM 16J.

INSIDER TRADING POLICIES

153

ITEM 16K.

CYBERSECURITY

153

PART III

ITEM 17.

FINANCIAL STATEMENTS

155

ITEM 18.

FINANCIAL STATEMENTS

155

ITEM 19.

EXHIBITS

155

i

CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT

Unless otherwise indicated and except where the context otherwise requires, references in this annual report to:

“active profiled user” refers to a profiled user whom we are able to detect that he/she has online activities during a specific measurement period. A “profiled user” refers to a user whom we have collected sufficient information from his/her online activities to establish a descriptive understanding of the person;
“ADSs” refers to our American depositary shares. Two ADSs represent one Class A ordinary share before November 14, 2022, and one ADS represent five Class A ordinary shares effective from November 14, 2022;
“Beijing WFOE” refers to our wholly foreign owned enterprise, iClick Data Technology (Beijing) Limited, which is the primary beneficiary of the VIE;
“China” or “PRC” refers to the People’s Republic of China, including mainland China, Hong Kong and Macau and, only for the purpose of this annual report, excluding Taiwan; the only instances in which “China” or “the PRC” do not include Hong Kong or Macau are when used in the case of laws and regulations, including, among others, tax matters, adopted by the People’s Republic of China; the legal and operational risks associated with operating in China also apply to our operations in Hong Kong;
“Company” refers to iClick Interactive Asia Group Limited;
“direct marketer clients” refers to marketers that have direct contractual relationship with us;
“end marketers,” or “marketers” refers to marketers that we serve, either directly or through marketing agencies, regardless if they have direct contractual relationship with us;
“HK$” or “Hong Kong dollars” refers to the legal currency of Hong Kong;
“independent online marketing technology platforms” refers to online marketing technology platforms (i) which are not owned by any group which owns online publishing resources, or (ii) which do not own any online publishing resources;
“marketing solutions” refers to mobile marketing solutions and other marketing solutions;
mobile apps or websites “covered” refers to the mobile apps or websites from which we are able to receive data to build user profiles;
“multinational companies” refer to companies that own or control production of goods or provision of services in one or more countries other than their home countries;
“online marketing technology platforms” refers to online marketing platforms which, through a combination of marketing strategies and technologies, assist marketers in optimizing their marketing resources;
“ordinary shares” refer to our Class A and Class B ordinary shares, par value US$0.001 per share;
“our clients” refers to entities which enter into sales contracts with us and incur spending during the relevant period;
“RMB” or “Renminbi” refers to the legal currency of China;
“software-as-a-service” refers to SaaS;
“we,” “us,” “our company” or “our” refer to iClick Interactive Asia Group Limited and its subsidiaries;
“$,” “US$,” “dollars” or “U.S. dollars” refers to the legal currency of the United States;
“VIE” refers to Beijing OptAim Network Technology Co., Ltd.;

1

“VIE entities” refers to Beijing OptAim Network Technology Co., Ltd. and its subsidiaries; and
“WFOE” refers to wholly foreign owned enterprise under the laws of the People’s Republic of China.

Our financial statements are expressed in the U.S. dollar, which is our reporting currency. Certain of our financial data in this annual report on Form 20-F are translated into U.S. dollars solely for the reader’s convenience. Unless otherwise noted, all convenience translations from Renminbi to U.S. dollars, and from Hong Kong dollars to U.S. dollars, in this annual report on Form 20-F were made at a rate of RMB7.0999 to US$1.00, and HKD7.8109 to US$1.00, respectively, which were the exchange rates set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 29, 2023. We make no representation that any Renminbi/ Hong Kong dollar or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi/ Hong Kong dollar, as the case may be, at any particular rate, at the respective rate stated above, or at all. Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.

FORWARD-LOOKING STATEMENTS

This annual report on Form 20-F contains forward-looking statements that relate to our current expectations and views of future events. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigations Reform Act of 1995.

You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:

our ability to continue as a going concern;
our ability to secure adequate working capital and maintain sufficient liquidity;
our fluctuations in growth;
our future business development, financial condition and results of operations;
our success in implementing our mobile and new retail strategies, including extending our solutions beyond our core online marketing business;
our success in implementing “SaaS+X” model;
our success in structuring a customer relationship management and marketing cloud platform;
relative percentage of our gross billing recognized as revenue under the gross and net models;
the expected growth of online marketing industry, including online marketing technology industry in China;
our expectations regarding demand for and market acceptance of our products and services, including marketing solutions and enterprise solutions;
our ability to retain existing clients or attract new ones;
our ability to restructure our existing business;
our ability to integrate and realize synergies from acquisitions, investments or strategic partnerships;

2

our plans to invest in our platform, solutions, data analytics capabilities, technology and technology infrastructure;
our ability to collect and use data from various sources and the effectiveness of our algorithms and data engines;
our ability to retain content distribution channels and negotiate favorable contractual terms;
market competition, including from independent online marketing technology platforms as well as large and well-established internet companies;
fluctuations in foreign exchange rates;
general economic conditions and the regulatory landscape in China and other jurisdictions where we operate;
relevant government policies and regulations relating to our industry;
the after-effects of COVID-19 on our business and financial performance; and
developments in U.S.-China relations, including the imposition of economic sanctions.

You should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

3

PART I

ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not Applicable.

ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE

Not Applicable.

ITEM 3.KEY INFORMATION

Implications of Being a Foreign Private Issuer and a China-based Company

We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the Securities and Exchange Commission (the “SEC”) will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Global Market (“NASDAQ”) listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the NASDAQ listing standards.

We are exposed to legal and operational risks associated with our operations in China. We are subject to risks arising from China’s legal system, including uncertainties in the interpretation and the enforcement of the PRC laws and regulations. In addition, rules and regulations in China can change quickly with little advance notice. In the past few years, Chinese regulators announced regulatory actions targeting certain sectors of China’s economy. We cannot guarantee that the Chinese government will not in the future take further regulatory actions that materially adversely affect the business environment and financial markets in China as they relate to us, our ability to operate our business, our liquidity and our access to capital.

The PRC government may also intervene or influence our operations at any time, which could result in a material change in our operations or the value of our ADSs. Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas or foreign investment in China-based issuers, including us, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. In the past few years, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China, such as filing requirements for China-based companies’ overseas securities offerings and listing, new measures to extend the scope of cybersecurity reviews, new laws and regulations related to data privacy and security, and expanded efforts in anti-monopoly enforcement. While we do not believe that these regulatory changes currently have any material impact on us, we will be required to comply with the filing requirements for our future securities offerings, which we cannot assure you that we will be able to complete in a timely manner, or at all.

On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. These opinions and any related implementation rules to be enacted may subject us to additional compliance requirement. On February 17, 2023, the CSRC released a set of regulations consisting of six documents, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, collectively, the Overseas Listing Filing Rules, which came into effective on March 31, 2023. According to the Overseas Listing Filing Rules, China-based companies that have already offered shares or been listed overseas prior to the implementation of such new regulations qualify as “Stock Enterprises”, and Stock Enterprises are not required to apply for the filing immediately until a subsequent overseas offering or listing occurs. However, the Overseas Listing Filing Rules, among others, require the issuer or its main operational entity in the PRC to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for its offerings or listing in offshore stock market other than the stock market of its initial public offering or listing within three business days after the submission of offering application outside mainland China.

4

We had been listed on the NASDAQ prior to the implementation of the Overseas Listing Filing Rules. Therefore, we are qualified as a “Stock Enterprise” and are not required to apply for the filing immediately until a subsequent overseas offering or listing occurs according to the Overseas Listing Filing Rules. However, we are required to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for our offerings or listing in offshore stock market other than the stock market of our initial public offering or listing within three business days after the submission of offering application outside mainland China. Failure to comply with the filing requirements for any offering, listing or any other capital raising activities, may result in administrative penalties, such as order to rectify, warnings, fines and other penalties, on us, our controlling shareholders, actual controllers, any person directly in charge and other directly liable persons. Given the uncertainties surrounding the CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply with the relevant new rules on a timely basis, or at all, if we conduct listing in other offshore stock markets or follow-on offerings, issuance of convertible corporate bonds, exchangeable bonds, or other kinds of equity security in the future.

Cybersecurity and data privacy and security issues are subject to increasing legislative and regulatory focus in mainland China. For example, the State Council of the PRC promulgated the Regulations on the Protection of the Security of Critical Information Infrastructure on July 30, 2021, which took effect on September 1, 2021. This regulation requires, among others, certain competent authorities to identify critical information infrastructures. In November 2021, the Cybersecurity Administration of China (the “CAC”) promulgated the Draft Administrative Regulations on Cyber Data Security, or the Draft Cyber Data Security Regulations, for public comment. These draft regulations set forth different scenarios under which data processors would be required to apply for cybersecurity review. However, there is no definite timetable as to when these draft regulations will be enacted. In addition, the CAC and a number of other departments under the State Council promulgated the Measures for Cybersecurity Review on December 28, 2021, which became effective on February 15, 2022. According to this regulation, critical information infrastructure operators purchasing network products or network platform operators carrying out data processing activities, which affect or may affect national security, are required to conduct cybersecurity review. Pursuant to the Measures for Cybersecurity Review, enterprises shall apply for the cybersecurity review under the following circumstances: (i) critical information infrastructure operators that intend to purchase network products and services; or (ii) a network platform operator that processes the personal information of more than one million people intends to be listed overseas.

As for the definition of ”critical information infrastructure operators”, on July 30, 2021, the State Council of the PRC published the Security Protection Regulations on the Critical Information Infrastructure (the ”CII Regulations”), which took effect on September 1, 2021. Pursuant to Article 2 of the CII Regulations, critical information infrastructure refers to the important network facilities and information systems in important industries and fields such as public telecommunications, information services, energy, transportation, water conservancy, finance, public services, e-government and national defense science, technology and industry, as well as other important network facilities and information systems which, in case of destruction, loss of function or leak of data, may result in serious damage to national security, the national economy and the people’s livelihood and public interests. Pursuant to Article 10 of the CII Regulations, the identity of the critical information infrastructure operator shall be determined by the PRC government authorities responsible for critical information infrastructure protection, and the identified critical information infrastructure operator shall be notified by the competent PRC government authority. As of the date of this annual report, we have not received any notice or determination from competent PRC government authorities identifying us as a critical information infrastructure operator.

As for the definition of “network platform operator”, on November 14, 2021, the CAC published the Regulations on the Administration of Network Data Security (Draft for Comments) (the “Draft Data Security Regulations”). According to the Draft Data Security Regulations, “internet platform operators” refer to data processors who provide users with internet platform services such as information release, social networking, transactions, payment, and audiovisual. With reference to this definition, “platform operators” have the attributes of “platforms” and “provide specific services”. According to the Guidelines for the Classification and Grade of Network Platforms (Draft for Comment) promulgated by the State Administration for Market Regulation “internet platforms” provide the connection of people, goods, services, information, entertainment, capital, and computing power through network technology. This connection enables the platform to have various functions such as trading, social interaction, entertainment, information, financing, and calculation. With reference to the Draft Data Security Regulations and the Guidelines for the Classification and Grade of Network Platforms (Draft for Comment), given that the aforementioned regulations are still at the draft stage, we cannot conclude whether we will be identified as a network platform operator.

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As for the definition of “affects or may affect national security”, the Measures for Cybersecurity Review provides no further explanation or interpretation for “affects or may affect national security”, and the PRC government authorities may have wide discretion in the interpretation of “affects or may affect national security”. According to National Security Law of the PRC issued on July 1, 2015 and became effective on the same date, national security refers to a status in which the regime, sovereignty, unity, territorial integrity, welfare of the people, sustainable economic and social development, and other major interests of the state are relatively not faced with any danger and not threatened internally or externally and the capability to maintain a sustained security status. Given the uncertainty on the interpretation of the Measures for Cybersecurity Review, our PRC legal counsel, Jingtian & Gongcheng, cannot assure that we will not be deemed as “affect or may affect national security” in the future.

Our PRC legal counsel is of the opinion that we do not need to apply for cybersecurity reviews under the current regulatory regime because we have not received any notice or determination from competent PRC government authorities identifying us as a critical information infrastructure operator as of the date of this annual report. However, we cannot rule out the possibility that the competent PRC government authorities will not initiate cybersecurity reviews on us in the future.

On September 1, 2021, the PRC Data Security Law became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities, and introduces a data classification and hierarchical protection system. In addition, the Standing Committee of PRC National People’s Congress promulgated the Personal Information Protection Law (the “PIPL”) on August 20, 2021, which took effect on November 1, 2021. The PIPL further emphasizes processors’ obligations and responsibilities for personal information protection and sets out the basic rules for processing personal information and the rules for cross-border transfer of personal information.

On July 7, 2022, the CAC promulgated the Measures on Security Assessment of Outbound Data Transfer, or the Measures on Security Assessment of Outbound Data Transfer, effective September 1, 2022. These measures shall apply to the security assessment of the provision of important data and personal information collected and generated by data processors in the course of their operations within the territory of the PRC by such data processors to overseas recipients, or the outbound data transfer. Where there are other provisions in laws and administrative regulations, such other provisions shall prevail. These Measures specify that an outbound data transfer by a data processor that falls under any of the following circumstances, the data processor shall apply to the CAC for the security assessment via the local provincial-level cyberspace administration authority: (i) outbound transfer of important data by a data processor; (ii) outbound transfer of personal information by a critical information infrastructure operator or a personal information processor who has processed the personal information of more than 1,000,000 people; (iii) outbound transfer of personal information by a personal information processor who has made outbound transfers of the personal information of 100,000 people cumulatively or the sensitive personal information of 10,000 people cumulatively since January 1 of the previous year; or (iv) other circumstances where an application for the security assessment of an outbound data transfer is required as prescribed by the CAC. The data we process does not involve the above circumstances. However, we cannot guarantee that the regulators will agree with us or will not in the future adopt new regulations that restrict our business operations.

On December 13, 2022, the Ministry of Industry and Information Technology of the PRC (the “MIIT”) released the Administrative Measures for Data Security in Industry and Information Technology Sectors (Trial), or the Data Security Measures, which came into effect on January 1, 2023. The measures apply to data management in certain industries, including telecommunication sectors, where certain data we process is generated from. The Data Security Measures set out three categories of data: ordinary data, important data and core data. The processing of important data and core data is subject to certain filing and reporting obligations. Since the categories of important data and core data have not been released, it is uncertain how the measures will be interpreted and implemented. We have sorted and cataloged data we process and will take further measures as required.

We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC regulatory authorities required for overseas listings or offerings. As of the date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection from the CSRC or the CAC. Because these regulatory actions are relatively new and evolving, it is uncertain how soon legislative or regulatory bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operation, our ability to accept foreign investments and listing on foreign exchanges.

6

Permissions Required from the PRC Authorities for Our Operations

We conduct our business primarily through our subsidiaries and consolidated VIE and VIE’s subsidiaries in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries, consolidated VIE and VIE’s subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our holding company, our consolidated VIE and VIE’s subsidiaries in China, including, among others, ICP license, value-added telecommunication license, network culture business license, etc.. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future, and may not be able to maintain or renew our current licenses, permits, filings or approvals.

Furthermore, under current PRC laws, regulations and regulatory rules, we, our PRC subsidiaries and our consolidated VIE and VIE’s subsidiaries may be required to undergo the filing procedures with the CSRC and may be required to go through cybersecurity review by the CAC in connection with any future offering and listing in an overseas market. As of the date of this annual report, we have not been subject to any cybersecurity review made by the CAC. If we fail to obtain the relevant approval or complete other review or filing procedures for any future offshore offering or listing, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines and penalties on our operations in China, limitations on our operating privileges in China, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, restrictions on or delays to our future financing transactions offshore, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ADSs. For more detailed information, see “—D. Risk Factors—Risks Relating to Doing Business in China—Recent regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government interference, or otherwise restrict or completely hinder our ability to offer securities and raise capital outside mainland China, which could adversely affect our business operations and cause the value of our securities to significantly decline or become worthless.”

Risks Associated with the Holding Foreign Companies Accountable Act

Our financial statements contained in this annual report have been audited by PricewaterhouseCoopers, an independent registered public accounting firm. It is a firm registered with the U.S. Public Company Accounting Oversight Board (the “PCAOB”), and is required by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. Pursuant to the Holding Foreign Companies Accountable Act, or the HFCA Act, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, including our auditor. Subsequently, we were conclusively identified by the SEC as a “Commission-Identified Issuer” under the HFCA Act on June 1, 2022 in respect of our annual report for the year ended December 31, 2021 filed on May 2, 2022. Pursuant to amendment made to the HFCA Act in 2022, the PCAOB may determine that it is unable to inspect or investigate completely registered public accounting firms in any foreign jurisdictions because of positions taken by any foreign authority, rather than an authority in the location in which the firms are headquartered or in which they have a branch or office, as was the case under the original version of the HFCA Act.

On December 15, 2022, the PCAOB announced its determination that it was able to inspect and investigate audit firms in mainland China and Hong Kong completely for purposes of the HFCA Act, and the PCAOB vacated its December 16, 2021 determinations. As a result, the SEC will not provisionally or conclusively identify an issuer as a Commission-Identified Issuer if it files an annual report with an audit report issued by a registered public accounting firm headquartered in mainland China or Hong Kong on or after December 15, 2022, until such time as the PCAOB issues a new determination. However, the PCAOB stated that should PRC authorities obstruct the PCAOB’s ability to inspect or investigate completely in any way and at any point in the future, the PCAOB Board will act immediately to consider the need to issue new determinations consistent with the HFCA Act. While we currently do not expect the HFCA Act to prevent us from maintaining the trading of our ADSs in the U.S., uncertainties exist with respect to future determinations of the PCAOB in this respect and any further legislative or regulatory actions to be taken by the U.S. or Chinese governments that could affect our listing status in the U.S. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.

7

Risks Associated with Our Corporate Structure

Our investors hold securities of iClick Interactive Asia Group Limited, which is not an operating company but a Cayman Islands holding company with operations primarily conducted by its subsidiaries and through contractual arrangements with its variable interest entities, or VIEs, and their respective subsidiaries based in mainland China. PRC laws and regulations restrict and impose conditions on foreign investment in internet-based businesses, including holding of value-added telecommunication license by Shanghai Myhayo Technology Co., Ltd., or Myhayo, a content distribution channel and a mobile content aggregator of articles and short videos in mainland China. For more information of Myhayo’s value-added telecommunication license, see “—D. Risk Factors—Risks Related to Our Business and Industry—If we fail to maintain or renew the value-added telecommunication license, or fail to obtain other requisite license, or approvals or filings in China, the business carried out by certain consolidated entity may be materially and adversely affected”. Accordingly, we operate these businesses in China through Beijing OptAim Network Technology Co., Ltd., or OptAim Network, which we refer to as the VIE in this annual report, and its subsidiaries, and rely on contractual arrangements among our PRC subsidiary, the VIE and its nominee shareholder to control the business operations of the VIE entities. We are the primary beneficiary of these VIE entities for accounting purposes because of these contractual arrangements. Accordingly, under U.S. GAAP, the financial statements of the VIE are consolidated as part of our financial statements. Although these VIE agreements have been widely adopted by PRC companies seeking to list overseas, such agreements have not been tested in a court of law.

Our corporate structure is subject to risks associated with our contractual arrangements with the VIE. The Company that investors will own may never have a direct equity ownership interest in the businesses that are conducted by the VIE. If the PRC government disallow the VIE structure or deems that our contractual arrangements with the VIE do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we and the VIE could be subject to severe penalties or be forced to relinquish our interests in those operations. This would result in the VIE being deconsolidated. Part of our assets, including the value-added telecommunication license, are held by the VIE. In 2021, OptAim Network contributed 3.0% to our gross billing and 7.8% of our net revenues. In 2022, OptAim Network contributed 5.3% to our gross billing and 12.7% of our net revenues. In 2023, OptAim Network contributed 5.8% to our gross billing and 9.7% of our net revenues. Our holding company, our PRC subsidiaries and the VIE entities, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIE and, consequently, significantly affect the financial performance of the VIE entities and our Company as a whole. Our ADSs may decline in value or become worthless, if we are unable to assert our contractual control rights over the assets of the VIE that conduct some or all of our operations. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure”.

Cash Transfer between the Company, the Company’s Subsidiaries and the VIE entities

Cash transfers between the Company, the Company’s subsidiaries and the VIE entities are made in accordance with the applicable PRC laws and regulations and the VIE agreements.

To the extent the cash is in mainland China or an entity incorporated in mainland China, the funds may not be available for use outside mainland China, due to interventions in or the imposition of restrictions and limitations on the ability of the Company, the Company’s subsidiaries, or the VIE entities by the PRC government to transfer cash.

The PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of mainland China. The Company carries out its business primarily through its subsidiaries and the VIE entities in mainland China, the income of which is primarily in Renminbi and shortages in foreign currencies may restrict their ability to pay dividends or other payments to the Company, or otherwise satisfy the Company’s foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural requirements are met. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions. Approval from relevant government authorities is required if Renminbi is converted into foreign currency and remitted out of mainland China to pay capital expenses such as the repayment of loans denominated in foreign currencies.

8

Furthermore, relevant PRC laws and regulations permit the companies incorporated in mainland China to pay dividends only out of their retained earnings, if any, as determined in accordance with the accounting standards and regulations in mainland China. Additionally, the Company’s subsidiaries incorporated in mainland China and the VIE entities can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves. As a result of these and other restrictions under the laws and regulations in mainland China, the Company’s subsidiaries incorporated in mainland China and the VIE entities are restricted to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company currently does not require any such dividends, loans or advances from the subsidiaries incorporated in mainland China and the VIE entities for working capital and other funding purposes, the Company may in the future require additional cash resources from its subsidiaries incorporated in mainland China and the VIE entities due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders.

Our Beijing WFOE enjoys the economic interest in the operations of the VIE entities in the form of service fees under the contractual arrangements among the Beijing WFOE, the VIE, and shareholders of the VIE pursuant to the VIE agreements. Under the VIE agreements, the VIE agrees to pay service fee in an amount equal to 100% of its net income for the relevant period on a monthly basis, and Beijing WFOE has the right to adjust at its own discretion.

The Company has not made any dividend or distribution to its shareholders. The Company’s subsidiaries and the VIE entities have not made any dividend or distribution to the Company. The VIE has not paid any service fee.

See “—D. Risk Factors—Risks Related to Doing Business in China—We rely on dividends and other distributions on equity paid by the Company’s subsidiaries incorporated in mainland China to fund any cash and financing requirements we may have, and any limitation on the ability of the Company’s subsidiaries incorporated in mainland China to make payments to us could have a material adverse effect on our ability to conduct our business.”

In utilizing any proceeds from the Company, including any proceeds from any offering by the Company, the Company is permitted under PRC laws and regulations to provide funding to its subsidiaries incorporated in mainland China through inter-company loans or capital contributions, subject to satisfaction of applicable government registration and approval requirements. The Company cannot assure you that these government registrations or approvals can be obtained on a timely basis, if at all. See “—D. Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in entities incorporated in mainland China by holding companies incorporated outside mainland China and governmental control of currency conversion may delay or prevent us from using the proceeds of the fundraisings outside mainland China to make loans to or make additional capital contributions to the Company’s subsidiaries incorporated in mainland China, which could materially and adversely affect our liquidity and our ability to fund and expand our business.” In addition, the Company’s subsidiaries incorporated in mainland China may transfer cash to the VIE entities by loans.

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The following diagram illustrates the typical fund flow among the Company, its PRC subsidiaries and the VIE entities.

Graphic

10

The following table sets forth the amount of the cash transfers among the Company, the Company’s subsidiaries and the VIE entities for the periods presented.

    

As of December 31,

    

2021

    

2022

    

2023

(US$ in

(US$ in

(US$ in

thousands)

thousands)

thousands)

Net operating cash received by VIE entities from the Company’s subsidiaries(1)

 

772

 

153

 

Capital contribution to subsidiaries by the Company(2)

 

(53)

 

 

Refund of capital contribution to the Company by subsidiaries(3)

 

 

19,656

 

10,601

Advances from other subsidiaries to WFOE as primary beneficiary(4)

 

(36,310)

 

(8,098)

 

(3,238)

Advances from other subsidiaries to VIE entities(4)

 

(1,588)

 

(124)

 

(402)

Advances by VIE entities to other subsidiaries(5)

 

554

 

 

22

Advances by WFOE as primary beneficiary to other subsidiaries(5)

 

4,026

 

6,307

 

12,560

Notes (US$’000):

(1)Represents “Net operating cash received from Group companies” of the VIE entities in the Selected Condensed Consolidated Cash Flows Data, which includes the following:
For the years ended December 31, 2021, 2022 and 2023, cash received by the VIE entities from other entities of the Group for online advertising service and other marketing service were US$1,315, US$153 and nil, respectively.
For the years ended December 31, 2021, 2022 and 2023, cash paid by the VIE entities to other entities of the Group for online advertising service and SaaS services were US$543, nil and nil, respectively.
(2)Represents “Capital contribution to subsidiaries” of the Parent in the Selected Condensed Consolidated Cash Flows Data.
(3)Represents “Refund from subsidiaries of capital contribution” of the Parent in the Selected Condensed Consolidated Cash Flows Data.
(4)Represents “Payments for advances to Group companies” of Other Subsidiaries and WFOE as Primary Beneficiary in the Selected Condensed Consolidated Cash Flows Data.
(5)Represents “Receipts of repayments of advances from Group companies” of Other Subsidiaries, WFOE as Primary Beneficiary and VIE entities.

11

Condensed Consolidating Schedules

The following tables present the condensed consolidating schedule of financial information for the Company, its wholly owned subsidiary that is WFOE as primary beneficiary, other subsidiaries and VIE entities as of and for the years ended the dates presented.

Selected Condensed Consolidated Balance Sheets Data (US$’000)

    

As of December 31, 2023

WFOE as

Other

Primary

VIE

Eliminating

Consolidated

    

Parent

    

Subsidiaries

    

Beneficiary

    

Entities

    

Adjustments

    

Totals

Assets

Cash and cash equivalents

 

2,660

45,453

1,629

1,024

50,766

Time deposits

 

258

258

Restricted cash

 

26,756

26,756

Short-term investments

 

4,187

1,536

5,723

Amount due from an equity investee

 

6

6

Amounts due from Group companies (3)

 

17,846

16,998

7,972

(42,816)

Accounts receivable, net

 

50,453

3,961

2,338

56,752

Rebates receivable

 

956

50

1,006

Prepaid media costs

 

11,479

111

191

11,781

Other current assets

 

218

4,222

1,397

918

6,755

Investment in an equity investee

 

218

218

Investments in subsidiaries and VIE entities (2)

 

35,923

9,953

7,171

(53,047)

Other long-term investments

 

3,179

3,179

Right-of-use assets

 

54

54

Other non-current assets

 

409

31

10

450

Total assets

 

39,019

175,211

31,348

13,989

(95,863)

163,704

 

Liabilities

Accounts payable

 

38,208

1,048

1,065

40,321

Deferred revenue

 

12,210

180

12,390

Accrued liabilities and other current liabilities

 

1,894

20,524

2,262

646

25,326

Amounts due to Group companies (3)

 

24,946

16,832

1,038

(42,816)

Lease liabilities

 

2,728

52

112

2,892

Bank borrowing

 

36,455

1,951

38,406

Income tax payable

 

1,535

433

1,968

Deferred tax liabilities

 

64

1,021

26

1,111

Other liabilities

 

38

38

Total liabilities

 

1,894

136,708

21,395

5,271

(42,816)

122,452

Equity

 

Shareholders’ equity (2)

 

37,125

35,923

9,953

7,171

(53,047)

37,125

Non-controlling interests

 

2,580

1,547

4,127

Total equity

 

37,125

38,503

9,953

8,718

(53,047)

41,252

Total liabilities and equity

 

39,019

175,211

31,348

13,989

(95,863)

163,704

12

Selected Condensed Consolidated Balance Sheets Data (US$’000) (Continued)

As of December 31, 2022

    

    

    

WFOE as

    

    

    

Other

Primary

VIE

Eliminating

Consolidated

Parent

Subsidiaries

Beneficiary

Entities

Adjustments

Totals

Assets

 

  

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

 

1,100

 

78,724

 

1,433

 

1,497

 

 

82,754

Time deposits

 

 

10

 

 

 

 

10

Restricted cash

 

 

22,543

 

 

 

 

22,543

Short-term investments

 

1,021

 

4,253

 

 

1,737

 

 

7,011

Amount due from an equity investee

 

 

312

 

 

 

 

312

Amounts due from Group companies (3)

 

 

12,845

 

22,773

 

8,374

 

(43,992)

 

Accounts receivable, net

 

 

58,572

 

3,359

 

2,625

 

 

64,556

Rebates receivable

 

 

2,932

 

1

 

 

 

2,933

Prepaid media costs

 

 

16,140

 

255

 

99

 

 

16,494

Other current assets

 

161

 

5,050

 

1,694

 

1,142

 

 

8,047

Deferred tax assets

 

 

720

 

 

 

 

720

Property and equipment, net

 

 

241

 

 

 

 

241

Investment in an equity investee

 

279

 

 

 

 

 

279

Investments in subsidiaries and VIE entities (2)

 

80,015

 

24,376

 

7,689

 

 

(112,080)

 

Other long-term investments

 

 

5,970

 

 

 

 

5,970

Intangible assets

 

 

991

 

 

 

 

991

Goodwill

 

 

 

 

 

 

Right-of-use assets

 

 

1,292

 

 

 

 

1,292

Other non-current assets

 

 

3,508

 

4,111

 

10

 

 

7,629

Total assets

 

82,576

 

238,479

 

41,315

 

15,484

 

(156,072)

 

221,782

Liabilities

 

Accounts payable

 

 

38,194

 

1,526

 

2,008

 

 

41,728

Deferred revenue

 

 

16,561

 

385

 

29

 

 

16,975

Accrued liabilities and other current liabilities

 

5,575

 

22,114

 

1,989

 

861

 

 

30,539

Amounts due to Group companies (3)

 

 

31,117

 

11,815

 

1,060

 

(43,992)

 

Lease liabilities

 

 

3,247

 

149

 

135

 

 

3,531

Bank borrowing

 

 

42,693

 

 

1,590

 

 

44,283

Income tax payable

 

 

1,539

 

 

501

 

 

2,040

Deferred tax liabilities

 

 

187

 

1,075

 

64

 

 

1,326

Other liabilities

 

2,071

 

 

 

 

 

2,071

Total liabilities

 

7,646

 

155,652

 

16,939

 

6,248

 

(43,992)

 

142,493

Equity

 

 

 

  

 

  

 

  

 

  

Shareholders’ equity (2)

 

74,930

 

80,015

 

24,376

 

7,689

 

(112,080)

 

74,930

Non-controlling interests

 

 

2,812

 

 

1,547

 

 

4,359

Total equity

 

74,930

 

82,827

 

24,376

 

9,236

 

(112,080)

 

79,289

Total liabilities and equity

 

82,576

 

238,479

 

41,315

 

15,484

 

(156,072)

 

221,782

13

Selected Condensed Consolidated Balance Sheets Data (US$’000) (Continued)

As of December 31, 2021

    

    

    

WFOE as

    

    

    

Other

Primary

VIE

Eliminating

Consolidated

Parent

Subsidiaries

Beneficiary

Entities

Adjustments

Totals

Assets

 

  

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

 

789

37,450

523

2,681

41,443

Time deposits

 

11,128

11,128

Restricted cash

 

3,657

32,489

36,146

Short-term investments

 

7,771

7,771

Amount due from an equity investee

 

276

276

Amounts due from Group companies (3)

 

12,184

23,171

5,879

(41,234)

Accounts receivable, net

 

181,107

2,568

3,586

187,261

Rebates receivable

 

5,523

52

5,575

Prepaid media costs

 

35,410

148

1,151

36,709

Other current assets

 

549

14,803

8,339

1,266

24,957

Deferred tax assets

 

254

931

1,185

Property and equipment, net

 

1,821

45

65

1,931

Investment in an equity investee

 

354

354

Investments in subsidiaries, VIE and VIE’s subsidiaries (2)

 

285,824

32,585

5,797

(324,206)

Other long-term investments

 

510

8,010

2,361

1,233

12,114

Intangible assets

 

53,350

223

140

53,713

Goodwill

 

80,058

1,616

81,674

Right-of-use assets

 

3,402

48

384

3,834

Other non-current assets

 

1,663

1,663

Total assets

 

291,937

519,961

44,891

16,385

(365,440)

507,734

Liabilities

Accounts payable

 

63,404

921

2,262

66,587

Deferred revenue

 

22,244

470

88

22,802

Accrued liabilities and other current liabilities

 

7,126

20,442

723

1,444

29,735

Amounts due to Group companies (3)

 

29,026

10,088

2,120

(41,234)

Lease liabilities

 

3,172

48

384

3,604

Bank borrowing

 

73,641

1,889

75,530

Income tax payable

 

3,475

575

4,050

Deferred tax liabilities

 

13,223

56

99

13,378

Other liabilities

 

459

459

Total liabilities

 

7,585

228,627

12,306

8,861

(41,234)

216,145

Equity

Shareholders’ equity (2)

 

284,352

285,824

32,585

5,797

(324,206)

284,352

Non-controlling interests

 

5,510

1,727

7,237

Total equity

 

284,352

291,334

32,585

7,524

(324,206)

291,589

Total liabilities and equity

 

291,937

519,961

44,891

16,385

(365,440)

507,734

14

Selected Condensed Consolidated Statements of Operations Data (US$’000)

For the year ended December 31, 2023

    

    

    

WFOE as

    

    

    

Other

Primary

VIE

Eliminating

Consolidated

Parent

Subsidiaries

Beneficiary

Entities

Adjustments

Totals

Net revenues

  

 

  

 

  

 

  

 

  

 

  

Third-party net revenues

102,074

18,162

12,981

133,217

Inter-company net revenues (1)

13,979

803

2

(14,784)

Cost of revenues

Third-party costs

 

(85,644)

(2,337)

(10,394)

(98,375)

Inter-company costs (1)

 

(800)

(13,979)

(5)

14,784

Gross profit

 

29,609

2,649

2,584

34,842

Operating expenses

Research and development expenses

 

(4,143)

(2,683)

(722)

(7,548)

Sales and marketing expenses (1)

 

(32,273)

(3,616)

(1,324)

(37,213)

General and administrative expenses

(5,445)

(18,898)

(2,803)

(909)

(28,055)

Impairment of long-lived assets

(2,837)

(2,837)

Total operating expenses

 

(5,445)

(58,151)

(9,102)

(2,955)

(75,653)

Share of losses of subsidiaries, VIE and VIE’s subsidiaries (2)

 

(33,491)

(2,245)

(113)

35,849

Finance costs, net

 

(192)

352

404

43

607

Other gains/(losses), net

 

499

(2,404)

3,863

84

2,042

Loss before share of loss from an equity investee and income tax expense

 

(38,629)

(32,839)

(2,299)

(244)

35,849

(38,162)

Share of loss from an equity investee

 

(61)

(61)

Income tax (expense)/credit

 

(729)

54

28

(647)

Net loss

 

(38,690)

(33,568)

(2,245)

(216)

35,849

(38,870)

Net loss attributable to non-controlling Interests

 

77

103

180

Net loss attributable to iClick Interactive Asia Group Limited’s ordinary shareholders

 

(38,690)

(33,491)

(2,245)

(113)

35,849

(38,690)

15

Selected Condensed Consolidated Statements of Operations Data (US$’000) (Continued)

For the year ended December 31, 2022

    

    

    

WFOE as

    

    

    

Other

Primary

VIE

Eliminating

Consolidated

Parent

Subsidiaries(7)

Beneficiary

Entities(7)

Adjustments

Totals

Net revenues

  

 

  

 

  

 

  

 

  

 

  

Third-party net revenues

 

138,287

 

9,331

 

21,462

 

 

169,080

Inter-company net revenues (1)

 

4,727

 

1,472

 

601

 

(6,800)

 

Cost of revenues

Third-party costs

 

 

(151,968)

 

(3,566)

 

(17,678)

 

 

(173,212)

Inter-company costs (1)

 

 

(1,759)

 

(4,446)

 

(285)

 

6,490

 

Gross profit/(loss)

 

 

(10,713)

 

2,791

 

4,100

 

(310)

 

(4,132)

Operating expenses

Research and development expenses

 

 

(5,902)

 

(2,156)

 

(1,158)

 

 

(9,216)

Sales and marketing expenses (1)

 

 

(38,347)

 

(2,789)

 

(3,787)

 

310

 

(44,613)

General and administrative expenses

(7,160)

(37,594)

(6,467)

(447)

(51,668)

Impairment of long-lived assets

(4,201)

(202)

(4,403)

Impairment of goodwill

 

 

(78,521)

 

(1,616)

 

 

 

(80,137)

Total operating expenses

 

(7,160)

 

(164,565)

 

(13,230)

 

(5,392)

 

310

 

(190,037)

Share of (losses)/profits of subsidiaries, VIE and VIE’s subsidiaries (2)

 

(185,431)

 

(9,063)

 

(1,366)

 

 

195,860

 

Finance costs, net

 

 

(866)

 

344

 

(57)

 

 

(579)